Assessed Value vs. Market Value
As the November 7th ballot approaches, many of you have asked about the use of assessed value in relation to the proposed Local Option Levy. Below is the critical difference between Assessed Value and Market Value.
Assessed Value: Think taxes! This value is determined by local governments for tax purposes. Tax assessors carefully consider property features, recent sales, and local trends to set this value. It's a key factor in determining your property tax bill.
Market Value: This one's about selling and buying. Market value represents what your property would likely sell for in the current real estate market. It's influenced by various factors such as supply, demand, location, and unique property traits.
Key Difference: Assessed value is primarily for taxes, while market value guides real estate transactions. Remember, the assessed value might not keep up with market changes, but market value reflects the current state of the real estate market.
The taxable assessed value is the amount that the local tax authority has estimated a property owner’s structures and land to be. In Oregon, this amount is typically much lower than market value due to a cap on property tax that was put in place by State Measures 5 and 50. Home owners in Aurora Fire District can check their taxable assessed value on the Marion County Tax Assessor’s website, Marion County Tax Assessor or Clackamas County Tax Assessor's website, Clackamas County Tax Assessor.
Average Cost for Aurora Fire Homeowners
The average cost for homeowners in the Aurora Fire District will be about $8.67 per month more than the current levy. This amount is based on a property with a taxable assessed value of $200,000.
Who does Aurora Fire serve and what services are provided?
Aurora Fire District responds to around 1,300 emergencies per year, providing Firefighting, Rescue, and Emergency Medical Services (EMS) to residents within 64 square miles of Marion and Clackamas Counties. Aurora Fire District protects the cities of Aurora, Butteville, Donald, as well as the Aurora Airport, portions of Champoeg State Park, and Interstate 5.
Does new construction help our budget?
Yes, but funds from new construction come in slowly and are not enough to cover expenses for personnel.
Why is Aurora Fire asking for more money?
We are asking for the funding to keep current staff and maintain 24 hour coverage with career firefighters. This request does not add any new staffing.
What is a Local Option Levy?
A local option levy is a funding option that must be approved by voters. It is a type of tax imposed to fund specific projects, programs, or services.
The tax rate is determined based on assessed property values within the Fire District’s taxing authority.
Local option levies can last for up to five years before expiration and then voters must approve a renewal or a new levy.
What happened to our last request, and what happens if this request fails?
Our last request included funding to hire additional firefighters, which would have gave us three career firefighters 24 hours a day. However that levy request failed by 4 votes. The new request is an increase to simply maintain what we have. If this levy does not pass, we will not have the funds for career firefighters 24 hours a day.
Where can I receive more information about the Local Option Levy?
For more information you can call Aurora Fire District at 503-678-5966 to talk with our Fire Chief or Assistant Chief.
What is a Bond?
Much like levies, Bonds are voted on by the citizens of their respective Fire Protection areas. Unlike levies, bonds are based on capital projects and equipment, not personnel. For example, a Fire District may place a bond option on the ballot for $.24 per $1,000 of assessed value for fire engines, station improvements and self contained breathing apparatus upgrades. The time frame on bonds varies and depends on multiple factors.