Oxford, Iowa Property Taxes
The median property tax rate in Oxford, IA is 1.28%, 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, the typical annual property tax bill reaches $3,360, 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, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$3,346
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, Iowa
Property taxes in Oxford, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oxford is 1.28%, higher than both the Iowa state median and 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 counties in Iowa and the national median. For comparison, the 52322 zip code has the highest median property tax rate of 1.28%, while the 52322 zip code also has the lowest median tax rate of 1.28%. Understanding how these cities compare with Oxford provides valuable insights into the varying tax landscape across Iowa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oxford Tax Rate
1.28%
Average Iowa County Tax Rate
1.36%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oxford, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52322 | 1.22% | 1.26% | 1.28% | 1.34% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Oxford, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oxford, Iowa. 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 Iowa 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. For instance, the median home price in Oxford is $261,400, with tax bills ranging from $2,224 at the 25th percentile to $5,940 at the 90th percentile. The highest and lowest median tax bills are both $3,360 in the 52322 zip code. 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
$261,400
Average Iowa County Assessed Value
$157,090
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oxford, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52322 | $154,826 | $179,610 | $261,400 | $351,800 | $447,910 |
Source: Ownwell
Property Tax Bills Across Oxford, Iowa
In Oxford, Iowa, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Oxford is $261,400, and the property tax rate in Iowa County is used to calculate the tax bill. Homeowners in Oxford can expect their tax bills to vary widely depending on the assessed value of their property. For instance, the tax bill at the 25th percentile is $2,224, while at the 75th percentile, it rises to $4,470. Those at the 90th percentile may see tax bills as high as $5,940. These figures highlight the significant impact of property taxes on homeowners, with higher-valued properties incurring substantially higher tax bills. Compared to the national median property tax rate of 0.99%, Oxford's tax rates can lead to considerable financial obligations for homeowners, influencing their overall cost of living.
Average Oxford Tax Bill
$3,360
Average Iowa County Tax Bill
$2,134
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Oxford, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52322 | $1,910 | $2,224 | $3,360 | $4,470 | $5,940 |
Source: Ownwell