Elkton, Kentucky Property Taxes
The median property tax rate in Elkton, KY is 0.84%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Elkton, the typical annual property tax bill amounts to $489, significantly less than the national median of $2,690. Property taxes in Elkton are calculated based on the tax assessed value, which typically 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, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
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 Todd County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Elkton, Kentucky
Property taxes in Elkton, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elkton is 0.84%, which is lower 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 counties in Kentucky and the national median. For comparison, the zip code 42220 has the highest median property tax rate of 0.84%, while the same zip code also has the lowest median tax rate of 0.84%. Understanding how these cities compare with Elkton provides valuable insights into the varying tax landscape across Todd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elkton Tax Rate
0.84%
Average Todd County Tax Rate
0.84%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elkton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42220 | 0.19% | 0.46% | 0.84% | 0.84% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Elkton, Kentucky
In Elkton, Kentucky, 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 Todd 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 $489, found in the 42220 zip code.
Average Elkton Assessed Value
$79,184
Average Todd County Assessed Value
$84,400
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elkton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42220 | $15,000 | $41,000 | $79,184 | $154,000 | $293,900 |
Source: Ownwell
Property Tax Bills Across Elkton, Kentucky
In Elkton, located in Todd County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $79,184, Elkton homeowners face varying tax bills. The tax bill at the 25th percentile is around $210, while at the 75th percentile, it rises to approximately $975. At the 90th percentile, homeowners might see tax bills as high as $1,718. These figures reflect how property taxes can significantly impact household finances. When compared to the national median property tax rate of 0.99%, Elkton's property tax rates can be considered relatively moderate. Homeowners in the highest and lowest median tax bill zip code, 42220, see an average median tax bill of $489, illustrating a consistent property tax environment within the city. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Elkton Tax Bill
$489
Average Todd County Tax Bill
$511
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Elkton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42220 | $81 | $210 | $489 | $975 | $1,718 |
Source: Ownwell