Elkton, Florida Property Taxes
The median property tax rate in Elkton, FL is 0.71%, which is considerably lower than both the national median of 0.99% and the Florida state median of 1.14%. With a median home value of $289,565 in Elkton, the typical annual property tax bill reaches $2,044, falling below the national median of $2,690. Property taxes in Elkton 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 Elkton'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 Elkton 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
Elkton, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$2,056
$1,946
Ownwell’s Elkton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elkton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elkton 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 Elkton, Florida
Property taxes in Elkton, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elkton is 0.71%, which is lower than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Elkton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elkton 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 Elkton's effective property tax rate to other counties in Florida and the national median. For comparison, the zip code 32033 has both the highest and the lowest median property tax rate of 0.71%, reflecting a uniform tax landscape within the region. Understanding how these cities compare with Elkton provides valuable insights into the varying tax landscape across St. Johns County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elkton Tax Rate
0.71%
Average St. Johns County Tax Rate
1.13%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elkton, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32033 | 0.37% | 0.58% | 0.71% | 1.11% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Elkton, Florida
In Elkton, Florida, 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 St. Johns County Property Appraiser 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 Elkton, 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 Elkton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Elkton is $289,565, with tax bills ranging from $1,254 at the 25th percentile to $3,871 at the 90th percentile.
Average Elkton Assessed Value
$289,565
Average St. Johns County Assessed Value
$360,570
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elkton, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32033 | $118,717 | $191,500 | $289,565 | $350,238 | $439,051 |
Source: Ownwell
Property Tax Bills Across Elkton, Florida
In Elkton, located in St. Johns County, FL, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is determined by the county assessor and is based on various factors, including the property's market value, location, and any applicable exemptions. Homeowners in Elkton experience a range of tax bills, with the 25th percentile paying around $1,254 and the 75th percentile facing bills up to $2,917. The highest median tax bill in the area is $2,044, found in zip code 32033. These tax bills directly impact homeowners by influencing their overall housing costs. For example, with the median home price in Elkton at $289,565, the property tax rate significantly affects affordability and long-term financial planning. Compared to the national median property tax rate of 0.99%, Elkton's property taxes can be seen as a critical component in determining the true cost of homeownership in this region.
Average Elkton Tax Bill
$2,044
Average St. Johns County Tax Bill
$3,763
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Elkton, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32033 | $600 | $1,254 | $2,044 | $2,917 | $3,871 |
Source: Ownwell
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 13 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| St. Johns Property Appraiser | |
| Website | qpublic.schneidercorp.com |