Oxford, Lapeer County, Michigan Property Taxes
The median property tax rate in Oxford, MI is 0.36%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Oxford at $322,800, the typical annual property tax bill is $1,195, well 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 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, Lapeer County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$1,162
$1,078
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, Lapeer County, Michigan
Property taxes in Oxford, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oxford is 1.54%, significantly higher than both the Michigan state median of 1.31% 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 Michigan and the national median. For comparison, the 48009 zip code has the highest median property tax rate of 2.46%, while the 48412 zip code has the lowest median tax rate of 1.15%. Understanding how these cities compare with Oxford provides valuable insights into the varying tax landscape across Lapeer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oxford Tax Rate
0.36%
Average Lapeer County Tax Rate
0.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oxford, Lapeer County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48370 | N/A | N/A | N/A | N/A | N/A |
| 48371 | 0.27% | 0.32% | 0.36% | 0.43% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Oxford, Lapeer County, Michigan
In Oxford, Michigan, 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 Lapeer 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. 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 $2818 in the 48370 zip code, while the lowest is $1190 in the 48371 zip code.
Property Tax Assessment Values Across Oxford, Lapeer County, Michigan
Source: Ownwell
$124,600
$223,600
$322,600
Average Oxford Assessed Value
$322,800
Average Lapeer County Assessed Value
$215,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oxford, Lapeer County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48370 | N/A | N/A | N/A | N/A | N/A |
| 48371 | $54,200 | $186,600 | $322,600 | $524,400 | $729,000 |
Source: Ownwell
Property Tax Bills Across Oxford, Lapeer County, Michigan
In Oxford, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Various factors influence the final tax bill, including the property's location within different school districts or municipal boundaries, as well as any applicable exemptions or deductions for which the homeowner may qualify. For instance, with a median home price of $322,800, homeowners in Oxford can expect property tax bills that vary widely. The 25th percentile tax bill is around $643, while the 75th percentile reaches $1,933, and the 90th percentile climbs to $2,808. In comparison, the national median property tax rate is 0.99%, making Oxford's rates relatively moderate. Homeowners in the area should be mindful of these variations, as they significantly impact financial planning and long-term investment in their property.
Average Oxford Tax Bill
$1,195
Average Lapeer County Tax Bill
$858
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Oxford, Lapeer County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48370 | N/A | N/A | N/A | N/A | N/A |
| 48371 | $231 | $640 | $1,190 | $1,911 | $2,781 |
Source: Ownwell