Bonanza, Klamath County, Oregon Property Taxes
Median Bonanza, OR effective property tax rate: 0.75%, significantly lower than the national median of 1.02%, but lower than the Oregon state median of 0.86%.
Median Bonanza, OR home value: $93,690
Median annual Bonanza, OR tax bill: $747, $1,653 lower than the national median property tax bill of $2,400.
How are property taxes in Klamath calculated?
Property taxes in Bonanza, OR are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Bonanza’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Bonanza, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Bonanza, Klamath County, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.75%
Estimate Property Tax Bill
$703
$652
Property Tax Rates Across Bonanza, Klamath County, Oregon
Local government entities are responsible for setting tax rates, which can vary significantly within a state. Each year, counties estimate their required budgets to fund essential services and divide this amount by the total value of all taxable property within their jurisdiction. This calculation results in the property tax rate. Although the process involves votes and laws to establish tax rates and budgets, this is the basic annual procedure.
In Bonanza, located in Klamath County, the effective property tax rate stands out when compared to other cities in Oregon. The median property tax rate in Bonanza is 0.75%, which is notably lower than the national median property tax rate of 1.02%. This lower rate can be an attractive factor for property owners, as it means a smaller portion of their property's assessed value is paid in taxes each year.
Comparing Bonanza's property tax rate to the broader state and national figures can provide valuable insights for potential property buyers or current homeowners considering a property tax appeal. This comparison underscores the importance of understanding how local tax rates can impact overall property expenses.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Bonanza Tax Rate
0.75%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Klamath County Tax Rate
0.72%
Median Effective Oregon Tax Rate
0.86%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Bonanza, Klamath County, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97623 | 0.34% | 0.48% | 0.75% | 1.08% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Bonanza, Klamath County, Oregon
When examining property taxes in Bonanza, Oregon, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Klamath County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Klamath County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Bonanza.
For example, the median home price in Bonanza is $93,690, with tax bills ranging significantly across the county. Zip code 97623 has the highest median home price at $93,690.
Property Tax Assessment Values Across Bonanza, Klamath County, Oregon
Source: Ownwell
$40,980
$148,795
$256,610
Median Bonanza Market Value
$93,690
Median Klamath County Market Value
$184,440
Median Oregon Market Value
$438,140
Median United States Market Value
$235,294
Property Tax Assessment Values Across Bonanza, Klamath County, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97623 | $21,602 | $41,510 | $93,690 | $179,230 | $346,976 |
Source: Ownwell
Property Tax Bills Across Bonanza, Klamath County, Oregon
In Bonanza, located in Klamath County, OR, property tax bills are primarily determined by the assessed value of a home, which is derived from the market value. The property tax rate is then applied to this assessed value to calculate the annual tax bill. Homeowners in Bonanza experience a median tax bill of $747, which is significantly lower than the national median of $2400. The tax bills in this area range from the 25th percentile at $308 to the 90th percentile at $1917, showcasing the variability depending on property values and specific assessments.
Homeowners may find these taxes burdensome, especially if their property is over-assessed. This is where Ownwell comes in, offering expert property tax appeal services to help reduce these bills. By analyzing assessment data and identifying discrepancies, Ownwell can assist homeowners in filing successful appeals, potentially lowering their tax obligations. This service not only saves money but also ensures that homeowners are paying a fair amount based on accurate property assessments.
Median Bonanza Tax Bill
$747
Median Klamath County Tax Bill
$1,333
Median Oregon Tax Bill
$3,628
Median United States Tax Bill
$2,400
Property Tax Bills Across Bonanza, Klamath County, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97623 | $154 | $308 | $747 | $1,323 | $1,917 |
Source: Ownwell