First Time Home Buyer Property Tax Abatement Program in Portland

What Is Property Tax Abatement in Portland?

NOTE:  The information is current as of the time of publication. Program details and illegibility of property and borrower may change and are not guaranteed by Buyers Agent Portland, LLC.

Property tax abatement is a “freeze” of property taxes for a designated time.  Property tax abatements are designed to assist first time home buyers in Portland by abating taxes for a period of time.

Are There Any Tax Abatement Programs Currently in Portland?

Yes.  But with all things there are considerations that need to be met by the first time home buyer in Portland.

How Does the Property in Portland Qualify?

  • The property must meet the definitions of the Limited Tax Exemption (LTE) Program
  • Properties in Portland meeting the Limited Tax Exemption tax abatement in Portland must be new construction in Portland and be in the Homebuyer Opportunity Area.
  • The property must be located within a Homebuyer Opportunity Area. To see if a specific property is located within this area go to PortlandMaps.com enter the address and click on the “Development” tab for confirmation the property is eligible under “Home Buyer Opportunity Area” (toward the bottom of the page).
  • The proposed home must be a single-family home or condominium.
  • The maximum sales price (or appraised value if an owner/builder) may be no greater than $275,000 (2010 limit adjusted annually).
  • The home must be sold to an eligible homebuyer.

Who is an Eligible Homebuyer in Portland?

  • The total annual income of all owner occupants, which means they are on title to the home and also live there, may not exceed a certain amount (adjusted annually).  This limit is adjusted upward for households of five or more people.
  • The homebuyer or any eligible subsequent homebuyer must apply and occupy the home throughout the exemption period.

Click here to go to LTE Homebuyer page

Are there Disqualifications to the Program?

  • If construction is not completed within two years from the date of the ADE approval
  • If the property is converted to a rental
  • If the property is sold to an ineligible homebuyer
  • If the homebuyer or subsequent homebuyers fail to apply or qualify for the program
  • If the sales price exceeds $275,000
  • If the homebuyer fails to occupy the property throughout the exemption period

First Time Home Buyer Need to Knows?

There are usually application fees which apply.  Application fees may be through a county and/or development agency such as Portland Development Commission or Multnomah County and must be paid within 90 days of purchase.  Most common, is paying these fees through escrow at the time of closing.  They will be reflected on the borrower HUD-1 statement.  The PDC does adjust fees and requirements and are subject to change.

Portland home buyers looking at tax abatement programs in the Portland Metro area should set up a consultation with me to all thing TAX ABATEMENT!

Here’s why:

  • Buying a home for the first time — you NEED guidance.  The listing agent (working for the seller/builder) will NOT guide a Buyer to the best possible terms and conditions possible.  The listing agent works for the seller/builder and has no obligations in this regard.
  • Buying a home for the first time is confusing and there is a maze of things that the home buyer is not familiar with.
  • Toss in . . . TAX ABATEMENT, BUILDER CONTRACTS, ESCROW, INSPECTIONS, LENDERS, etc. and the task at hand is confusing.  But not to me!

First Time Home Buyers can take advantage of this great property tax abatement in Portland.

Home Buyer Opportunity Map – First Time Home Buyers – Tax Abatement in Portland

First Time Home Buyer Opportunity Map 2012 City of Portland

Homes for Sale in Portland Which MAY Qualify for the Tax Abatement Program

See all Real estate in the 97236 zip code.
(all data current as of 10/21/2014)

