What is the primary purpose of property appraisal in Oregon?

The primary purpose of property appraisal in Oregon is to determine the fair market value of real estate for taxation purposes. This process is essential for local governments, as property taxes are a significant source of revenue used to fund essential services such as education, public safety, and infrastructure. By establishing a fair market value, property appraisals ensure that property owners are taxed appropriately based on the value of their assets, maintaining equity among taxpayers.

This valuation process involves analyzing various factors, including property location, size, improvements, and recent sales data of comparable properties. Accurate assessments are crucial not only for tax purposes but also for maintaining a stable real estate market and ensuring that buyers and sellers have clear, fair information about property values.

While assessing the structural integrity of buildings, setting selling prices, and establishing rental rates are all relevant activities in real estate, they are secondary to the primary goal of taxation-related valuation within the context of property appraisal in Oregon.