Oxford, Indiana Property Taxes
The median property tax rate in Oxford, IN is 0.91%, slightly below the national median of 0.99% and matching the Indiana state median of 0.99%. With a median home value of $145,500 in Oxford, the typical annual property tax bill is $1,488, which is lower than the national median of $2,690. Property taxes in Oxford are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Oxford's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Oxford or another part of Benton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oxford, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$1,324
Ownwell’s Oxford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oxford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oxford to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Oxford, Indiana
Property taxes in Oxford, Indiana, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Oxford is 0.91%, which is lower than the U.S. national median of 0.99%. Local government entities within Oxford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oxford estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Oxford's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47971 has both the highest and the lowest median property tax rate of 0.91%. Understanding how these cities compare with Oxford provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oxford Tax Rate
0.91%
Average Benton County Tax Rate
0.89%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oxford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47971 | 0.51% | 0.69% | 0.91% | 1.17% | 2.27% |
Source: Ownwell
Property Tax Assessment Values Across Oxford, Indiana
In Oxford, Indiana, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Benton County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Oxford, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Oxford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 47971, with a median tax bill of $1,488.
Average Oxford Assessed Value
$145,500
Average Benton County Assessed Value
$140,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oxford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47971 | $71,820 | $103,050 | $145,500 | $207,600 | $349,700 |
Source: Ownwell
Property Tax Bills Across Oxford, Indiana
In Oxford, Benton County, IN, property tax bills are calculated based on the assessed value of a homeowner’s property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For instance, a median home price in Oxford is $145,500. The property tax rate in Benton County is relatively moderate, leading to a median tax bill of $1,488, which is higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. Homeowners in the 25th percentile can expect a tax bill around $868, while those in the 75th percentile might see bills up to $2,220. For those in the 90th percentile, the tax bill can reach as high as $3,351. These tax obligations significantly affect homeowners' annual budgets, making it crucial to understand the local tax landscape and explore potential exemptions.
Average Oxford Tax Bill
$1,488
Average Benton County Tax Bill
$1,355
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Oxford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47971 | $437 | $868 | $1,488 | $2,220 | $3,351 |
Source: Ownwell