Oxford, Mississippi Property Taxes
The median property tax rate in Oxford, MS is 1.35%, higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $164,010 in Oxford, the typical annual property tax bill amounts to $2,173, slightly below the national median of $2,690. Property taxes in Oxford are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. 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, grasping the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Oxford, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$2,214
$2,055
Ownwell’s Oxford Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to 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. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value, determined by Lafayette County, is used for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Oxford, Mississippi
Property taxes in Oxford, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oxford is 1.35%, significantly 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 Mississippi and the national median. For comparison, the 38655 zip code has both the highest and lowest median property tax rate of 1.35%. Understanding how these figures compare with Oxford provides valuable insights into the varying tax landscape across Lafayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oxford Tax Rate
1.35%
Average Lafayette County Tax Rate
1.26%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oxford, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38655 | 0.68% | 0.89% | 1.35% | 1.95% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Oxford, Mississippi
In Oxford, Mississippi, 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 Lafayette 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 and lowest median tax bills in Oxford are both $2,173, found in the 38655 zip code.
Average Oxford Assessed Value
$164,010
Average Lafayette County Assessed Value
$152,030
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oxford, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38655 | $57,034 | $98,612 | $164,010 | $248,672 | $382,855 |
Source: Ownwell
Property Tax Bills Across Oxford, Mississippi
In Oxford, located in Lafayette County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $164,010, homeowners in Oxford can expect varying tax bills. The 25th percentile tax bill is approximately $1,283, while the 75th percentile reaches around $3,429. The 90th percentile tax bill can be as high as $5,319. These tax bills are influenced by factors such as property size, location, and any applicable exemptions. Homeowners in Oxford face property tax rates that can significantly impact their annual expenses. Compared to the national median property tax rate of 0.99%, Oxford's property tax rates reflect the local economic conditions and funding needs for public services. This variation in tax bills underscores the importance of understanding how property taxes are calculated and their potential impact on household budgets.
Average Oxford Tax Bill
$2,173
Average Lafayette County Tax Bill
$1,959
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Oxford, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38655 | $568 | $1,283 | $2,173 | $3,429 | $5,319 |
Source: Ownwell