Elkton, Minnesota Property Taxes
The median property tax rate in Elkton, MN is 1.12%, slightly higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $204,900 in Elkton, the typical annual property tax bill amounts to $2,360, which is below the national median of $2,690. Property taxes in Elkton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as 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, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$2,295
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, Minnesota
Property taxes in Elkton, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Elkton is 1.12%, which is higher than 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 areas in Minnesota and the national median. For comparison, the zip code 55933 has the highest median property tax rate of 1.12%, while the lowest median tax rate also stands at 1.12%. Understanding how these cities compare with Elkton provides valuable insights into the varying tax landscape across Mower County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elkton Tax Rate
1.12%
Average Mower County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elkton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55933 | 0.33% | 0.58% | 1.12% | 1.35% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Elkton, Minnesota
In Elkton, Minnesota, 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 Mower 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 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 highest and lowest median tax bills in the area are both $2,360, found in the 55933 zip code.
Average Elkton Assessed Value
$204,900
Average Mower County Assessed Value
$155,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elkton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55933 | $33,800 | $144,200 | $204,900 | $366,575 | $1,537,080 |
Source: Ownwell
Property Tax Bills Across Elkton, Minnesota
In Elkton, MN, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. The median home price in Elkton is $204,900, and property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and market conditions are considered during assessment. For instance, homeowners in the 25th percentile can expect a tax bill around $1,316, while those in the 75th percentile might see bills closer to $3,506. At the higher end, the 90th percentile tax bills can reach up to $5,246. These tax bills fund essential community services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Elkton's rates can vary significantly depending on the assessed value of the property. Homeowners should be aware of these factors as they can significantly impact annual financial planning and overall housing affordability.
Average Elkton Tax Bill
$2,360
Average Mower County Tax Bill
$1,856
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Elkton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55933 | $415 | $1,316 | $2,360 | $3,506 | $5,246 |
Source: Ownwell