New Property Tax Info for Jackson County is Out
The information in this blog is provided courtesy of Jamie Baker, now of Ticor Title. It is mainly taken from an email that she sent out to Realtors in Ashland. But it is very good information.
2008/2009 Taxes have rolled for Jackson County!
(Ashland taxes have gone down!)
I just wanted to let you know that the 2008/2009 tax values are now available from the County.
You may be surprised to learn that the Ashland taxes actually went down this year. This is due to the fact that the 07/08 taxes included a bond for the schools. Most accounts will see a decrease by a couple hundred dollars, but it has to do with the assessed value of the property itself.
I know a lot of you may be asking if you will see a decrease in your taxes because the property values are declining. The answer to that question in a nutshell is “NO”. Here’s why:
· When Measure 50 was approved by voters in 1997, a MAV, or Maximum Assessed Value was established for each property. That value was calculated for each property by subtracting 10% from the property’s 1995-96 Real Market Value (RMV). Under Measure 50, property tax is based on the lower of either the RMV or the MAV.
· The MAV increases by 3% each year as long as the Real Market Value of the property is greater that the MAV. As always, the Real Market Value changes with the real estate market.
· Since 1997 the real estate market (and Real Market Value) has seen unprecedented growth while the MAV has continued to go up the constitutional 3% per year. This has caused the MAV to remain much lower than the Real Market Value, ranging from 35% to 65% of the RMV, with the average property’s MAV being 52% lower than the RMV. The Real Market Value would have to drop by 52% before the taxes would be affected.
Per the County’s calculations, the changes in Real Market Value for the 08/09 year are as follows:
ASHLAND -11 TO 13%
PHOENIX/TALENT -9 TO 12%
EAST MEDFORD -18-21%
WEST MEDFORD/APPLEGATE -17 TO 24%
CENTRAL POINT/SAMS VALLEY -17 TO 20%
ROGUE RIVER AREA -9 TO 14%
NORTH COUNTY -7 TO 11%
(The information above was shared with us(Ticor Title) by Dan Ross, the County Assessor.)
MARK YOUR CALENDAR:
TAXES ARE DUE BY NOVEMBER 15TH, BUT THIS YEAR THE 15TH FALLS ON A SATURDAY, SO THE PAYMENT MUST BE IN BY MONDAY, THE 17TH. If you pay in full by the 17th, you will receive the 3% discount.
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