Quote:
Originally Posted by maccoinnich
I’m struggling to understand the math here. The SHS is tax Metro area wide. Preschool for All is Multnomah County specific, but only applies to household income over $200,000 (after deductions; a household with a gross income of $200,000 would pay nothing even if only taking the standard deduction). At $400,000 of Oregon taxable household income the Preschool for All bill would be $3,000 annually.
As for property taxes, well, they vary a lot property to property, but I just searched on Redfin for houses currently for sale in around the $1,000,000 mark. A very nice looking house in Irvington is paying $9,782.51 a year. A similarly priced house in Cooper Mountain is paying $12,156 a year in property taxes, plus $336 in HOA dues.
If the comparison was between Multnomah County and Clark County the differences would be starker, for someone who can move their employment out of Oregon while doing most of their shopping and dining out in Oregon. But within the Portland Metro area, you’d have to have a pretty big household income to make the difference in taxation be worth $10-$15,000 a year.
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Ah, I actually didn't realize that the PFA tax was marginal. Thanks for clarifying that for me, that makes it a little better. I thought it was a straight 1.5% tax on all income, which would have made it a lot harder for us.
For a married couple filing jointly who takes the standard deduction (about $29,200 in 2023), that 1.5% begins to apply for people making just $229,200. For two income households such as ourselves who also maximize our 401k, FSA and other pre-tax savings, the 1.5% would still apply to us. It's not THAT high of a bar to clear, and marginal makes all the difference.
My math was approximating about $3700 in PFA and about $6,000 more in property taxes. My wife and I need to stay on the west side due to our jobs, and the property taxes in Multnomah County on this side of the river for similarly sized houses and condos are astronomical compared to uninoroporated Washington County.
Our mortgage payment (PITI) right now is just $1500/month with no HOA. My property taxes are about $4300 per year. We often discuss moving to Northwest when the kids are a little older. We've been looking at houses and condos in the $650-$750k...there aren't many, but the ones I've seen are like $10k on the low end and $16k on the high end in terms of property taxes.
While the valuation depends a lot on what it was set at in 1997, Multnomah County just has higher taxes due to voter-approved measures for schools, parks libraries. Portland proper has a mill rate of 22-25 mills (22-25 dollars per $1000 of assessed value) vs unincorporated Washington County, which is 14-18 mills depending on what districts you're in. So, for a brand new house valued about $600k, you're looking at about $8-10k in property taxes in unincorporated Washington County vs $13-15k in Portland, for a difference of about $5k per year.
So without counting the PFA tax (since it's marginal), it would depend...but on the low end our tax bill would most likely double and would be about $400 more per month. On the high end it (and in a few more years while values rise), it might be triple what we currently pay and be closer to that $1000 number.