Denmark, South Carolina Property Taxes
The median property tax rate in Denmark, SC is 1.37%, 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 Denmark at $30,500, the typical annual property tax bill reaches $319, which is significantly lower than the national median of $2,690. Property taxes in Denmark 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 Denmark'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 Denmark 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
Denmark, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$418
Ownwell’s Denmark Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Denmark with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Denmark 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 Denmark, South Carolina
Property taxes in Denmark, South Carolina, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Denmark is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Denmark set these rates annually, and they can vary significantly across different neighborhoods. Each year, Denmark 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. Understanding how Denmark’s effective property tax rate compares to other counties in South Carolina and the national median provides valuable insights into the varying tax landscape across Bamberg County. This helps homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Denmark Tax Rate
1.37%
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 Denmark, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29042 | 0.22% | 0.72% | 1.37% | 3.63% | 4.05% |
Source: Ownwell
Property Tax Assessment Values Across Denmark, South Carolina
In Denmark, 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 Bamberg 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 Denmark, 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. The median home price in Denmark is $30,500, with tax bills varying significantly. The 25th percentile tax bill is $95, while the 75th percentile tax bill is $783, and the 90th percentile tax bill reaches $1,621. The zip code 29042 has both the highest and lowest median tax bill at $319. 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 Denmark helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Denmark Assessed Value
$30,500
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 Denmark, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29042 | $3,400 | $8,250 | $30,500 | $56,150 | $99,900 |
Source: Ownwell
Property Tax Bills Across Denmark, South Carolina
In Denmark, located in Bamberg County, SC, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The county’s tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $30,500, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Factors influencing the tax bill include the home’s assessed value, local tax rates, and any available exemptions or deductions. For example, tax bills in Denmark range significantly, with the 25th percentile at $95 and the 75th percentile reaching $783. At the higher end, the 90th percentile tax bill is $1,621. These tax bills impact homeowners by influencing their annual budgeting and financial planning. Compared to the national median property tax rate of 0.99%, Denmark's property tax bills can be relatively low, providing some financial relief to homeowners in the region.
Average Denmark Tax Bill
$319
Average Bamberg County Tax Bill
$391
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Denmark, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29042 | $70 | $95 | $319 | $783 | $1,621 |
Source: Ownwell