Oxford Junction, Iowa Property Taxes
The median property tax rate in Oxford Junction, IA is 1.69%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Oxford Junction at $60,890, the typical annual property tax bill reaches $1,024, exceeding the national median of $2,690. Property taxes in Oxford Junction are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Oxford Junction'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 Junction or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oxford Junction, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.69%
Estimate Property Tax Bill
$1,029
Ownwell’s Oxford Junction Property Tax Bill Calculator is a valuable tool for any homeowner, real estate investor, or potential owner looking to estimate their annual property taxes in Oxford Junction. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Oxford Junction to provide an estimate of your property tax bill. This insightful tool allows you to understand potential tax liabilities better. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Jones County for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Oxford Junction, Iowa
Property taxes in Oxford Junction, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oxford Junction is 1.69%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Oxford Junction set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oxford Junction 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 Junction's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52323 zip code has the highest median property tax rate of 1.69%, while the 52323 zip code also has the lowest median tax rate of 1.69%. Understanding how these cities compare with Oxford Junction provides valuable insights into the varying tax landscape across Jones County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oxford Junction Tax Rate
1.69%
Average Jones County Tax Rate
1.38%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oxford Junction, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52323 | 1.02% | 1.21% | 1.69% | 2.09% | 2.18% |
Source: Ownwell
Property Tax Assessment Values Across Oxford Junction, Iowa
In Oxford Junction, Iowa, understanding the difference between "market value" and "assessed value" is essential for grasping 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 Jones 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 Junction, 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. The median home price in Oxford Junction is $60,890, with tax bills ranging from $404 at the 25th percentile to $2,360 at the 90th percentile. The zip code 52323 has the highest and lowest median tax bill, both at $1,024. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oxford Junction Assessed Value
$60,890
Average Jones County Assessed Value
$156,350
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oxford Junction, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52323 | $6,608 | $27,785 | $60,890 | $102,325 | $195,948 |
Source: Ownwell
Property Tax Bills Across Oxford Junction, Iowa
In Oxford Junction, located in Jones County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $60,890, property owners can expect a diverse range of tax bills. At the 25th percentile, the tax bill is around $404, while the 75th percentile sees tax bills closer to $1,616. At the 90th percentile, homeowners might face tax bills as high as $2,360. These figures highlight the variability in property tax bills within the region, influenced by factors such as home value and local tax rates. Compared to the national median property tax rate of 0.99%, Oxford Junction's tax rates can significantly impact homeowners, potentially making property ownership either more affordable or more burdensome depending on the assessed value of their property.
Average Oxford Junction Tax Bill
$1,024
Average Jones County Tax Bill
$2,222
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Oxford Junction, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52323 | $121 | $404 | $1,024 | $1,616 | $2,360 |
Source: Ownwell