Oxford, Maryland Property Taxes
The median property tax rate in Oxford, MD is 0.92%, slightly lower than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Oxford at $510,100, the typical annual property tax bill reaches $4,639, significantly higher than the national median of $2,690. Property taxes in Oxford are calculated based on the tax assessed value, which often 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, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$4,693
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, Maryland
Property taxes in Oxford, Maryland, 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 0.92%, slightly below 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 areas in Maryland and the national median. For comparison, the zip code 21654 has the highest median property tax rate of 0.92%, while the same zip code also has the lowest median tax rate of 0.92%. Understanding how these areas compare with Oxford provides valuable insights into the varying tax landscape across Talbot County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oxford Tax Rate
0.92%
Average Talbot County Tax Rate
0.71%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oxford, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21654 | 0.57% | 0.83% | 0.92% | 1.06% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Oxford, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oxford, Maryland. 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 Talbot County 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 example, the median home price in Oxford is $510,100, with tax bills ranging from $2,824 at the 25th percentile to $13,414 at the 90th percentile. The zip code 21654 has the highest median tax bill of $4,639. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oxford Assessed Value
$510,100
Average Talbot County Assessed Value
$319,650
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oxford, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21654 | $214,740 | $323,200 | $510,100 | $973,850 | $1,561,580 |
Source: Ownwell
Property Tax Bills Across Oxford, Maryland
In Oxford, Talbot County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $510,100, homeowners can expect varying tax bills depending on their property’s assessed value and specific circumstances. Tax bills in Oxford range significantly: the 25th percentile tax bill is approximately $2,824, while the 75th percentile tax bill is around $8,686. Those in the 90th percentile can see tax bills as high as $13,414. These figures reflect the diverse property values and tax assessments within the area. Compared to the national median property tax rate of 0.99%, Oxford’s property taxes can be relatively high, impacting homeowners’ annual expenses significantly. This variation underscores the importance of understanding how local property taxes are calculated and their potential financial implications.
Average Oxford Tax Bill
$4,639
Average Talbot County Tax Bill
$2,231
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Oxford, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21654 | $1,854 | $2,824 | $4,639 | $8,686 | $13,414 |
Source: Ownwell