Oxford, Maine Property Taxes
The median property tax rate in Oxford, ME is 1.51%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Oxford, the typical annual property tax bill reaches $10,355, exceeding the national median of $2,690. Property taxes in Oxford 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'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 the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oxford, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$10,355
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, Maine
Property taxes in Oxford, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oxford is 1.51%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Oxford set these rates annually, and they can vary 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 Maine and the national median. For comparison, the 04270 zip code has the highest median property tax rate of 1.51%, while the lowest median tax rate is also 1.51%. Understanding how these cities compare with Oxford provides valuable insights into the varying tax landscape across Androscoggin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oxford Tax Rate
1.51%
Average Androscoggin County Tax Rate
2.28%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oxford, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04270 | 1.51% | 1.51% | 1.51% | 1.51% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Oxford, Maine
In Oxford, Maine, 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 local appraisal district 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. For instance, the highest median tax bill in Oxford is in the 04270 zip code, amounting to $10,355. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oxford Assessed Value
$685,750
Average Androscoggin County Assessed Value
$134,490
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oxford, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04270 | $489,770 | $589,625 | $685,750 | $739,400 | $762,800 |
Source: Ownwell
Property Tax Bills Across Oxford, Maine
In Oxford, ME, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is an estimate of the property's worth, which may differ from its market value. Various factors influence the assessed value, including the size of the property, location, and any improvements or renovations made. For homeowners in Oxford, the median home price stands at $685,750. Property taxes in the area can vary significantly, with the 25th percentile tax bill amounting to $8,903 and the 75th percentile reaching $11,165. The 90th percentile tax bill is even higher at $11,518. The median property tax rate in Oxford is higher than the national median of 0.99%, which means homeowners may face relatively high property tax bills. This can impact household budgets and the overall affordability of owning a home in the area. Homeowners should be aware of these factors when purchasing property, as property taxes represent a significant ongoing expense.
Average Oxford Tax Bill
$10,355
Average Androscoggin County Tax Bill
$3,060
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Oxford, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04270 | $7,395 | $8,903 | $10,355 | $11,165 | $11,518 |
Source: Ownwell