Portland, Oregon Property Taxes Among Highest in U.S. – Mostly Stable in 2024
In 2023, Portland voters approved two measures that will affect property owners. One that voters chose to renew continues to support education programs and food security for children while also helping foster children and youth to succeed. The second renewed a five-year levy to sustain emergency fire and medical services for Riverdale residents. Home prices remained fairly stable in most parts of the city or experienced a slight decline in 2023. While these measures maintain established tax rates, the fact that home values tend to increase annually means higher costs in 2024 for most property owners because the tax is based on assessed property value. Home and business owners will also incur additional tax increases in 2024 due to the way Portland property tax is structured. In this article we will explore how these factors will impact your property taxes.
Portland, Oregon Property Tax Rates: Among the Highest in the Country and Rising
Last year we referred to a study by the Lincoln Institute of Land Policy that found Portland had the fifth-highest property taxes in the nation in 2019. That study was repeated in 2022 with the same results, ranking Portland at number five with a 2.59% effective property tax rate on a median valued home. In 2024, Multnomah County – which includes most of the city of Portland – has one of the highest median property taxes in the U.S. with a ranking of 203 out of 3143 counties, according to Tax-Rates.org.
What Leads to Portland Property Tax Increases?
The city of Portland uses a complex formula to determine taxes for individual properties. The formula takes into account both the real market value of a home (determined by sale prices of similar homes) and its “maximum assessed value” (limited to a 3% increase per year) and calculates property tax based on the lower of the two numbers. The 3% annual cap on assessed home value for the purpose of calculating property taxes is beneficial to homeowners whose properties may have increased beyond 3% in value, but the addition of bonds and levies that are passed or renewed each year in Portland leads to ever-increasing taxes. This often depends on the particular part of Multnomah County the property resides in, called a levy code area. You can find your levy code area on this chart (far right). Check out this article for a helpful breakdown of Portland’s tax structure for properties.
Fun Things to do this week…
Ekphraestival – Celebrate National Poetry Month
It’s officially National Poetry Month, so let’s celebrate metrical compositions, shall we?? The first annual Ekphraestival is a solid way; it was borne from a collab between 25 poets and 26 visual artists.
When: Dates thru Apr 25, 5pm
Web: https://www.instagram.com/ekphraestivalpdx/
The Second Annual International Booklover’s Burlesque Festival
Any lit lover will tell you that reading can be a truly titillating experience. Booklover’s Burlesque agrees, and since 2016, they’ve blended on-stage readings by local writers and actors with sexy, body-positive performances inspired by each written piece.
When: Apr 11 – Apr 14, various times
Web: https://www.bookloversburlesque.com/festival
THIS WEEKS REAL ESTATE UPDATE
Numbers help tell a story.
Numbers are powerful, especially when it comes to real estate! Whether you are assess whether it’s a good time to buy, sale or invest these numbers can be very valuable in determining offers or best sales price! PLEASE FEEL FREE TO REACH OUT WITH ANY QUESTIONS
Portland, OR 97230
Wed Apr 10 2024
This week the median list price for Portland, OR 97230 is $499,900 with the market action index hovering around 51. This is about the same as last month’s market action index of 51. Inventory has decreased to 43.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller’s Market
In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
Portland, OR 97220
Wed Apr 10 2024
This week the median list price for Portland, OR 97220 is $444,950 with the market action index hovering around 56. This is an increase over last month’s market action index of 53. Inventory has held steady at or around 26.
Fairview, OR 97024
Wed Apr 10 2024
This week the median list price for Fairview, OR 97024 is $599,900 with the market action index hovering around 52. This is about the same as last month’s market action index of 52. Inventory has increased to 3.
Troutdale, OR 97060
Wed Apr 10 2024
This week the median list price for Troutdale, OR 97060 is $560,000 with the market action index hovering around 60. This is an increase over last month’s market action index of 54. Inventory has decreased to 9.
Gresham, OR 97080
Wed Apr 10 2024
This week the median list price for Gresham, OR 97080 is $559,900 with the market action index hovering around 44. This is less than last month’s market action index of 46. Inventory has decreased to 65.
Portland, OR 97236
Wed Apr 10 2024
This week the median list price for Portland, OR 97236 is $549,500 with the market action index hovering around 44. This is an increase over last month’s market action index of 39. Inventory has increased to 28.
Portland, OR 97211
Wed Apr 10 2024
This week the median list price for Portland, OR 97211 is $549,500 with the market action index hovering around 56. This is an increase over last month’s market action index of 52. Inventory has increased to 34.
Portland, OR 97232
Wed Apr 10 2024
This week the median list price for Portland, OR 97232 is $699,900 with the market action index hovering around 65. This is an increase over last month’s market action index of 63. Inventory has held steady at or around 7.
Why Having Your Own Agent Matters When Buying a New Construction Home
Finding the right home is one of the biggest challenges for potential buyers today. Right now, the supply of homes for sale is still low. But there is a bright spot. Newly built homes make up a larger percent of the total homes available for sale than normal. That’s why, if you’re craving more options, it makes sense to see if a newly built home is right for you. Read more
Bridging the Gaps on the Road to Homeownership
Homeownership is a major part of the American Dream. But, the path to achieving this dream can be quite difficult. While progress has been made to improve fair housing access, households of color still face unique challenges on the road to owning a home. Working with the right real estate experts can make all the difference for diverse buyers. Read more
Have you heard of HOMEBOT?
Find out everything you need to know about your homes current value here! Learn more
Are you thinking about selling your home?
FIND OUT HOW MUCH YOUR HOME IS WORTH?
RECIPE OF THE WEEK!
Creamy Tuscan Chicken Soup
Ingredient Checklist
- Cooking spray
- 1 box Jiffy corn muffin mix
- 1/2 c. sour cream
- 1 large egg
- 1/2 c. corn kernels (canned, fresh, or frozen)
- 2 tbsp. melted butter
- 1 tbsp. extra-virgin olive oil
- 1 large onion, chopped
- 2 cloves garlic, minced
- 1 tbsp. taco seasoning
- Kosher salt
- 2 c. cooked shredded chicken
- 3/4 c. enchilada sauce, divided
- 1 c. shredded cheddar
- 1 c. shredded Monterey jack
- Freshly chopped cilantro and sour cream, for serving
Instructions Checklist
- Preheat oven to 400°F and grease a 9″ ovenproof skillet with cooking spray. In a medium bowl, whisk together corn muffin mix, sour cream, egg, corn, and melted butter. Pour into prepared skillet and bake until golden, 15 minutes.
- Meanwhile, in a large skillet over medium heat, heat oil. Add onion and cook until soft, 5 minutes, then add garlic and cook until fragrant, 1 minute more. Add taco seasoning and season with salt. Add chicken and 1⁄2 cup enchilada sauce and stir until combined.
- Poke holes all over cornbread with the bottom of a wooden spoon. Pour remaining 1⁄4 cup enchilada sauce over poked holes and top with chicken mixture.
- Top with both cheeses and bake 20 minutes more.
- Garnish with cilantro and sour cream before serving.
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