Elkton, Maryland Property Taxes
The median property tax rate in Elkton, MD is 0.90%, slightly below the state median of 1.06% and the national median of 0.99%. With the median home value in Elkton at $232,600, the typical annual property tax bill is $2,226, which is under the national median of $2,690. Property taxes in Elkton are calculated based on the assessed value, often lower than the market value due to exemptions like 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 Cecil County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elkton, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$2,093
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, Maryland
Property taxes in Elkton, Maryland, 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 0.90%, 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 Maryland and the national median. For comparison, the zip code 21921 has both the highest and lowest median property tax rate of 0.90%. Understanding how these cities compare with Elkton provides valuable insights into the varying tax landscape across Cecil County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elkton Tax Rate
0.90%
Average Cecil County Tax Rate
0.89%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elkton, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21911 | N/A | N/A | N/A | N/A | N/A |
| 21921 | 0.66% | 0.76% | 0.90% | 1.32% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Elkton, Maryland
In Elkton, Maryland, 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 Cecil 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 median home price in Elkton is $232,600, with tax bills ranging from $1,600 to $4,314. The zip code 21921 has the highest and lowest median tax bill, both at $2,226.
Average Elkton Assessed Value
$232,600
Average Cecil County Assessed Value
$239,900
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elkton, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21911 | N/A | N/A | N/A | N/A | N/A |
| 21921 | $118,000 | $169,200 | $232,600 | $311,100 | $409,010 |
Source: Ownwell
Property Tax Bills Across Elkton, Maryland
In Elkton, 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 set by Cecil County. For instance, with a median home price of $232,600, homeowners can expect a range of tax bills. At the 25th percentile, the tax bill is around $1,600, while at the 75th percentile, it rises to $3,186, and at the 90th percentile, it can reach up to $4,314. Factors such as property location, improvements, and market conditions are considered in the assessment process. These property taxes directly impact homeowners by contributing to local services like schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, the tax rates in Elkton can vary significantly, influencing the overall affordability and cost of living for residents. The highest and lowest median tax bills in Elkton both stand at $2,226, providing a consistent benchmark for the area.
Average Elkton Tax Bill
$2,226
Average Cecil County Tax Bill
$2,238
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Elkton, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21911 | N/A | N/A | N/A | N/A | N/A |
| 21921 | $1,110 | $1,600 | $2,226 | $3,186 | $4,314 |
Source: Ownwell