Elko, South Carolina Property Taxes
The median property tax rate in Elko, South Carolina, is 0.84%, which is lower than the national median of 0.99% but higher than the South Carolina state median of 0.72%. With the median home value in Elko at $27,100, the typical annual property tax bill is $269, significantly below the national median of $2,690. Property taxes in Elko are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Elko'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 Elko or another part of Barnwell County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elko, 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 Elko Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elko with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elko 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 Elko, South Carolina
Property taxes in Elko, 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 Elko is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Elko set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elko 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 Elko's effective property tax rate to other areas in South Carolina and the national median. For comparison, the 29826 zip code has the highest median property tax rate of 0.84%, while the same zip code also has the lowest median tax rate of 0.84%. Understanding how these areas compare with Elko provides valuable insights into the varying tax landscape across Barnwell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elko Tax Rate
0.84%
Average Barnwell County Tax Rate
0.86%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elko, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29826 | 0.43% | 0.76% | 0.84% | 2.40% | 2.54% |
Source: Ownwell
Property Tax Assessment Values Across Elko, South Carolina
In Elko, 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 Barnwell 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 Elko, 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 Elko is $27,100, with tax bills ranging from $116 at the 25th percentile to $903 at the 90th percentile. The zip code 29826 has both the highest and lowest median tax bill of $269. Being aware of these valuation processes in Elko helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elko Assessed Value
$27,100
Average Barnwell County Assessed Value
$37,200
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elko, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29826 | $2,620 | $5,850 | $27,100 | $61,350 | $116,380 |
Source: Ownwell
Property Tax Bills Across Elko, South Carolina
In Elko, property tax bills are calculated based on the assessed value of your property and the tax rate set by local authorities. The assessed value is determined by the county assessor and is a percentage of the market value of your home. For instance, with a median home price of $27,100, the assessed value plays a crucial role in determining your tax bill. Several factors influence your property tax bill, including property improvements, market conditions, and local budgetary needs. Homeowners in Elko can expect varying tax bills depending on these factors. The 25th percentile tax bill is $116, while the 75th percentile tax bill is $641, and the 90th percentile tax bill reaches $903. Compared to the national median property tax rate of 0.99%, Elko's tax rates can significantly impact homeowners, especially when considering the local median tax bill of $269 in zip code 29826. Understanding these factors helps homeowners budget accordingly and anticipate changes in their annual property tax obligations.
Average Elko Tax Bill
$269
Average Barnwell County Tax Bill
$366
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Elko, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29826 | $52 | $116 | $269 | $641 | $903 |
Source: Ownwell