Let's talk taxes!

[Nell Plotts]

Goofy as it is... Here is an explanation: Department of Revenue: Property Tax Real Property Assessment and Taxation

It doesn't cost anything to give the Multnomah County Property tax office a call. Use a specific address of a residence on the market after knowing what www.portlandmaps... shows.

[pnwmdk]

Within the description for how value and taxes are assessed, there's a big black hole called "assessment" and how the assessor determines its value. One of those characteristics, is that if real estate prices jump up, tax assessments will lag behind, and when they fall, it may lag severely, as the assessors may claim that the low prices of foreclosures, etc, are not "market" but "under duress".

Also, the mil rate literally can be (as described earlier) quite different between houses with a common property line (unusual, but it can and does happen).

As was explained above, it cannot be stressed enough that if property taxes are a concern, that each property must be evaluated individually and specifically, and even if your purchase may trigger a sizeable adjustment in market value due to the price you just paid.