Ten-Year Limited Property Tax Exemption
The LTE program offers eligible homebuyers, who purchase newly constructed homes in certain parts of Portland, a ten-year limited property tax exemption. The exemption dramatically reduces the annual property taxes the eligible homeowner has to pay throughout the exemption period. The annual property taxes on an LTE home are much lower because they are based on the assesed value of the lot, but not the assesed value of the improvements (all structures on the property). While the program does provide the homebuyer considerable savings during the exemption period, the property taxes become fully assessed once the ten year exemption period is over. The exemption period cannot be extended. It is also important to note the home must be owner occupied in throughout the exemption period. Read more – Homebuyer Opportunity Area