Oxford, Mississippi Property Taxes
The median property tax rate in Oxford, MS is 1.59%, significantly higher than the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $46,509 in Oxford, the typical annual property tax bill amounts to $706, which is below the national median of $2,690. Property taxes in Oxford are calculated based on the tax assessed value, which is often lower than the market value due to various 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 substantial annual savings. Whether you're in the heart of Oxford or another part of the city, grasping the local property tax system will benefit 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
1.59%
Estimate Property Tax Bill
$739
$686
Ownwell’s Oxford Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Oxford. By simply entering your property's estimated assessed value, the calculator applies the median tax rate in Oxford to provide an estimate of your property tax bill. This valuable resource helps you anticipate potential tax liabilities and plan accordingly. For those interested in more detailed insights, you can explore trends at the neighborhood level by scrolling down. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account 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 1.59%, significantly higher than both the Mississippi 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. The data below compares Oxford's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38655 zip code has the highest median property tax rate of 1.59%, while the same zip code also has the lowest median tax rate of 1.59%. Understanding how these areas compare with Oxford provides valuable insights into the varying tax landscape across Pontotoc County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oxford Tax Rate
1.59%
Average Pontotoc County Tax Rate
1.32%
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 | 1.32% | 1.34% | 1.59% | 1.92% | 1.93% |
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 Pontotoc 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. The median home price in Oxford is $46,509, with tax bills ranging from $420 at the 25th percentile to $1,359 at the 90th percentile. Notably, the highest and lowest median tax bills both stand at $706, identified in the 38655 zip code. 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.
Average Oxford Assessed Value
$46,509
Average Pontotoc County Assessed Value
$62,532
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 | $15,112 | $21,877 | $46,509 | $64,810 | $97,457 |
Source: Ownwell
Property Tax Bills Across Oxford, Mississippi
In Oxford, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The median home price in Oxford is $46,509. Property taxes are then applied to this assessed value using the local tax rate. Various factors influence the final tax bill, including property location, improvements, and exemptions. Homeowners in Oxford can expect a range of tax bills. At the 25th percentile, tax bills are around $420, while those in the 75th percentile pay approximately $970. The 90th percentile sees tax bills as high as $1,359. Notably, the highest and lowest median tax bills in Oxford are both $706, found in the 38655 zip code. Compared to the national median property tax rate of 0.99%, Oxford's property tax rates are relatively moderate, providing some relief to homeowners. These taxes fund essential public services, impacting community infrastructure, schools, and emergency services, thereby affecting the overall quality of life for residents.
Average Oxford Tax Bill
$706
Average Pontotoc County Tax Bill
$913
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 | $268 | $420 | $706 | $970 | $1,359 |
Source: Ownwell