Oxford, Michigan Property Taxes
The median property tax rate in Oxford, MI is 1.29%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Oxford, the typical annual property tax bill reaches $4,272, 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, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$4,187
$3,886
Ownwell’s Oxford Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Oxford with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Oxford to provide an estimate of your property tax bill. This valuable tool helps you gain insight into potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Oxford, 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 1.29%, higher than both the Michigan 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. For comparison, the 48371 zip code has the highest median property tax rate of 1.30%, while the 48370 zip code has the lowest median tax rate of 1.22%. Understanding how these cities compare with Oxford provides valuable insights into the varying tax landscape across Oakland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oxford Tax Rate
1.29%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oxford, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48370 | 0.94% | 1.06% | 1.22% | 1.51% | 1.65% |
| 48371 | 0.98% | 1.10% | 1.30% | 1.59% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Oxford, 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 Oakland 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. For instance, the median home price in Oxford is $324,600, with tax bills ranging from $3,071 at the 25th percentile to $7,800 at the 90th percentile. The highest median tax bill is $5,103 in the 48370 zip code, while the lowest is $4,191 in the 48371 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oxford Assessed Value
$324,600
Average Oakland County Assessed Value
$273,320
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oxford, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48370 | $231,140 | $308,320 | $417,220 | $564,640 | $731,388 |
| 48371 | $183,668 | $247,860 | $320,420 | $402,810 | $514,098 |
Source: Ownwell
Property Tax Bills Across Oxford, Michigan
In Oxford, located in Oakland County, MI, property tax bills are calculated based on the assessed value of a home, which is typically around 50% of its market value. For instance, with a median home price of $324,600, the assessed value would be approximately $162,300. The property tax rate is then applied to this assessed value to determine the tax bill. Various factors such as the home's location, improvements, and local tax levies play a role in this calculation. Homeowners in Oxford can expect a range of property tax bills. At the 25th percentile, tax bills are around $3,071, while at the 75th percentile, they reach up to $5,789. The highest median tax bill in the area is $5,103 in the 48370 zip code, whereas the lowest is $4,191 in the 48371 zip code. Compared to the national median property tax rate of 0.99%, Oxford's property taxes can significantly impact homeowners, making it crucial to understand these variables for financial planning.
Average Oxford Tax Bill
$4,272
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Oxford, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48370 | $3,045 | $4,022 | $5,103 | $7,022 | $9,439 |
| 48371 | $2,219 | $3,007 | $4,191 | $5,702 | $7,635 |
Source: Ownwell