Multnomah County property tax statements came in the mail yesterday. We got three yellow statements which means we do not owe- our mortgage company pays the bills out the our impound accounts. Green statements mean that you owe by November 15th in full to get the maximum discount. You can pay in thirds but pay extra for the privilege. Readers have pointed out in the past that they have received the wrong color statements for their situation so be extra careful if you have refinanced or purchased recently as they are not always correct. The complete 2011 Property Tax statement guide, included in the mailing, can be downloaded here.  If you have any questions about your statement, contact the Assessor’s office as your statements may not be represented by mine.

There are two property value amounts on your statement: 1) the Real Market Value (RMV) which is the amount the tax assessor’s estimate of what your house would have sold for on January 1, 2011; 2) the Tax Assessed Value (TAV) which is the amount your tax bill is based on.  Your tax assessed value cannot increase more than 3% from the previous year by law (Measures 5 and 47 in the 1990s).  You are actually taxed on which ever value is lower but RMV has always been higher in every case I have seen.  My Excel sheet comparing RMV and TAV put the tax assessed value at 55%, 44% and 37% of RMV on the three statements.  RMV declined on all three statements and the TAV went up on all three.  All three bills are more expensive that last year’s.  Since the Tax Assessed Values are so low compared to RMV I clearly don’t think I would have anything to appeal.  If I did, Multnomah County Property Tax appeals must be received/postmarked by January 3, 2012 (usually 12/31 but New Years falls on a weekend).

Our bills average 2.227% of the tax assessed value.  Our southeast property is a little higher than the two west side properties as the east side has a slightly higher Soil and Water CD charge.  That means that for every $100,000 of tax assessed value I should expect to pay $2227.06.  Your bill may be different and for a total geek trip down Excel lane take a look at the Levy Rates and Summary of Assessments and Taxes for more exact numbers.

This is what the average of the three bills we received looks like:

Remember that this is not tax advice. If you think there is something to be discussed with your statement contact the appropriate parties and be sure to follow any required time frames.