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How are property taxes calculated in oregon

how are property taxes calculated in oregon

1. Are there any differences to consider in living in Oregon vs. Washington?

  • Buyers should be aware that Oregon currently has approximately a 9% personal income tax rate. Washington does not have any personal state income tax. Residents who live in Washington and work in Oregon are still required to pay Oregon state income tax.
  • Oregon has no sales tax on purchases, Washington does.
  • Traveling over the Hood River Toll Bridge can become costly if you work or play a lot on the other side of the river from where you live.
  • When a home owner sells a piece of property in Washington they will be responsible for paying an Excise Sales Tax of 1.28% or 1.53% on the sale price depending on where the property being sold is located. The title company will calculate this cost and apply it to the seller’s expenses at closing.
  • The State of Washington requires that an addendum be signed by both parties stating that a sale may be cancelled by the Buyer if the Buyer is unable to obtain affordable insurance for the property. Affordable is defined as an annual cost not to exceed 1% of the sale price.
  • Wildlife appears to be more abundant on the Washington side of the Gorge vs. the Oregon side.
  • Land costs generally are less on the Washington side.
  • 2. What zoning restrictions do I need to be most aware of in buying real estate?

    • Living in the Gorge brings

      some special considerations in matching your desired goals with applicable zoning guidelines. Building, remodeling, or even painting a home located within the Columbia Gorge National Scenic Area (CGNSA) must be approved in compliance with several rules/ordinances and multiple government agencies. If your favorite color is bright yellow or hot pink, you’re likely not going to be able to have that feature in your dream home in the CGNSA.

  • Deferred property taxes will need to be paid if a Buyer wishes to place a dwelling on a property that is currently receiving special property tax treatment. Examples would be property zoned Exclusive Farm Use (EFU) or Forest Use (F-2). This may add up to several thousands of dollars. Research at the County Planner and Tax Assessor offices is HIGHLY recommended prior to making an offer on a property.
  • Dividing a parcel of land into one or more parcels can only be accomplished if zoning allows a larger parcel to be divided into smaller parcels based on zoning.
  • 3. What is the Columbia Gorge National Scenic Act?

    The US Congress in 1986 passed a law to accomplish two objectives:

    #1. Protect and provide for the enhancement of the scenic, cultural, recreational, and natural resources of the Columbia River Gorge; and

    #2. To protect and support the economy of the Columbia River Gorge area by encouraging growth to occur in existing urban areas and by allowing future economic development in a manner that is consistent with purpose #1.

    4. What are my choices for title companies in the area?

    Category: Taxes

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