Understanding Oregon Property Taxes - For Home Buyers

[@evanharriman5352]

Only a few minutes into this video but thank you for explaining it so well!! I’m just starting my home buying process and it’s very overwhelming as I have ZERO savings. Your videos are giving me the tools to prepare!

[@workshopmortgage]

You are so welcome, Evan! If you have any other questions as you learn and plan, let me know. I'm happy to be a resource to you! 😊💖

[@gabeschade2384]

This is great! Thank you for sharing your expertise

[@workshopmortgage]

You're very welcome, Gabe! I am glad you found this video and hope it shed a little light! :)

[@peterjones5739]

Thanks for the great video Julee!

[@workshopmortgage]

You are so welcome, Peter! 😊

[@ilogolfalot]

Great video. Do you have one for the change in prop taxes for buying an empty plot and building a house?

[@workshopmortgage]

Not yet! That's on my list to make. It's yet another way in which Oregon property taxes are funky as all get-out. Here's a whitepaper I wrote on the subject: workshopteam.com/wp-content/uploads/2019/05/Workshop_NewConstruction.pdf Glad you liked this video... and thanks for the nudge. I really do need to get to recording something on changed properties.

[@benrezac1426]

Super helpful!!!

[@workshopmortgage]

Glad it was helpful!

[@Mariah-d7g4o]

If you were to purchase a home and then make improvements such as adding on to the home would that limit the measure 50 for that year or is it just when you go to sell the property with the new improvements?

[@Mariah-d7g4o]

I meant lift not limit

[@workshopmortgage]

​@@Mariah-d7g4o Hi Mariah, Let's say you purchased a home today (late 2024) and then made some improvements starting in January 2025. Your sale (and any future sales) have nothing to do with when a change to the assessed value occurs. The taxes you pay every November are based on the state of the physical state of the property on January 1 of the same year. In our example, January 1, 2025, no improvements had been made, so in November 2025, you would pay taxes that follow the standard measure 50 rules -- your tax assessed value would likely go up 3%. But come January 1, 2026, your home has been changed. So the tax bill you get in November would reflect those changes. The way that calculation is made is a subject for another video I've not made yet. But roughly, your assessed value would likely go up by about 50% of the value added by the improvements you made. Hope that helps!