Yet another businesses leaves Portland

[The Heretic]

Blaming the pandemic and not all the other fecal matter (including literally) that happened downtown:

Downtown Portland’s TikTok-inspired Korean restaurant is closing

According to chef Peter Cho, many of his best ideas for the restaurant had come while scrolling TikTok.

www.oregonlive.com

 

[ma96782]

BUT, But, but........

You missed the fact that WA residents pay an income tax. Whereas, an OR resident does NOT.

I think you got that backwards...

YUP.......Croat......is 100% correct.
Thanks for catching that.

Aloha, Mark

 

[Burt Gummer]

Had a girlfriend in the early 80s that lived in Gresham and it was like Mayberry RFD there. Now Gresham, and even worse Rockwood are horrible areas. Times change. No matter where you live if it is as nice as it was 20 years ago consider yourself very lucky.

 

[The Heretic]

Had a girlfriend in the early 80s that lived in Gresham and it was like Mayberry RFD there. Now Gresham, and even worse Rockwood are horrible areas. Times change. No matter where you live if it is as nice as it was 20 years ago consider yourself very lucky.

I am relatively lucky; Scholls is still a small farming community like it was 70 years ago with mostly farms. Just a couple of years ago it got its first and only stoplight. It is still at least 5 miles outside the growth boundary (which is now expanded to Kinton).

And I am a about 6 miles from Scholls - so not only is this area about the same (my private road was created about 30+ years ago), I doubt that in 30 years the growth boundary will reach Scholls, much less where I live.

That said, I plan to move further out.

 

[Provincial]

Most people fail to realize that there are many hidden taxes and fees included in their cost of living. For instance, Washington has a "Business and Occupation" tax that applies to the gross income of a business, even if it loses money! That means that a million dollar business is passing on up to $17,500 to its customers that they don't know about. This is just one of the hidden taxes there.

These hidden taxes are intended to keep the taxpayers from noticing their true tax burden. As an old saying goes,

"the perfection of taxation consists of so plucking the goose as to procure the greatest amount of feathers with the least possible amount of squawking."

 

[raftman]

Another fun fact, Portland has the 2nd highest income tax rate in the entire nation, behind only NYC. However it can even be argued Portland is actually worse because the highest tax rate in Portland kicks in at an annual income of only 125k/yr, compared to New York's, which kicks in at 2.5M/year. You'd be hard-pressed to find a city where you get so little for being taxed so much.

 

[Alexx1401]

Another fun fact, Portland has the 2nd highest income tax rate in the entire nation, behind only NYC. However it can even be argued Portland is actually worse because the highest tax rate in Portland kicks in at an annual income of only 125k/yr, compared to New York's, which kicks in at 2.5M/year. You'd be hard-pressed to find a city where you get so little for being taxed so much.

Yet they keep voting for more of it.

 

[Croat]

Most people fail to realize that there are many hidden taxes and fees included in their cost of living. For instance, Washington has a "Business and Occupation" tax that applies to the gross income of a business, even if it loses money! That means that a million dollar business is passing on up to $17,500 to its customers that they don't know about. This is just one of the hidden taxes there.

These hidden taxes are intended to keep the taxpayers from noticing their true tax burden. As an old saying goes,

"the perfection of taxation consists of so plucking the goose as to procure the greatest amount of feathers with the least possible amount of squawking."

You use the word "hidden" and that is appropriate when it comes to Washington's B&O tax. Washington is one of the country's largest exporting states; that is, a much larger percentage of its gross product is exported beyond its own borders compared to other states. That is especially true compared to Oregon. Consequently, it is primarily the buyers in other states and, more importantly, other countries that truly foot the "hidden" B&O tax bill, not as much the residents of Washington. And more significantly, Washington's prowess in exporting internal costs and inflating its economy with money from beyond its borders supports massive income advantages for its residents that those in lower states like Oregon just don't have.

 

[Barefootdog]

Another fun fact, Portland has the 2nd highest income tax rate in the entire nation, behind only NYC. However it can even be argued Portland is actually worse because the highest tax rate in Portland kicks in at an annual income of only 125k/yr, compared to New York's, which kicks in at 2.5M/year. You'd be hard-pressed to find a city where you get so little for being taxed so much.

If I remember correctly Oregon also has the 3rd or 4th highest marginal income tax rate at 9.9%.

Also add the Oregon capital gains tax rate at 9.9%.

 

[Croat]

If I remember correctly Oregon also has the 3rd or 4th highest marginal income tax rate at 9.9%.

Also add the Oregon capital gains tax rate at 9.9%.

Comparing income tax rates is sort of apples to oranges due to differences in qualifying income levels for each state. Therefore, perhaps the best way to compare income tax borne by the people is as a percent of per-capita income. That has been done for us by USA Facts (https://usafacts.org/articles/which-states-have-the-highest-and-lowest-income-tax/). Note that Oregon ranks fourth highest in the nation by that measure, exceeded only by New York, Maryland, and Washington D.C. You'll also note that Washington is one of just seven states which does not impose an income tax on its people.

 

[Burt Gummer]

Oregon, (and more specifically Portland) is constantly adding in little taxes here and there + we have to deal with Fed/FCC same crap.

Must pay into a maternity leave fund in case one of my (only) male employees get preggers. When they see 50% of the deduction on their paystubs it has been a WTF? moment a few times. Told them to use protection.

