Isle Of Palms, South Carolina Property Taxes
The median property tax rate in Isle of Palms, SC is 1.16%, 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 Isle of Palms at $818,800, the typical annual property tax bill reaches $7,237, exceeding the national median of $2,690. Property taxes in Isle of Palms 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 Isle of Palms' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Isle of Palms 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
Isle Of Palms, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$9,498
Ownwell’s Isle of Palms Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Isle of Palms with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Isle of Palms 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 Isle Of Palms, South Carolina
Property taxes in Isle of Palms, South Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Isle of Palms is 1.16%, higher than the U.S. national median of 0.99%. Local government entities within Isle of Palms set these rates annually, and they can vary significantly across different neighborhoods. Each year, Isle of Palms 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 Isle of Palms' effective property tax rate to other areas and the national median. For comparison, the zip code 29451 has the highest median property tax rate of 1.16%, while the same zip code also has the lowest median tax rate of 1.16%. Understanding how these figures compare with Isle of Palms provides valuable insights into the varying tax landscape across Charleston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Isle Of Palms Tax Rate
1.16%
Average Charleston County Tax Rate
0.53%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Isle Of Palms, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29451 | 0.27% | 0.30% | 1.16% | 1.34% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Isle Of Palms, South Carolina
In Isle of Palms, 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 Charleston 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. 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 Isle of Palms helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median tax bill in zip code 29451 stands at $7,237, reflecting the region’s unique property market dynamics.
Property Tax Assessment Values Across Isle Of Palms, South Carolina
Source: Ownwell
$2,700
$2,101,350
$4,200,000
Average Isle Of Palms Assessed Value
$818,800
Average Charleston County Assessed Value
$305,700
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Isle Of Palms, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29451 | $410,000 | $604,300 | $818,800 | $1,225,000 | $1,988,400 |
Source: Ownwell
Property Tax Bills Across Isle Of Palms, South Carolina
In Isle of Palms, located in Charleston County, SC, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Isle of Palms is $818,800. Property taxes are then determined by applying the local tax rate to this assessed value. Various factors, such as property improvements and neighborhood changes, can influence the assessed value, thereby affecting the tax bill. For homeowners in Isle of Palms, the tax bills can vary significantly. The 25th percentile tax bill is $3,152, while the 75th percentile tax bill can reach up to $12,158. At the 90th percentile, the tax bill can be as high as $20,749. This range indicates how property taxes can impact homeowners differently, depending on the value of their properties. Compared to the national median property tax rate of 0.99%, the tax bills in Isle of Palms can be considerably higher, reflecting the higher property values in the area.
Average Isle Of Palms Tax Bill
$7,237
Average Charleston County Tax Bill
$1,751
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Isle Of Palms, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29451 | $1,871 | $3,152 | $7,237 | $12,158 | $20,749 |
Source: Ownwell