Oxford, Oxford County, Maine Property Taxes
The median property tax rate in Oxford, ME is 1.50%, which is considerably higher than the national median of 0.99% but slightly below the Maine state median of 1.57%. With the median home value in Oxford at $114,900, the typical annual property tax bill reaches $1,724, still below 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 such as 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, Oxford County, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.5%
Estimate Property Tax Bill
$1,724
$1,599
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, Oxford County, Maine
Property taxes in Oxford, Maine, are crucial for financing essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Oxford is 1.50%, 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. For comparison, the highest and lowest median property tax rates in Oxford are both 1.50%. Understanding how these tax rates compare with those of other regions provides valuable insights into the varying tax landscape across Oxford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oxford Tax Rate
1.50%
Average Oxford County Tax Rate
1.50%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oxford, Oxford County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04270 | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Oxford, Oxford County, Maine
In Oxford, Maine, 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 local 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. Being aware of these valuation processes in Oxford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Oxford's median home price is $114,900, with tax bills ranging from $1,198 at the 25th percentile to $3,742 at the 90th percentile. The highest and lowest median tax bills are both $1,724, found in zip code 04270.
Property Tax Assessment Values Across Oxford, Oxford County, Maine
Source: Ownwell
$26,046
$119,248
$212,450
Average Oxford Assessed Value
$114,900
Average Oxford County Assessed Value
$138,018
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oxford, Oxford County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04270 | $43,790 | $79,850 | $114,900 | $167,350 | $249,460 |
Source: Ownwell
Property Tax Bills Across Oxford, Oxford County, Maine
In Oxford, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the property's estimated market value. Homeowners in Oxford can expect varying tax bills depending on their property's value, with the tax bill ranging from $1,198 at the 25th percentile to $3,742 at the 90th percentile. The median home price in Oxford is $114,900, which provides a baseline for understanding typical tax bills in the area. Several factors influence the tax bill, including property improvements, neighborhood changes, and market conditions. Homeowners with properties in the highest median tax bill zip code, 04270, can expect to pay around $1,724 annually. This figure is notably higher than the national median property tax rate of 0.99%, highlighting the variability in tax burdens across different regions. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan accordingly.
Average Oxford Tax Bill
$1,724
Average Oxford County Tax Bill
$2,200
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Oxford, Oxford County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04270 | $657 | $1,198 | $1,724 | $2,510 | $3,742 |
Source: Ownwell