Property taxes in Benton County jumped more than 8 percent for this year, the county assessor reports.
The amount certified to be collected for 2008 on behalf of all taxing districts in the county totals $101.2 million, up from $93.1 million in 2007, according to County Assessor Doug Hillpot.
Among the reasons for the increase, he said, are that Benton County's new tax levy kicks in this year, and that the Corvallis schools are levying 10 cents more per thousand dollars of assessed value than last year, both within voter-approved levies.
The county levy of 90 cents per thousand is partially offset by the end of a previous one, leaving a difference of about 64 cents per thousand, Hillpot said.
Other reasons for the increase in the total taxes to be collected are changes in various bond rates and the general 3 percent annual increase allowed in assessed value, Hillpot said.
Total taxable value in Benton County this year is just under $6.2 billion, up from $5.9 billion last year for an increase of 4.4 percent.
Assessed value remains far below real market value, according to the assessor.
Market value of real estate in the county this year is said to be almost $9.9 billion, up from $9.1 billion last year.
Assessed value is limited by the provisions of Ballot Measure 50, which voters adopted in 1997.
In North Albany, within the city of Albany, the consolidated tax rate this year is $18.33 per thousand dollars of assessed value, up from $17.69 last year.
Driven largely by new construction, North Albany's real market value shot up more than 17 percent, and its taxable value rose more than 10 percent. Assessments are made as of Jan. 1, so the numbers reflect growth in 2007.
County officials expect tax bills to be mailed by the end of this week.
Tax data for Linn County were reported last week. Linn's tax total rose 5.8 percent to $122.8 million, and the county's assessed value rose 4.8 percent to $7.4 billion.
Posted in Local on Monday, October 13, 2008 12:00 am Updated: 9:52 pm.
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