How is Oregon property tax calculated?

Oregon taxes the assessed value, not the market value. You multiply the assessed value by the combined district tax rate per 1,000 dollars, then apply the Measure 5 limits, which cap the bill relative to real market value.

What is the difference between assessed value and market value in Oregon?

Real market value is what the property would sell for, while maximum assessed value grows by no more than 3 percent per year under Measure 50. Oregon taxes the lower assessed value, so long-held homes often pay tax on far less than market value.

What are the Measure 5 property tax limits?

Oregon's Measure 5 caps property tax at 10 dollars per 1,000 dollars of real market value for general government and 5 dollars per 1,000 for schools, a combined 15 dollars per 1,000 ceiling. If the calculated tax exceeds these caps, it is reduced (compressed) to the limit.

Does Oregon have a homestead exemption?

Oregon does not offer a broad general homestead exemption that lowers your tax bill the way some states do. It does have targeted programs such as senior and disabled tax deferral, and exemptions for veterans, which are separate from the standard calculation.

How accurate is this estimate?

It is a close estimate when you use the figures from your tax statement. Actual bills vary by overlapping districts, voter-approved bonds (which can exceed Measure 5 caps), and local levies, so check your county assessor for the exact amount.

Oregon Property Tax Estimator

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Oregon’s property tax is unusual because it taxes a capped assessed value (not market value) and then applies constitutional Measure 5 limits. This estimator multiplies your assessed value by the district mill rate, then enforces those caps so the result reflects how Oregon actually bills.

How it works

The estimate runs in two stages:

Base tax. Multiply assessed value by the combined district rate per $1,000. baseTax = (assessed ÷ 1,000) × millRate.
Measure 5 cap. Oregon limits tax to $10 per $1,000 of real market value for general government plus $5 per $1,000 for schools — a combined $15 per $1,000 of market value. If the base tax exceeds the cap, it is “compressed” down to the limit.

The final estimate is min(baseTax, marketValue ÷ 1,000 × 15). Because assessed value rises at most 3% a year under Measure 50, long-held homes are often taxed on far less than they would sell for.

Tips and example

Take a home with $300,000 assessed value, $420,000 market value, and a $15 per $1,000 district rate. Base tax is (300,000 ÷ 1,000) × 15 = $4,500. The Measure 5 cap is (420,000 ÷ 1,000) × 15 = $6,300, so no compression applies and the estimate is $4,500.

Use the values from your Oregon tax statement for the closest result. Voter-approved bonds can push real bills above the Measure 5 caps, and senior or veteran programs may lower them, so confirm with your county assessor.