1st-time Oregon home buyers have a new tool
By Terry Murry on Wednesday, January 8th, 2025 in Columbia Basin News More Top Stories
Salem — (News release from Oregon Department of Revenue) Aspiring homeowners looking to take their first steps into the real estate market now have greater access to a key tool that can help make their dreams of home ownership more affordable.
Legislative changes to the state’s First-Time Home Buyer Savings Account program last year make it easier than ever to reap tax benefits while saving for a home. First-time home buyers can now open accounts at any financial institution, and friends or family will be able to open an account to help someone else.
Individual First-Time Home Buyer Savings Account holders will be able to subtract up to $6,125 of their 2025 deposits and earnings from their Oregon income when they file their tax year 2025 return in 2026. Joint filers will be able to subtract up to $12,245. To qualify, the account holder or beneficiary can’t have owned or purchased a residence in the three years prior to the date of their planned purchase.
Account holders qualify for a cumulative tax subtraction of as much as $50,000 over a decade, and deposited funds can be used for costs such as down payments, insurance, commissions and other closing costs.
Account holders can designate an account and a beneficiary, if applicable, using Form OR-HOME, which can be found in the agency Forms and Publications Library. To get tax forms, check the status of your refund, or make tax payments, visit www.oregon.gov/dor or email questions.dor@oregon.gov. You also can call 800-356-4222 toll-free from an Oregon prefix (English or Spanish) or 503-378-4988 in Salem and outside Oregon. For TTY (hearing- or speech-impaired), we accept all relay calls.
