Aimee Virnig

The Montclair Mid Century on .73 acre

Hope to see you Saturday!

Buyers Win! Extensive Remodel only $699,000!

Buyers Win! Extensive Remodel only $699,...

Studs out remodel in Roseway, only $699,000!!

Studs out remodel in Roseway, only $699,...

Looking for DONE DONE DONE! Hard to find at this price!

Looking for DONE DONE DONE! Hard to find...

😬 👻 It’s property tax time!!

Property Tax Basics Property Tax Basics

Warning! Super 😱 👻 information!!!!

It’s that time of year again and I have had a few calls about ADU taxation in Multnomah county…. This is complicated explanation (and way too long, sorry!) but directly from the mult co assessors site::

“How will adding an ADU affect your property taxes?

In accordance with OAR 150-308-200(link is external) (formerly OAR 150-308.156(B)), Multnomah County assesses and taxes ADUs the same as any other new improvement to property:

A Multnomah County appraiser will review/visit your property to appraise the entire property, including the new ADU, for purposes of Real Market Value determination.
The added value associated with the construction of the ADU (and any other new improvements to the property) will be assessed.
Estimating Additional Taxes

The potential additional taxes associated with the ADU can be estimated by the following: The formula can be thought of as “ ((New Real Market Value Added x Changed Property Ratio)/1000) x Millage Rate) = Tax”

Changed Property Ratio (CPR) is a requirement per Oregon Administrative Rule 150-308-0170. The changed property ratio is the method in determining how new improvements to a property are assessed. The changed property ratio is determined by dividing all unchanged properties maximum assessed value by their real market value. This ratio is broken down into the property class a property is classified, such as Residential, Commercial and Industrial.

Market Value: If you are hiring a contractor to do the work, the cost of construction might be one type of estimate of a value for the new ADU. However, keep in mind that the cost does not necessarily equal market value.

Changed Property Ratio (CPR): look up the current changed property ratio for your property type. County Website CPR Data

Tax Rate: To find the tax rate for your area, locate the "code area" on your tax bill. Using the Levy Code Area Rate Sheet, look up the "total all rates" amount for your code area. Rates are expressed in dollars-per-thousand ($1/$1000).

Estimated Market Value of New Construction x CPR = Additional Assessed Value
Additional Assessed Value/1000) x Tax Rate = Estimated Additional Tax Amount
Warning: The above will not result in actual tax change as using historical Change Property Ratios and Mileage Rates will probably be inaccurate as both will not be the same for a future tax year. Change Property Ratio’s change every year and additional bonds and other measures are passed annually by the public. Also, results for properties in compression, going into or out of compression the following year, may differ.

For information on permitting fees and building requirements, contact the permitting jurisdiction for your property. The Multnomah County Assessor's office is not the authority for permitting or building requirements.

Questions?

If you have more questions regarding the property tax implications of constructing an ADU, contact DART.”

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Price reduction on this West Linn Beauty! High style with 2 bedrooms, 2.5 bathrooms and access to pool, sport court, clubhouse and park with tennis and pickle ball. Only $375,000!

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