Property Tax 101
Like other industries, the real estate market is affected by the new tax laws. When looking at your Property taxes you may notice that value of your changes. Changes to the value of your home are based on:
- Sales that have occurred in your neighborhood
- Reappraisal of your area
- Physical inspection of your property
Your Tax statement shows the real market value of your property as of January 1, 2018, based on the 2017 real estate market. Changes to the market since January 2018 will be reflected on the 2019 tax statement.
You should receive your 2018-2019 tax statements shortly after they are mailed out beginning Friday, October 19th. Images of your tax statement will be on Lane County’s website on October 15th. October 15th is the earliest you can view your tax statement because September 25th is the deadline for sharing values of districts which cross county lines. These values are needed to establish tax rates. The following two weeks are used to complete the tax certification process to provide the statement files to the state printer. The statements are then ready to be mailed out within the next two weeks. By law the statement must be mailed by October 25th and statements will be available online October 15th with mailing on the 18th.
Paying Your Property Taxes
There are ways that you can get a discount on your property taxes.
- 3% discount – For full payment by November 15th
- 2% discount – For 2/3 payment (on the 2/3 paid) by November 15th
You can also do trimester payments to help level the financial load of your tax payment.
The due dates for trimester payments are:
- November 15, 2018
- February 15, 2019
- May 15, 2019
There are no discounts to your taxes if you select to pay each trimester. Any overdue amounts will accrue interest on the 16th of every month until paid. If you miss the November 15th deadline the 3% discount will be lost and interest will start to accrue on the first-trimester amount at a rate of 1.33% per month.
Checking Your Tax Balance
You may check your tax balance online at www.lanecounty.org/AT, click on Individual Property Acct Information. You can search by account number, owner name or property address. Once you bring up the account information, on the left in the blue box click on Get the Current Balance Due.
Will My Mortgage Company Pay My Taxes?
Sometimes your mortgage company will pay your property taxes for you. Located on the left side in the middle of your property tax statement will be a notation that shows: “Mortgage Co:” and “Loan #”. If the account does not have a correct mortgage company data, please contact the mortgage company and verify whether or not they are planning to pay and through whom. If a mortgage company is listed on the tax statement, it means the mortgage company plans to pay the taxes for the upcoming tax year.
Remember: There is no way to ensure that mortgage company data is 100% accurate at the time of certification. The Assessor’s office does not verify with the mortgage company and/or taxing service whose account is going to be paid. A substantial amount of activity (refinancing, purchasing, selling property and selling of loans between mortgage companies) occurs between September (the deadline for sharing values of districts which cross county lines) to October when the statements are mailed.
The purpose of the mortgage company information on the accounts is ONLY to allow your title company to see which mortgage company or tax service has been requested to pay on an account. Adding or removing the mortgage company or tax service name does not ensure a mortgage company will or will not pay on an account. Please remember that you are ultimately responsible for paying your taxes timely.
Here are some videos from Lane County’s website to give you more information about county property taxes.