Tuesday, April 12, 2011

Oregonian Drops a Bombshell - State pays the Property Taxes for 1% of homes in Lake Oswego

To All COLA LO Members,

The Oregonian dropped a Bombshell over the weekend after an investigation on State of Oregon and its program to pay the property taxes of citizens.   A true entitlement program this State of Oregon benefit actually pays the property taxes of citizens 62 and older that claim they cannot pay.  

The Oregonian's investigation found that the taxpayers were paying property taxes on homes worth $1 million or more including homes in LO. The records also show the state is covering property taxes on homes in some of Oregon's most desirable locations: 106 in Lake Oswego, 76 in Ashland, 24 in Sisters and 11 in Sunriver, the newspaper said.

The state of Oregon (taxpayers) are actually paying the property Taxes of almost 1% of all the homes in Lake Oswego...  Including this home valued at $1.1 million.

There are 15,500 households in LO so 106 is approximately 1% of all homeowners.  Given the relative value of homes in LO, its likely most of the properties are highly valued including current market price and equity.  

The article can be found at the following online link.


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