Oxford Junction, Iowa Property Taxes
The median property tax rate in Oxford Junction, IA is 1.36%, which is considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Oxford Junction at $220,740, the typical annual property tax bill reaches $2,918, surpassing 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
1.36%
Estimate Property Tax Bill
$3,002
Ownwell’s Oxford Junction Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oxford Junction with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oxford Junction 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 Junction, Iowa
Property taxes in Oxford Junction, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oxford Junction is 1.36%, 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 both the highest and lowest median property tax rate of 1.36%. Understanding how these cities compare with Oxford Junction provides valuable insights into the varying tax landscape across Clinton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oxford Junction Tax Rate
1.36%
Average Clinton County Tax Rate
1.59%
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 | 1.26% | 1.32% | 1.36% | 1.45% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Oxford Junction, Iowa
In Oxford Junction, Iowa, 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 Clinton 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 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. 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 Junction helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Oxford Junction are both $2,918, found in zip code 52323.
Average Oxford Junction Assessed Value
$220,740
Average Clinton County Assessed Value
$133,420
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 | $86,202 | $118,930 | $220,740 | $307,180 | $414,230 |
Source: Ownwell
Property Tax Bills Across Oxford Junction, Iowa
In Oxford Junction, Clinton County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $220,740, the property tax rate in this region results in a median tax bill that can vary significantly. Homeowners in the 25th percentile pay around $1,864, while those in the 75th percentile see bills closer to $4,318. At the 90th percentile, the tax bill can go up to $5,338. Several factors influence these tax bills, including property location, home size, and any applicable exemptions. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community. Compared to the national median property tax rate of 0.99%, the rates in Oxford Junction can lead to substantial financial obligations for homeowners, highlighting the importance of understanding local property tax dynamics.
Average Oxford Junction Tax Bill
$2,918
Average Clinton County Tax Bill
$2,178
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 | $1,204 | $1,864 | $2,918 | $4,318 | $5,338 |
Source: Ownwell