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. Programs may change and are not guaranteed by EBA Portland, LLC. We’re just blogging about it and it may be a dated article — sorry!

Property tax abatements are like “freezes” 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 $72,000 (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 application fees of $150 to the Portland Development Commission and $450 to Multnomah County within 90 days of purchase.  PDC does adjust fees and requirements and are subject to change.

For ten years the Portland home buyers meeting the guidelines will not pay full property taxes on the assessed improvement value of the new construction.

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

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
14845 SW Murray Scholls Blvd, #110-518
Beaverton, OR 97007
Office: 503.524.2560
Direct: 503.810.7192

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

All rights reserved©

Trackbacks

  1. [...] Read Related Article:  First Time Home Buyer Property Tax Abatement Program in Portland [...]

Speak Your Mind

*

All information provided is deemed reliable but is not guaranteed and should be independently verified.

This content last updated on 4/23/14 4:06 AM PDT. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.

The content relating to real estate for sale on this web site comes in part from the IDX program of the RMLS™ of Portland, Oregon. All real estate listings are marked with the RMLS™ logo, and detailed information about these properties includes the names of the listing brokers.

Listing content is © 2014 RMLS™, Portland, Oregon.

rmls-idx-logo

This IDX solution is (c) Diverse Solutions 2014.