  1. 4 beds, 2 full, 1 part baths
    Home size: 2,291 sq ft
    Lot size: 3,049 sqft
    Year built: 2014
    Parking spots: 1
    Walk Score®: 25
    Broker reciprocity icon
  2. 3 beds, 2 full, 1 part baths
    Home size: 1,900 sq ft
    Year built: 2014
    Parking spots: 2
    Walk Score®: 48
    Broker reciprocity icon
  3. 4 beds, 2 full, 1 part baths
    Home size: 1,924 sq ft
    Year built: 2014
    Parking spots: 2
    Walk Score®: 48
    Broker reciprocity icon
  4. 4 beds, 2 full, 1 part baths
    Home size: 1,801 sq ft
    Year built: 2014
    Parking spots: 2
    Walk Score®: 37
    Broker reciprocity icon
  5. 4 beds, 2 full, 1 part baths
    Home size: 2,345 sq ft
    Lot size: 3,049 sqft
    Year built: 2014
    Parking spots: 2
    Walk Score®: 29
    Broker reciprocity icon
  6. 4 beds, 2 full, 1 part baths
    Home size: 2,404 sq ft
    Lot size: 4,356 sqft
    Year built: 2014
    Parking spots: 1
    Walk Score®: 25
    Broker reciprocity icon
  7. 4 beds, 2 full, 1 part baths
    Home size: 1,902 sq ft
    Lot size: 3,920 sqft
    Year built: 2012
    Parking spots: 1
    Walk Score®: 55
    Broker reciprocity icon
  8. 4 beds, 2 full, 1 part baths
    Home size: 1,801 sq ft
    Year built: 2014
    Parking spots: 2
    Walk Score®: 34
    Broker reciprocity icon
  9. 4 beds, 2 full, 1 part baths
    Home size: 1,561 sq ft
    Lot size: 1,306 sqft
    Year built: 2013
    Parking spots: 1
    Walk Score®: 68
    Broker reciprocity icon
  10. 4 beds, 2 full, 1 part baths
    Home size: 2,180 sq ft
    Year built: 2014
    Parking spots: 2
    Walk Score®: 48
    Broker reciprocity icon
  11. 3 beds, 2 full, 1 part baths
    Home size: 2,965 sq ft
    Year built: 2014
    Parking spots: 2
    Walk Score®: 8
    Broker reciprocity icon
  12. 3 beds, 2 full baths
    Home size: 2,216 sq ft
    Year built: 2014
    Parking spots: 2
    Walk Score®: 6
    Broker reciprocity icon
  13. 4 beds, 2 full, 1 part baths
    Home size: 2,510 sq ft
    Lot size: 8,712 sqft
    Year built: 2014
    Parking spots: 2
    Walk Score®: 15
    Broker reciprocity icon
  14. 4 beds, 2 full, 1 part baths
    Home size: 2,250 sq ft
    Lot size: 5,227 sqft
    Year built: 2014
    Parking spots: 1
    Walk Score®: 55
    Broker reciprocity icon
  15. 3 beds, 2 full baths
    Home size: 2,121 sq ft
    Lot size: 10,018 sqft
    Year built: 2014
    Parking spots: 2
    Walk Score®: 15
    Broker reciprocity icon

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Buyers Agent Portland - Buyer Focused ~~ Buyer Results

Buyers Agent Portland, LLC is an Exclusive Buyer Agency serving the Portland Metro real estate market since 1999.  The brokerage only represents Home Buyers and never home sellers. If you’re looking for a home anywhere in the Portland Metro area, there is no better representation than an Exclusive Buyers Agent.  We assist investors, folks relocating to Portland area, those moving to Portland in-state, home buyers who are looking to down-size or move-up and of course . . . love working with first-time buyers.  I help Buyers in the Portland Metro market find exactly what they need in the Tri-County markets of Clackamas County, Multnomah County and Washington County, as well Portland cities including but not limited to:

When you’re ready, talk to an Exclusive Buyers Agent.

Exclusive Buyers Agents do not work at real estate brokerages that take listings!

An EBA’s fiduciary duty is: 100% BUYER REPRESENTATION . . . 100% of the Time.

Carla Muss-Jacobs, Principal Broker/Owner
Buyers Agent Portland LLC
Office: 503.524.2560
Direct: 503.810.7192

Buyers Agent Portland ~~ 100% BUYER REPRESENTATION . . . 100% of the Time

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