Thursday, October 22, 2020

Lincoln County real market value rises for third straight year

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Real market value in Lincoln County is up approximately 6 percent for the third straight year, according to figures released Tuesday by the Lincoln County Assessor’s Office.

Real market value, which includes factoring in the value of new construction and development, is the price property would sell for in a transaction between a willing buyer and a willing seller on Jan. 1 of the assessment date for the tax year.

The countywide assessed (taxable) value has increased by about 4 percent, figures show.

Property tax statements for Lincoln County for 2018-19 will be mailed by Oct. 25, with initial payment due by Nov. 15.

Most property owners will see a typical 3 percent increase in their assessed value due to Measure 50 – a constitutional amendment approved by Oregon voters in 1997.

When Measure 50 was first implemented, a “maximum assessed value” was assigned to each property that equaled its 1995 value minus 10 percent. For the years following, each property is assessed on the lesser of its maximum assessed value from the previous year plus 3 percent, or its real market value. So, as long as the real market value remains higher than the maximum assessed value, the assessed value is allowed to increase up to 3 percent.

This is the most common scenario, however, there are situations where a property’s assessed value might increase more or less than 3 percent for two primary reasons:

1) New construction, development or other changes to property considered an “exception” event may add to or lower the property’s assessed value.

2) If, following a market downturn, a property’s real market value falls below its maximum assessed value, the property is assessed at its real market value. The assessed value might fluctuate up or down annually with the market, with no limitation, until it returns to or above the maximum assessed value. At that point, the assessed value will once again be restricted to 3 percent annual growth under Measure 50.

For 2018, approximately 19 percent of properties in Lincoln County are assessed at their real market value, down from 22 percent last year. With increasing market values, these properties may see assessed value growth of more than 3 percent.

Full Lincoln County property tax payments made by Nov. 15 will receive a 3 percent discount and two-thirds payments will receive a 2 percent discount.  At least one-third payment must be received by Nov. 15 to avoid delinquent interest charges.  For those making one-third payments, the second payment will be due by Feb. 15, and the third payment will be due by May 15.

Payments can be made electronically online, mailed with a postmark on or before Nov. 15, or dropped off at several locations, including participating local bank branches, a drop box located at the courthouse parking lot, or in person at the tax office located in room 205, on the second floor of the County Courthouse.

Please visit the following webpage for more information on property tax payments: http://www.co.lincoln.or.us/treasurer/page/payment-options-property-taxes

Tax Questions: (541) 265-4139

Value Questions: (541) 265-4102

 

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Homepage Staffhttps://lincolncityhomepage.com/
Staff account: Articles written and/or edited to comply with Associated Press style and professional journalism standards.

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