Did you know some homes in Portland qualify for a 10-year property tax exemption? This can save a homeowner thousands of dollars each year. In order to qualify for the limited tax exemption the sale must meet the following requirements AND be identified as an eligible property on THIS WEBSITE.
Here are the requirements from the City of Portland website:
Sale price cap: The property must sell for no more than the sale price cap established annually by Portland Housing Bureau (PHB) — no more than 120% of the annual median sale price (or appraised value if an owner/builder) — currently $291,000 (as of January 2014). Escrow must notify PHB if a property is selling over the established price cap. If the exemption is already in effect, it will be terminated and escrow must request the amount of any taxes exempted due from Multnomah County to be paid at closing by the seller.
Occupancy: The property may not be rented at any time (both prior to initial sale and after homebuyer qualification); properties which are rented are subject to termination of the exemption. Homebuyers must occupy the property as their primary residence.
Affordability: Homebuyers at initial sale (who will be both on title to the property and occupying the home) must earn no more than 100% median family income for a family of four — currently $68,300 (as of January 2014), adjusted upward for households larger than four persons.