Bamberg, South Carolina Property Taxes
The median property tax rate in Bamberg, SC is 1.48%, considerably higher than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in Bamberg, the typical annual property tax bill reaches $484, which is significantly lower than the national median of $2,690. Property taxes in Bamberg are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bamberg'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 Bamberg 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
Bamberg, South Carolina Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,440
Ownwell’s Bamberg Property Tax Bill Calculator assists any homeowner, real estate investor, or potential owner in estimating their annual property taxes in Bamberg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bamberg 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 Bamberg, South Carolina
Property taxes in Bamberg, South Carolina, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Bamberg is 1.48%, significantly higher than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities in Bamberg set these rates annually, and they can vary across different neighborhoods. Each year, Bamberg 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 Bamberg's effective property tax rate to other counties in South Carolina and the national median. For comparison, the zip code 29003 has the highest median property tax rate of 1.48%, while the same zip code also has the lowest median tax rate of 1.48%. Understanding how these cities compare with Bamberg provides valuable insights into the varying tax landscape across Bamberg County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bamberg Tax Rate
1.48%
Average Bamberg County Tax Rate
1.40%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bamberg, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29003 | 0.23% | 0.70% | 1.48% | 2.64% | 4.07% |
Source: Ownwell
Property Tax Assessment Values Across Bamberg, South Carolina
In Bamberg, South Carolina, 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 local 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 Bamberg, 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. The median home price in Bamberg is $39,600. The median tax bill in the 29003 zip code is $484, which is the highest and lowest in the region. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bamberg Assessed Value
$39,600
Average Bamberg County Assessed Value
$35,100
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bamberg, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29003 | $4,000 | $14,300 | $39,600 | $73,900 | $134,880 |
Source: Ownwell
Property Tax Bills Across Bamberg, South Carolina
Property tax bills in Bamberg, SC, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, if a home in Bamberg has a median home price of $39,600, the assessed value would be a fraction of this amount, depending on local assessment rules. Factors such as property size, location, and any improvements or additions can influence the assessed value. Homeowners in Bamberg can expect a wide range of tax bills. At the 25th percentile, tax bills are approximately $122, while at the 75th percentile, they rise to around $1,063. For those in the 90th percentile, tax bills can reach up to $2,223. These property taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Comparing this to the national median property tax rate of 0.99%, Bamberg’s property tax landscape shows considerable variability, affecting homeowners differently based on their property’s assessed value.
Average Bamberg Tax Bill
$484
Average Bamberg County Tax Bill
$391
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Bamberg, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29003 | $70 | $122 | $484 | $1,063 | $2,223 |
Source: Ownwell