Elkton, Virginia Property Taxes
The median property tax rate in Elkton, VA is 0.73%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $126,800 in Elkton, the typical annual property tax bill amounts to $836, significantly 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 like the primary residence and agricultural exemptions. Understanding Elkton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial 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, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$926
$859
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, Virginia
Property taxes in Elkton, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elkton is 0.73%, 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 Virginia and the national median. For comparison, the highest median property tax rate in the region is 0.73% in the zip code 22827, which is the same as the lowest median tax rate of 0.73% in the same zip code. Understanding how these cities compare with Elkton provides valuable insights into the varying tax landscape across Page County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elkton Tax Rate
0.73%
Average Page County Tax Rate
0.73%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elkton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22827 | 0.25% | 0.72% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Elkton, Virginia
In Elkton, Virginia, 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 Page County Assessor 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 $126,800, with the highest and lowest median tax bills both at $836 in zip code 22827.
Average Elkton Assessed Value
$126,800
Average Page County Assessed Value
$161,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elkton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22827 | $34,040 | $62,875 | $126,800 | $209,900 | $310,560 |
Source: Ownwell
Property Tax Bills Across Elkton, Virginia
In Elkton, located in Page County, VA, property tax bills are calculated based on the assessed value of a property. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property location, size, and market conditions play a crucial role in determining the assessed value. For example, the median home price in Elkton is $126,800. Homeowners in Elkton can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $334, while the 75th percentile tax bill reaches $1,382. At the higher end, the 90th percentile tax bill can be as much as $2,057. This range illustrates how different factors can influence the final amount owed. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting homeowners' quality of life. Comparing Elkton’s median tax bill of $836 to the national median property tax rate of 0.99%, homeowners in this region experience relatively moderate property tax obligations.
Average Elkton Tax Bill
$836
Average Page County Tax Bill
$1,133
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Elkton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22827 | $152 | $334 | $836 | $1,382 | $2,057 |
Source: Ownwell