Dear Claire: Do I Have to Pay Taxes When I Sell My Home?

Demystifying Property Taxes: A Guide for Portland, Oregon Homeowners

Hello, I’m with Paris Group Realty LLC in Portland, Oregon, and today we’re discussing property taxes. Multnomah County has recently issued property tax statements for property owners in Portland, Oregon. If you own property in the area, you should have received one.

Now, let’s clarify some important details. If you have a mortgage on your property and you’ve been consistently paying your property taxes every month for the past 12 months, your lender has been accumulating these funds and will pay the property taxes directly on your behalf. You don’t need to take any action regarding this document you received. It’s primarily for your reference when you file your income taxes next April.

However, if you’ve received a document that is green like this one, it means you owe property taxes to the county. In this case, you should take note of a few things. At the bottom of the document, there’s a payment plan option. You can choose to pay the taxes in full for a discount or in thirds over the entire year.

But, if your document is yellow, there’s no need to make a payment. Your bank is handling your property tax payments, and you should retain the document for your income tax records. When you file your taxes, you may be able to deduct some or all of the property taxes paid.

If you have any questions or concerns about this process, don’t hesitate to reach out. I receive calls every year from people who are unsure about these statements, and I’m here to help. The amounts involved can be significant, so it’s essential to have clarity.

If you have any other questions or topics you’d like me to address, please leave a comment below. I’m happy to provide answers in our upcoming videos. You can also explore more content on our YouTube channel, Paris Group Realty. Feel free to subscribe for more valuable information.

Thank you for tuning in. Have a great day, and we’ll be in touch soon. Take care!

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