Real Market Values Down, Taxes UP, Up and Away!

So, by now you have received your tax statement in the mail and were surprised to see that instead of your taxes going down like you thought they would, they went up. How could this be you ask yourself, how can the value of my home go down and my taxes increase?

The reason is because property taxes in Oregon are based on assessed value, not real market value. Under Measure 50 which was voted in, in 1997, the assessed value of your home will rise 3% each year, plus any bonds or levies that were voted in.

Even though the market has continued to decline, in part due to the high number of short sales, taxes won't reflect that until next year.

In Yamhill County, here's the breakdown of where your tax dollars go:

The majority goes to fund schools. One Yamhill County property tax dollar gives 55 Cents to education (K-12, community colleges, educational service districts), 28 cents to neighborhood services provided by cities and special districts (police and fire protection, libraries, parks, urban road maintenance, and more), and 17 cents to county government services (public safety, road improvements, electronic, public health and more.)

Taxpayers who feel their assessed or real market values may be too high should call the assessor's office to discuss the basis for their property's appraisal and if they choose, they may appeal. Appeals may be filed through Dec. 31. You can find the information regarding appeal on the back of your tax statement.