Conway, South Carolina Property Taxes
The median property tax rate in Conway, SC is 1.70%, 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 Conway, the typical annual property tax bill reaches $654, which is significantly below the national median of $2,690. Property taxes in Conway 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 Conway'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 Conway 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
Conway, 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 Conway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Conway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Conway 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 Conway, South Carolina
Property taxes in Conway, 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 Conway is 0.50%, which is significantly lower than both the South Carolina state median of 0.52% and the U.S. national median of 0.99%. Local government entities within Conway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Conway 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 Conway's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29526 zip code has the highest median property tax rate of 0.50%, while the same zip code also has the lowest median tax rate of 0.50%. Understanding how these areas compare with Conway provides valuable insights into the varying tax landscape across Georgetown County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Conway Tax Rate
1.70%
Average Georgetown County Tax Rate
0.91%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Conway, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29526 | 1.70% | 1.70% | 1.70% | 1.70% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Conway, South Carolina
In Conway, 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 Georgetown 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 Conway, 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 Conway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Conway are both $654, found in the zip code 29526.
Average Conway Assessed Value
$38,500
Average Georgetown County Assessed Value
$155,000
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Conway, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29526 | $38,500 | $38,500 | $38,500 | $38,500 | $38,500 |
Source: Ownwell
Property Tax Bills Across Conway, South Carolina
In Conway, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the home. For homeowners in Conway, the median home price is $38,500. Property tax rates in this region are relatively high, with the tax bill consistently around $654, regardless of the percentile, indicating a flat rate structure. Several factors influence the final tax bill, including property improvements, location, and any applicable exemptions. Homeowners should note that the tax rate in Conway is significantly higher compared to the national median property tax rate of 0.99%. This higher rate can impact affordability and overall cost of living, making it essential for homeowners to budget accordingly. The highest and lowest median tax bills are both $654, reflecting a uniform approach in the 29526 zip code. Understanding these elements can help homeowners better anticipate their annual property tax obligations.
Average Conway Tax Bill
$654
Average Georgetown County Tax Bill
$1,240
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Conway, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29526 | $654 | $654 | $654 | $654 | $654 |
Source: Ownwell