By Beth Benner, May 10, 2024
In Oregon, when you snag that dream home, it’s natural to wonder about the impact on property taxes. The short answer is: yes, they could go up.
Here’s why:
When you buy a house, the county assessor swings into action. They reassess the property’s value based on what you paid for it. If your purchase price is higher than the previous assessed value, it’s likely your property taxes will increase.
But hold on, it’s not a free-for-all. Oregon has this thing called Measure 50, which puts a cap on how much your property taxes can shoot up each year. Generally, it’s around 3%. This cap helps prevent sticker shock and keeps things manageable for homeowners.
However, there are exceptions. If you’re doing major renovations or building something new, all bets are off, and your property taxes could see a bigger hike.
So, while buying a house might nudge your property taxes up a bit, it’s usually not an astronomical jump overnight, thanks to Measure 50. Still, it’s smart to touch base with your local county assessor’s office to get the lowdown on how buying your new digs might affect your taxes.
Beth Benner
Broker | OR & WA
She/Her
Beth has collaborated on over 500 transactions in her career as a Licensed Broker in Oregon and Washington. In 2023, she earned a spot among the REAL Producers Top 100 producing agents in Portland out of more than 8,000 licensed brokers and she has also maintained her status in the top 5% of all Oregon brokers for eight consecutive years...
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- T: 503-819-2885
- bethbenner@livingroomre.com
