97623 Property Tax Rate

Property owners in ZIP code 97623 (Bonanza, Oregon) pay a median of $1,495/year in property taxes on homes valued at $280,600. This translates to an effective tax rate of 0.53%, which is 28% below the Oregon state average of 0.74%.

The monthly property tax burden for a median-valued home in 97623 is approximately $125, which factors into escrow payments on mortgages. This ZIP code is located within Klamath County. This is $1,500 less than the Oregon average of $2,995/year.

Compared to similar ZIP codes in Oregon, 97623 has lower property taxes. ZIP codes with similar effective rates include 97419 (0.53%) and 97436 (0.54%).

In Bonanza, property taxes represent approximately 2.0% of the median household income of $76,522, providing context for the relative tax burden on homeowners in this area.

Under Oregon's Measure 50, your assessed value is capped at 3% annual increase, but resets to market value at purchase—expect your tax bill to reflect your buying price in the year following closing. Klamath County does not offer a statewide homestead exemption; seniors 65+ and disabled homeowners should contact the Klamath County Assessor within 30 days of purchase to apply for available county relief programs. Request your Notice of Assessed Value and file a formal appeal with the Klamath County Assessor if the assessed value exceeds comparable recent sales.