It's Officially Property Tax Season

MLO | Mortgage & Real Estate Podcast

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1. Property taxes in Oregon are unique - they are paid annually in November, unlike most other states where they are paid twice a year.

2. There are discounts available for early payment of property taxes in Oregon - up to 3% if paid in full by the 15th of November.

3. The fiscal year for property taxes in Oregon runs from July 1 to June 30, so when you purchase a home, you may need to pay back the seller for the portion of taxes they have already paid.

4. Local lenders who are familiar with the Oregon property tax system are important, as out-of-state lenders may not understand the nuances.

5. There are potential ways to reduce property taxes, such as if the homeowner is a 100% disabled veteran or elderly.

6. New construction properties pose unique challenges, as the taxes are initially based only on the land value until the home is assessed.

7. Property taxes can fluctuate year-over-year due to new taxes or levies being added, so it's important to be aware of this when budgeting.

8. Understanding whether your property tax statement is "yellow" (taxes paid) or "green" (taxes unpaid) is crucial, and you should reach out to your lender if you have any questions.

Mikal Mele Mikal Ashley Mele
Loan Officer & Mortgage Advisor
NMLS 963197
Casey Carpenter Casey Carpenter
Loan Officer & Mortgage Advisor
NMLS 1458123
Addy Nett
Loan Officer & Mortgage Advisor
NMLS 1542184
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