schools | taxes | finance

FINANCE

There are many good mortgage calculators on line, so I won't try to duplicate here. An easy and convenient way to calculate mortgage payments is to use the calculator on the Complete MLS Searchable List page. When you have entered your search criteria and listings appear, just click on the house picture. The next page will contain all the information on that house and also a mortgage calculator. If you have any questions just give me a call or e-mail.

I highly recommend using a local lender with a proven track record and knowledge of our local taxes and lending practices. Virtual lenders are often difficult to work with, sometimes unreliable and won't save you time or money. I have included a couple really good local lenders, who are available to answer any of your questions.

Jennifer Leon
Umpqua Bank
Phone: 503-219-6166
Fax: 503-287-3182
Mobile: 503-449-6371
Email: Email Jennifer

Eric Halberg
Columbia Mortgage
Direct: 503-684-2133
Mobile: 503-805-4419
eFax: 503-626-5622
E-mail: Email Eric

All loan approvals are credit driven and your interest rate is determined by your "FICO Score". A FICO score is a number between 300 and 850, which is assigned by the credit reporting agencies. The better your credit history, the higher your FICO score. The higher the FICO number, the lower the interest rate. The best rates require a minimum score of 680. Loans can be obtained for lower scores at slightly higher cost or interest rate.

Checking your credit report in advance is a good practice. Effective December, 2004, individuals living in the United States are entitled to a free copy of their credit report each year. You can receive this free report by going to www.annualcreditreport.com. This will allow you to get your report from any of the three major credit reporting agencies. One note is they do not give you the FICO score without paying extra.

If you want your credit score, not just a credit report, you can purchase the credit score www.myfico.com or receive the score through your mortgage lender. FICO scores vary for different types of lending, consumer, auto, morgage. To really get the right number you need to talk to a mortgage lender and ask for your full credit report and "mortgage" FICO score. The difference from an auto FICO and a Mortgage FICO can be 30 or more points.

TAXES IN OREGON

Property Taxes in Oregon

As one tax attorney said "Oregon has the most complicated property tax system in the country". Property assessments track two values. One is the Real Market Value (RMV), which is the amount a property would sell for on January 1 of the prior year. RMV increases or decreases each year depending on the statitical averages of houses in the same zip code. The second value, and the one most commonly used to determine the tax paid, is the Tax Assessed Value. TAV can only increase by 3% per year. The value was set to 1995 levels in 1998 by a ballot measure known as Measure 50.

In the Portland Metro area mill-rates range from $14.00 per thousand to $22.00 per thousand. For example: a home assessed at $200,000 with a mill-rate of $15.00 would owe annual taxes of $3,000. Rates tend to be highest in Multnomah County and the City of Portland. They are lower in the suburbs located in Washington (west) and Clackamas (south and east) counties.

State Income Taxes in Oregon

State government is largely supported by personal income and corporate excise taxes. Local governments and schools are largely funded by property taxes. The state income tax is 9% for individuals with incomes over $6,500 and 9% for those filing jointly on incomes over $13,000. A Good source of information is the Oregon Department of Revenue. They also provide an online brochure answering the most common questions concerning Oregon Taxes.

Sales Tax

Oregon is one of only 5 states in the nation that levies no sales tax or use tax. There have been numerous attempts to institute a sales tax but Oregonians continue to vote against the proposal.

PORTLAND OREGON SCHOOLS

Oregon statewide results of the SAT college entrance exam for 2011 graduating seniors. SAT results show Oregon’s performance remains among the highest of states in the nation coming in 4th. Oregon ranks 22nd among states for the number of students taking the exam and also sets a historical record for minority students taking the SAT. This year SAT scores for Oregon students show an overall strong performance with an increase in writing skills while math and reading skills remain consistent with 2010 scores. More information is available at the Oregon Education Department. If you would like to view the report card for a particular school go to The School Report.

The Oregon Statewide Assessment Test (OAT) is different from national, norm-referenced tests used in many districts and states. The Oregon Statewide Assessment is a criterion-referenced test. (Wickipedia defined). As a result, the types of scores produced from the OAT are somewhat different from those produced by national, norm-referenced tests, such as No Child Left Behind.

The annual Oregon school report cards differ from the No Child Left Behind ratings. The state judges schools on average student performances, while the federal rating scrutinize individual group such as limited English, minority, and special education students. If one of those groups doesn't meet performance targets, the school is downgraded. You can view the NCLB results on the Department of Educations web site at:
No Child Left Behind results: AYP Report

Any questions or comments just e-mail or phone and I'll try to answer all of your questions.