Brace Yourself for the Big Three
Increased Property Taxes, Homelessness Services Measure, & Pre-School for All Income Tax
It seems the bills are out and those of us who reside in Multnomah County are trying to figure out how our tax obligations jumped so high in the past year. While much of it is levy based, it also seems the county assessor has been paying attention to Portland’s 16% appreciation and they want to benefit from our increased equity. County wide, property taxes increased just over 8% from 2020.
If you are wanting to challenge your property taxes, we are here to help. We can provide you with comparable sales and data to make your case. To make your appeal, you must have your application in by December 31, this year. If you don’t have the bandwidth to make the appeal, reach out to your ELEETE agent and we can connect you with a professional who will take on your appeal in return for compensation based on the amount of savings they are able to provide.
The Homelessness Services Measure is a 1% income tax on individuals living and working inside Metro’s boundaries, which cover most of Multnomah, Washington, and Clackamas counties. Individuals making at least $125,000 and couples who earn at least $200,000 will be assessed the tax. Businesses that operate inside the boundaries and generate gross receipts higher than $5 million a year also are taxed 1% on their net revenues.
Finally, for those who live in the City of Portland and Multnomah county, we have the new Pre-School for All personal income tax. The program is a 1.5% tax on personal taxable income over $125,000 for individuals and $200,000 for joint filers, and an additional 1.5% on personal taxable income over $250,000 for individuals and $400,000 for joint filers. The funding will establish a tuition-free, high-quality preschool program in Multnomah County.
