Oxford, North Carolina Property Taxes
The median property tax rate in Oxford, NC is 0.78%, which is notably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $197,075 in Oxford, the typical annual property tax bill amounts to $1,007, significantly below the national median of $2,690. Property taxes in Oxford are calculated based on the tax 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, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$1,537
$1,426
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 inputting 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 offers a clear understanding of potential tax liabilities. For those interested in more granular trends, additional localized information is available below. Your property’s assessed value is determined by the county for tax calculations and includes any applicable exemptions.
Property Tax Rates Across Oxford, North Carolina
Property taxes in Oxford, North Carolina, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Oxford is 0.78%, which is lower 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 counties in North Carolina and the national median. For comparison, the 27565 zip code has the highest median property tax rate of 0.78%, while the same zip code also has the lowest median tax rate of 0.78%. Understanding how these cities compare with Oxford provides valuable insights into the varying tax landscape across Granville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oxford Tax Rate
0.78%
Average Person County Tax Rate
0.78%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oxford, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27565 | 0.34% | 0.67% | 0.78% | 0.78% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Oxford, North Carolina
In Oxford, North Carolina, 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 local 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. Notably, the zip code 27565 has the highest and lowest median tax bill at $1007. Understanding these details ensures homeowners in Oxford are well-prepared to handle their property tax obligations.
Average Oxford Assessed Value
$197,075
Average Person County Assessed Value
$122,004
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oxford, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27565 | $42,779 | $93,265 | $197,075 | $317,004 | $392,241 |
Source: Ownwell
Property Tax Bills Across Oxford, North Carolina
In Oxford, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the property tax rate to calculate the annual tax bill. For Oxford, the median home price is $197,075. Property tax rates can vary, but in this region, the tax bill for the 25th percentile is $577, while the 75th percentile reaches $1,759, and the 90th percentile can go up to $2,685. These tax bills reflect how much homeowners are required to pay annually, impacting their overall cost of living. Homeowners in Oxford with properties in the highest median tax bill zip code, 27565, experience a median tax bill of $1,007. This figure is notably lower than the national median property tax rate of 0.99%, offering some relief to local homeowners. Understanding these factors helps residents anticipate their financial obligations and manage their budgets effectively.
Average Oxford Tax Bill
$1,007
Average Person County Tax Bill
$1,008
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Oxford, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27565 | $320 | $577 | $1,007 | $1,759 | $2,685 |
Source: Ownwell