Oxford, Iowa Property Taxes
The median property tax rate in Oxford, IA is 1.38%, 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 $3,548, 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
1.38%
Estimate Property Tax Bill
$3,237
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 essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Oxford is 1.38%, higher than 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 Iowa and the national median. For comparison, the zip code 52322 has the highest median property tax rate of 1.38%, while the same zip code also has the lowest median tax rate of 1.38%. Understanding how these cities compare with Oxford provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oxford Tax Rate
1.38%
Average Johnson County Tax Rate
1.71%
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 | 1.18% | 1.28% | 1.38% | 1.80% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Oxford, Iowa
In Oxford, 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 Johnson 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. Assessment notices in Oxford 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Oxford is $3548, found in the 52322 zip code, which also has the lowest median tax bill at the same amount.
Average Oxford Assessed Value
$234,600
Average Johnson County Assessed Value
$229,790
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 | $88,300 | $157,100 | $234,600 | $349,000 | $477,400 |
Source: Ownwell
Property Tax Bills Across Oxford, Iowa
In Oxford, located in Johnson County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the tax bill, including the market value of the property, any applicable exemptions, and the specific tax rates set by local taxing authorities. For homeowners in Oxford, the median home price is $234,600. Property tax bills can vary significantly, with the 25th percentile tax bill at $2,446 and the 75th percentile tax bill reaching $4,904. For those in the higher bracket, the 90th percentile tax bill can go up to $6,527. These figures indicate that property taxes in Oxford can be a substantial annual expense for homeowners, affecting their overall cost of homeownership. Comparatively, the national median property tax rate is 0.99%, making it essential for Oxford residents to understand how their local rates and property values impact their tax obligations.
Average Oxford Tax Bill
$3,548
Average Johnson County Tax Bill
$3,786
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 | $1,708 | $2,446 | $3,548 | $4,904 | $6,527 |
Source: Ownwell