Oregon Ranks 16th in Property Taxes
June 4th, 2007
Oregon ranks 16th nationally in property tax payments, collecting a median
value of $9.49 per $1,000 assessed value, as reported in a study by the National Association of Home Builders (NAHB).
The median property tax bill in Oregon came to $1,910. As a share of state and local government revenues, Oregon property taxes contribute around 20%–very close to national averages. (For you out-of-staters, Oregon assesses a 9% income tax and is one of only five states in the country without a sales tax.)
The NAHB study looked at all 50 states and attempted to address the unique tax environments of each state and local government. From the study:
“The analysis of real estate taxes across states is an important source of information for estimating the economic impact of housing, comparing the affordability of housing and cost of living in general, and making decisions about relocating or retiring in a different state,” says Natalia Siniavskaia, the author of the NAHB HousingEconomics.com report.
The study finds a strong correlation between the extent to which state and local governments rely on property taxes to fund local services and the amount of real estate taxes they collect per home. While state median property taxes per home reflect home values to a certain extent, the correlation is not as strong.
New Jersey ranked first with a median real estate tax of $5,352 per household, a rate of $16.03 per $1,000 assessed value. Louisiana collected just $1.72 per $1,000 for a median of $175 per household.
The national averages were $1,614 median property tax bill, at $9.64 per $1,000 assessed, and contributing 21.74% toward total government revenues.
The full report and tables can be found on the NAHB site.
Technorati Tags: property, taxes, Oregon, government, income, real estate
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Entry Filed under: National News
1 Comment Add your own
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