Mc Cormick, South Carolina Property Taxes
The median property tax rate in MC CORMICK, SC is 0.58%, significantly lower than both the national median of 0.99% and the South Carolina state median of 0.72%. With a median home value of $30,868 in MC CORMICK, the typical annual property tax bill amounts to $201, which is well below the national median of $2,690. Property taxes in MC CORMICK are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding MC CORMICK'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 MC CORMICK 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
Mc Cormick, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$179
Ownwell’s MC CORMICK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC CORMICK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC CORMICK 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 Mc Cormick, South Carolina
Property taxes in McCormick, 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 McCormick is 0.57%, significantly lower than both the South Carolina state median of 0.55% and the U.S. national median of 0.99%. Local government entities within McCormick set these rates annually, and they can vary significantly across different neighborhoods. Each year, McCormick 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 McCormick's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29835 zip code has the highest median property tax rate of 0.57%, while the same zip code also has the lowest median tax rate of 0.57%. Understanding how these cities compare with McCormick provides valuable insights into the varying tax landscape across McCormick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Cormick Tax Rate
0.58%
Average Edgefield County Tax Rate
0.56%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Cormick, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29835 | 0.23% | 0.34% | 0.58% | 1.07% | 2.58% |
Source: Ownwell
Property Tax Assessment Values Across Mc Cormick, South Carolina
In MC CORMICK, 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 local assessment authorities 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 in MC CORMICK 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 MC CORMICK helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in MC CORMICK is $30,868, with tax bills ranging from $100 at the 25th percentile to $630 at the 90th percentile. The zip code 29835 has both the highest and lowest median tax bills at $201.
Property Tax Assessment Values Across Mc Cormick, South Carolina
Source: Ownwell
$6,902
$79,521
$152,140
Average Mc Cormick Assessed Value
$30,868
Average Edgefield County Assessed Value
$82,866
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Cormick, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29835 | $4,920 | $11,367 | $30,868 | $85,003 | $146,836 |
Source: Ownwell
Property Tax Bills Across Mc Cormick, South Carolina
In MC CORMICK, SC, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property location, home size, and market conditions are considered in the assessment process. For example, the median home price in MC CORMICK is $30,868, and the tax bills can range significantly. Homeowners at the 25th percentile pay around $100, while those at the 75th percentile pay approximately $468. At the 90th percentile, the tax bill can reach up to $630. The highest median tax bill in the area is $201, found in zip code 29835. These property taxes fund essential public services like schools, roads, and emergency services, directly impacting the quality of life for homeowners. Understanding these factors helps homeowners anticipate their tax liabilities and budget accordingly.
Average Mc Cormick Tax Bill
$201
Average Edgefield County Tax Bill
$555
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Cormick, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29835 | $100 | $100 | $201 | $468 | $630 |
Source: Ownwell