Oxford, Warren County, New Jersey Property Taxes
The median property tax rate in Oxford, NJ is 4.27%, significantly higher than both the national median of 0.99% and New Jersey's state median of 2.82%. With a median home value of $194,550 in Oxford, the typical annual property tax bill reaches $6,964, far exceeding 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 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, Warren County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.27%
Estimate Property Tax Bill
$8,307
$7,709
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, Warren County, New Jersey
Property taxes in Oxford, New Jersey, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oxford stands at 4.27%, 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. Understanding how Oxford's property tax rate compares to other areas provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oxford Tax Rate
4.27%
Average Warren County Tax Rate
3.47%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oxford, Warren County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07863 | 2.29% | 3.49% | 4.26% | 4.27% | 4.27% |
Source: Ownwell
Property Tax Assessment Values Across Oxford, Warren County, New Jersey
In Oxford, New Jersey, 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 Warren 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 median home price in Oxford is $194,550, with the highest and lowest median tax bills both being $6,964 in the 07863 zip code.
Property Tax Assessment Values Across Oxford, Warren County, New Jersey
Source: Ownwell
$150,800
$241,250
$331,700
Average Oxford Assessed Value
$194,550
Average Warren County Assessed Value
$207,000
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oxford, Warren County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07863 | $108,300 | $137,775 | $194,550 | $251,725 | $300,270 |
Source: Ownwell
Property Tax Bills Across Oxford, Warren County, New Jersey
In Oxford, located in Warren County, NJ, 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, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Oxford, the median home price is $194,550. Tax bills can vary significantly; the 25th percentile tax bill is $5,443, while the 75th percentile reaches $9,236, and the 90th percentile can be as high as $11,152. Comparatively, the national median property tax rate is 0.99%, making Oxford's rates notably higher. These property taxes fund essential local services such as schools, public safety, and infrastructure. As a result, homeowners in Oxford may face higher tax bills, but they also benefit from the services funded by these taxes. Understanding these factors can help homeowners better manage their finances and anticipate future tax obligations.
Average Oxford Tax Bill
$6,964
Average Warren County Tax Bill
$6,901
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Oxford, Warren County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07863 | $4,281 | $5,443 | $6,964 | $9,236 | $11,152 |
Source: Ownwell