Oregon State Tax
Oregon Income Tax
State tax systems vary across the United States. Some states may have higher or lower tax rates than others. State tax rates in Oregon have certain advantages and disadvantages compared to tax rates in other states.
The Oregon Department of Revenue collects income tax from individuals and businesses located in or earning within the state. Personal income tax rates for individual filers are distributed in five brackets ranging from five to eleven percent. Couples filing jointly are subject to wider brackets and lower rates on the combined income. The maximum marginal income tax in Oregon is the highest in the country.
Corporations and out-of-state business entities that earn profits in Oregon are subject to the two-tier corporate income tax system. The state collect 6.6% of incomes up to $250,000 and 7.6% on exceeding amounts.
Apart from income taxes, Oregon levy taxes on sales, lease, purchase of services, properties, and other transactions.
Oregon Sales Tax
Oregon may have the highest maximum personal income tax rates nationally, but it does not impose state-wide sales tax. Counties and municipalities can only collect up to 5% local sales taxes on acquisition of goods and services in their jurisdictions.
Oregon Property Tax
Property tax in Oregon is approximately 0.87% of the property’s fair market value. Property taxes take up almost four percent of the taxpayer’s annual income.
State tax laws and rates often change to suit the needs of the state’s constituents. It is best to keep updated with tax concerns through tax professionals. Contact a certified accountant or tax attorney if you need help with tax calculations and advice.