Oxford, Connecticut Property Taxes
The median property tax rate in Oxford, CT is 2.45%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Oxford, the typical annual property tax bill reaches $5,738, 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, Connecticut Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
3.14%
Estimate Property Tax Bill
$6,280
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, Connecticut
Property taxes in Oxford, Connecticut, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oxford is 2.45%, significantly higher than 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 areas in New Haven County and the national median. For comparison, the highest and lowest median property tax rates in New Haven County are both found in the 06478 ZIP code, standing at 2.45%. Understanding how these cities compare with Oxford provides valuable insights into the varying tax landscape across New Haven County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oxford Tax Rate
2.45%
Average New Haven County Tax Rate
3.48%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oxford, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06478 | 2.45% | 2.45% | 2.45% | 2.45% | 2.45% |
Source: Ownwell
Property Tax Assessment Values Across Oxford, Connecticut
In Oxford, Connecticut, 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 New Haven 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. The median home price in Oxford is $234,100, with tax bills ranging from $4,750 at the 25th percentile to $8,165 at the 90th percentile. 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.
Average Oxford Assessed Value
$234,100
Average New Haven County Assessed Value
$174,720
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oxford, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06478 | $163,880 | $193,700 | $234,100 | $281,800 | $333,020 |
Source: Ownwell
Property Tax Bills Across Oxford, Connecticut
In Oxford, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. This assessed value is a percentage of your property's market value. The tax rate, or mill rate, is then applied to this assessed value to calculate the annual property tax bill. For instance, with a median home price of $234,100, homeowners can expect varying tax bills depending on their property's assessed value and the specific mill rate applied. Factors such as property improvements, neighborhood developments, and market conditions can influence the assessed value, thereby impacting the tax bill. In Oxford, property tax bills can range significantly, with the 25th percentile at $4,750 and the 75th percentile at $6,909. Homeowners in the 90th percentile face tax bills of up to $8,165. These figures highlight how property taxes can vary widely, affecting homeowners' financial planning and budgeting. Compared to the national median property tax rate of 0.99%, Oxford's property taxes reflect local economic conditions and public service funding needs.
Average Oxford Tax Bill
$5,738
Average New Haven County Tax Bill
$6,350
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Oxford, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06478 | $4,019 | $4,750 | $5,738 | $6,909 | $8,165 |
Source: Ownwell