Marion County tax statements were mail on Thursday, October 11, and should arrive in property owner mailboxes soon. Tom Rohlfing, Marion County Assessor, certified the 2018-2019 Tax Roll on October 9, 2018.
As of the January 1, 2018, valuation date, the aggregate Real Market Value of all property countywide increased by 9.91% from last year, to $46.39 billion. Real Market Value is the estimated amount in cash that could reasonably be expected to be paid for a property by an informed buyer to an informed seller. This rapid increase in market value stems from such factors as the healthy economy, high employment rates, and national interest in this region.
Escalating values of residences and residential land located in cities and towns largely fueled the increase, jumping more than $1.86 billion or 11.72%. The total value of rural property, including acreage homes, farms, and forest lands, also showed continued growth, increasing values by 11.34%.
Due to Measure 50 benefits, some homeowners will experience much smaller tax increases than the preceding figures suggest. The typical unchanged home will experience only a 3% increase in assessed value no matter where it is located in the county. However, changes in tax rates due to new or expiring bonds will significantly affect owners in selected communities.
Salem and Keizer have experienced the largest tax rate increase this year. There will be an 11% tax amount increase for the average homeowner in both Salem and Keizer due to the new Salem-Keizer School District and Salem Public Library Bonds. The East Salem Service District has an additional $10 per month fee for each household, apartment unit, and per acre of commercial property for additional public safety services. Aurora and Hubbard will see tax amount increases of 6% and the city of Donald will see a 5% increase due to the North Marion School Bond. The most significant decrease will be noticed by homeowners in St. Paul, with typical tax bills decreasing approximately 8% due to an expiration of a local option levy.
Commercial and industrial properties show a 7.46% growth in total value, which is slightly lower than residential, urban homes or rural properties. Trends vary by property type. Industrial facilities, warehouses, and prime retail and office properties continue to experience value increases. Apartment construction added significant new value, while existing apartments continued to show growth.
Assessed Value county-wide grew by 4.64% to $25.34 billion, standing at just 54.62% of total Real Market Value. A big factor in the gap between market and assessed values is the Measure 50 limit of 3% annual growth in the Maximum Assessed Value of unchanged property. However, 13,350 properties enjoy sharply reduced assessed values and taxes due to farm or forest special assessment and more than 16,000 properties receive full or partial tax exemptions.
The value of Marion County property exempt from taxation increased by $319 million to just under $7.01 billion. Exemptions continue to expand due to new legislation and tax court interpretations of existing statutes.
Primary beneficiaries of Marion County property taxes are schools, the community college, and educational service districts, receiving 46.14% of the total. Other major recipients include cities (22.63%), Marion County government (17.17%), and fire districts (6.4%). Urban renewal districts receive about (3.18%). These percentages are similar to last year.
Mr. Rohlfing encourages property owners to promptly review their tax statement for accuracy. This includes checking for correct ownership, mailing, and location addresses. To aid with this, the Assessor's Office provides a wide array of information on its website, including more detailed information about how each property is assessed than can fit on the mailed tax statement.
Taxes are due by November 15, 2018, to receive the 3% discount and avoid interest charges. Owners with questions, or who feel changes are needed, should contact the Assessor's Office at (503) 588-5144. Those who disagree with the Real Market Value placed on their property are encouraged to request a review prior to filing an appeal. If the property owner still does not agree with the value once the review is completed, instructions on the back of the tax statement describe how to appeal to the local Board of Property Tax Appeals, which is comprised of community volunteers.