 

[Provincial]

Comparing income tax rates is sort of apples to oranges due to differences in qualifying income levels for each state. Therefore, perhaps the best way to compare income tax borne by the people is as a percent of per-capita income. That has been done for us by USA Facts (https://usafacts.org/articles/which-states-have-the-highest-and-lowest-income-tax/). Note that Oregon ranks fourth highest in the nation by that measure, exceeded only by New York, Maryland, and Washington D.C. You'll also note that Washington is one of just seven states which does not impose an income tax on its people.

Oregon has no sales tax, so you have to factor that in when comparing total tax rates.

https://taxfoundation.org/data/all/state/tax-burden-by-state-2022/#results

Oregon 10.80% 31st best
Washington 10.70% 30th best
Alaska 4.60% 1st best
New York 15.90% Worst
California 13.50% 5th worst


Washington is tied with Idaho for total tax rate.
Oregon is slightly lower than Wisconsin.

 

[Croat]

Oregon has no sales tax, so you have to factor that in when comparing total tax rates.

https://taxfoundation.org/data/all/state/tax-burden-by-state-2022/#results

Oregon 10.80% 31st best
Washington 10.70% 30th best
Alaska 4.60% 1st best
New York 15.90% Worst
California 13.50% 5th worst


Washington is tied with Idaho for total tax rate.
Oregon is slightly lower than Wisconsin.

Sort of true, but not very accurate for people in Clark County (Vancouver). Needless to say, they enjoy the best of all worlds, no income tax and, when they choose, no sales tax. At least for major metropolitan areas, Clark County is very likely the most tax-friendly haven in the entire United States due to its low property tax (at least by West Coast standards), no income tax, and sales tax being a choice aside from anything which requires a license (such as an automobile). The best thing about that dynamic: because Clark County's local governments live on a semi-starvation tax diet due to sales tax leakage into Portland, they don't/can't squander their limited resources on wasteful programs the same as, for example, Portland does. Thus Clark County's local governments behave far more rationally by comparison.

 

[made in china]

Do you have a million dollar home?? Mine is worth about 250k, prop taxes less than $3k/year

Yes, we paid $420K for it, now "worth" $1.2m, however I am not sure what the gov't has assessed it at currently.

Isn't property tax rate based on the current estimated home value?

Sure, but the gov't can assess your home too high. And, if enough people balk, they may re-assess lower, but prepare for the rates to increase, they won't let their revenue stream shrink.........

 

[The Heretic]

Rent Prices Tumble In California As People Move Out Of The State

A new report says California’s rent prices have declined as residents increasingly move out of the state.Cities like Oakland and Sacramento saw rental price drops of more than 8% in May compared to the previous year, according to a report issued by Zumper, triggering a trend in contrast with the...

finance.yahoo.com

 

[The Heretic]

Sure, but the gov't can assess your home too high. And, if enough people balk, they may re-assess lower, but prepare for the rates to increase, they won't let their revenue stream shrink.........

IIRC, Oregon has a law regarding how much the assessment/tax can increase per year regardless of the market?

That said, when someone sells a property, I believe the county assessor can take the sale price into account. So since I paid $350K for my property, if I sell it for $700K, the next owner will likely pay property tax based on something close to the sale value.

 

[Provincial]

Taxable value of property was fixed by Measure 50, and is no longer linked to the Assessed Value.

According to the League of Oregon Cities (obviously not a fan of property tax limitations):

"What Does Assessed Valued Mean for Measure 50?Measure 50 also separated property tax from RMV. As a result, properties in Oregon are no longer taxed at their actual market value. Instead, taxation is now based on a newly-created assessed value (AV),which was established by reducing the RMV of the property in 1995-96 by10%. The permanent rate was then applied to the assessed value. Prior to Measure 50, properties were typically assessed across a county on a sixyear cycle to produce fair and equitable taxation. However, the 1995-96 snapshot dictated by Measure 50 captured properties wherever they may have been during the assessment cycle; assessed value on properties at the beginning of the cycle during this snapshot would be set higher than a similar property at the end of the cycle, creating inequities between taxpayers."

"Measure 50 also limited the annual growth rate of taxable property value to 3% of the assessed value, well below average rate of inflation. By setting assessed values based on 1995-96 market levels and capping the annual rate of growth, Measure 50 permanently locked into place assessed value imbalances, allowing similarly valued property to pay dramatically different property tax amounts."

Full article linked here:
https://www.orcities.org/application/files/2216/8685/9599/FAQonMeasures5and_50-updated5-23.pdf

 

[Mikej]

Rent Prices Tumble In California As People Move Out Of The State

A new report says California’s rent prices have declined as residents increasingly move out of the state.Cities like Oakland and Sacramento saw rental price drops of more than 8% in May compared to the previous year, according to a report issued by Zumper, triggering a trend in contrast with the...

finance.yahoo.com

Does this mean all those Schlubs will move back where they came from now!? I HOPE so!

 

[Croat]

Reported last year:

Oregon Apartment Rents Among the Fastest Declining in Nation, Rent.com Report Finds

<strong>The state averaged the third largest yearly drop in rent prices in the country, with prices in the Portland metro area leading the fall.</strong>

oregonbusiness.com

 

[Croat]

Portland rents for 2023 compared to 2024 (per Zillow):