Measure 50 from 1997 caps annual increases in assessed value at 3% for existing properties. This creates a 'maximum assessed value' that grows at most 3% per year regardless of market appreciation. When properties are sold or substantially improved, the assessed value resets to current market value. Long-term Oregon owners often pay property tax on assessed values far below current market value.

Oregon is one of five US states with no state sales tax (Alaska, Delaware, Montana, and New Hampshire are the others). The state funds itself primarily through personal income tax (top rate 9.9%) and corporate income tax. This produces high take-home tax burden for high earners but no consumption tax. For mortgage qualification, lenders use gross income; the high state income tax meaningfully reduces actual take-home pay.

Bend in Central Oregon has become a major destination for California migration, remote workers, and second-home buyers. Median home value approaches $685,000, far above the state average. The high-desert lifestyle, proximity to Mount Bachelor and Cascade Mountains, growing brewery and outdoor recreation industry, and remote-work feasibility have driven Bend pricing to be more expensive than Portland in many metrics.