Multnomah County, OR — Property Tax Underwriting Guide
Oregon · Cyclical hold until revaluation
What this means for multifamily underwriting
Multnomah County (Portland) has one of the most buyer-favorable multifamily tax regimes in the US: the buyer inherits the seller's MAV and its 3% annual growth cap.
Transaction type breakdown
Oregon's Measure 50 established a Maximum Assessed Value (MAV) system. The MAV is capped at 3% annual growth regardless of market conditions. Critically, a sale does NOT reset the MAV — the buyer inherits the seller's MAV and its 3% growth cap.
Refinance has no effect on MAV.
Ownership transfer does NOT reset the MAV. The buyer inherits the seller's MAV — one of the most buyer-favorable rules in the country for multifamily acquirers.
Tax appeal information
For an ordinary property-value appeal, start with Multnomah County's Property Value Appeals Board (PVAB) after the tax statement and file by December 31 (or the next business day if it falls on a weekend or holiday). If the PVAB order is unfavorable, file a separate complaint with the Oregon Tax Court Magistrate Division within 30 days of mailing or delivery. Direct-to-court routes are limited: for example, certain state-appraised industrial property, qualifying good-and-sufficient-cause cases, and specified statutory error relief. Confirm the parcel and issue-specific path before filing.
Source review: July 23, 2026 · Oregon Department of Revenue · ORS 305.280
11.0 mill (1.1% effective rate on MAV) is a mid-county estimate. Verify the subject property's current MAV at multco.us — this is the single most important number for Portland multifamily tax underwriting.
Guide review
County guidance last reviewed: June 15, 2026
Appeal guidance last reviewed: July 23, 2026
Tax-rate scope: Tax-rate scope is not established as parcel-specific; confirm the parcel's taxing-authority stack.
Official sources: Multnomah Assessment & Taxation
Initial value appeal: County Property Value Appeals Board (PVAB) — File after the tax statement and by December 31, or the next business day when December 31 is a weekend or holiday.
Separate escalation: Oregon Tax Court Magistrate Division — File within 30 days after the PVAB order is mailed or delivered.
Measure 50 MAV cap is statutory and firm; the 3%/yr cap and non-reset-on-sale rule are confirmed Oregon law.
Parclio estimates are underwriting guidance, not legal or tax advice. Always verify millage rates, the seller's assessed value, and appeal deadlines with the county assessor or local counsel before relying on these numbers for a credit decision.
Run a tax reset estimate for Multnomah County
Use Parclio's estimator to model the post-closing tax bill, NOI impact, DSCR change, and underwriting memo language for your next Multnomah County deal.