Elkton, Virginia Property Taxes
The median property tax rate in Elkton, VA is 0.68%, 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 $199,350 in Elkton, the typical annual property tax bill comes to $1,333, well below the national median of $2,690. Property taxes in Elkton are calculated based on the assessed value, which is often lower than 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, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,356
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 in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elkton is 0.68%, lower than both the Virginia 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 Virginia and the national median. For comparison, the zip code 22827 has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Elkton provides valuable insights into the varying tax landscape across Rockingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elkton Tax Rate
0.68%
Average Rockingham County Tax Rate
0.68%
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 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
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 Rockingham County Assessor's Office 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. In Elkton, the median home price is $199,350, with tax bills ranging from $900 at the 25th percentile to $2,529 at the 90th percentile. The highest and lowest median tax bills are both $1,333 in the 22827 zip code.
Average Elkton Assessed Value
$199,350
Average Rockingham County Assessed Value
$237,400
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 | $68,050 | $136,575 | $199,350 | $284,250 | $396,770 |
Source: Ownwell
Property Tax Bills Across Elkton, Virginia
In Elkton, VA, 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 Rockingham County Assessor's office and reflects the market value of the property. Factors such as property size, location, and improvements can influence this assessed value. For instance, the median home price in Elkton is $199,350. Homeowners in Elkton see a range of property tax bills. For the 25th percentile, tax bills are around $900, while those in the 75th percentile can expect to pay approximately $1880. At the higher end, the 90th percentile tax bills reach up to $2529. The median tax bill across the region is $1333, which is relatively moderate compared to the national median property tax rate of 0.99%. These tax bills can significantly impact homeowners, influencing decisions about property investments and financial planning. Understanding how these taxes are calculated helps homeowners in Elkton manage their expenses more effectively.
Average Elkton Tax Bill
$1,333
Average Rockingham County Tax Bill
$1,584
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 | $345 | $900 | $1,333 | $1,880 | $2,529 |
Source: Ownwell