Residential property values in Portland increased by an average of 43% over the past year, according to a citywide revaluation that was finalized this week.

Before the revaluation, the median residential home value was $396,700 in 2024. Now, it’s $566,600, according to city tax assessor Elisa Marr, a reflection of the ongoing housing crisis that’s been driven by high demand and limited inventory.

According to a news release from the city, the new mill rate will be $11.98 per $1,000 of assessed value. That’s 25% lower than the projected rate for fiscal year 2026, but because values are so much higher, many homeowners will see increases.

New tax bills will be mailed out in the coming weeks.

The city spent the better part of a year reassessing all residential and commercial properties for

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