Guess what, property tax totals in two mid-valley counties are up again this year. This is no surprise. Voters in Albany approved a slight bump in the special levy for public safety. New construction has taken place, and in many cases the assessed value of property went up regardless of what the market did because the assessed value had still been below the market value and therefore could rise up to 3 percent.
The assessors in Linn and Benton counties have just posted this year’s tax tables. In Linn County, the tax department expects to collect $133.3 million in property taxes, up 2.5 percent from last year. In Benton, this year’s property tax totals $115.7 million, up 3.1 percent. (Keep in mind that the counties collect taxes for all taxing districts, not just for the counties themselves.)
The principle of compression is saving taxpayers in Linn a total of $9.7 million, about a million dollars more than last year. Benton County reported a tax reduction due to compression of more than $5 million, also more than in 2012. Compression, in case you forgot, is the reduction in individual property taxes caused when the amounts imposed by overlapping taxing districts would otherwise exceed the rate limits set by Measure 5, adopted in 1990.
You’ll find out how all this affects you personally when you get your tax bill in the days to come. (hh)