Yes, all property owners have the right to appeal the dollar value which is associated with their property tax statement. Property Taxes are assessed by the County you live in, not the State. There are two numbers to be aware of. The first is the Real Market Value (RMV). RMV is the value the tax assessor has estimated your property would sell for on the open market as of January 1st. The Tax Assessed Value (AV) is the value used to calculate your tax bill. 95% of the time, the Tax Assessed Value is significantly lower than the true Real Market Value resulting in lower taxes. This is due to all the years in which property values increased in Portland Metro at a much higher rate than the 3% increase to tax value allowed by law. You have the right to appeal the value associated with your home but not the tax itself. If your Real Market Value is higher than what your home is actually worth you should still file an appeal asking to have it lowered even if it doesn’t drop below the Tax Assessed Value. Keeping the Real Market Value as accurate as possible is important to avoiding possible future tax increases. Your Tax Assessed Value should never be more than your Real Market Value.
If you believe the true Market Value of your home on January 1st as determined by a recent appraisal (if you bought a house this year and obtained a loan, you have an appraisal), was LESS THAN the Tax Assessed Value, you have the basis to file an appeal to have your taxes lowered. What you paid for the house IS NOT the only determining factor, an appraisal is the undisputed statement of Real Market Value by a licensed third party. Real Estate Agents can also provide a CMA (comparable market analysis) as justification of value.
Property tax appeals can only be filed between November 1st and December 31st of each year. Property tax statements are usually mailed on or about November 1st, with payment due on November 15th. Here are the Property Tax Appeal Forms and a List of County Tax Offices