What is meant by the term “taxable value”?

In Oregon, the term “taxable value” is a way of determining a property’s worth for taxation purposes. Taxable value is determined by multiplying the property’s assessed value by the local tax rate, which is set by the county board of commissioners. The assessed value of a property is based on its estimated value on the open market, and is typically determined by a licensed appraiser. The taxable value of a property is then used to calculate the amount of property tax due on that property. Taxable value is important for estate planning and budgeting purposes since it can be used to calculate what amount of property tax will be due each year. Property tax is usually due around October each year, so it’s important to know the taxable value of a property beforehand so that a budget can be set aside to cover the tax bill. Property owners can also use their taxable value to see if they are paying a reasonable amount of property tax in comparison to other properties around their area.

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What is meant by the term “taxable value”?

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