Lancaster, South Carolina Property Taxes
The median property tax rate in Lancaster, SC is 0.64%, notably lower than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in Lancaster at $103,375, the typical annual property tax bill is $857, which is significantly below the national median of $2,690. Property taxes in Lancaster are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Lancaster'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 Lancaster 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
Lancaster, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$662
Ownwell’s Lancaster Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lancaster with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lancaster 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 Lancaster, South Carolina
Property taxes in Lancaster, South Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lancaster is 0.64%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Lancaster set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lancaster 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 Lancaster's effective property tax rate to other counties in South Carolina and the national median. For comparison, the zip code 29720 has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Lancaster provides valuable insights into the varying tax landscape across Lancaster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lancaster Tax Rate
0.64%
Average Lancaster County Tax Rate
0.65%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lancaster, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29720 | 0.36% | 0.61% | 0.64% | 1.98% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Lancaster, South Carolina
In Lancaster, 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 Lancaster County Assessor's Office 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 Lancaster, 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 Lancaster helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 29720 has both the highest and lowest median tax bills, recorded at $857.
Property Tax Assessment Values Across Lancaster, South Carolina
Source: Ownwell
$15,800
$170,700
$325,600
Average Lancaster Assessed Value
$103,375
Average Lancaster County Assessed Value
$164,500
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lancaster, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29720 | $17,300 | $49,900 | $103,375 | $209,400 | $335,500 |
Source: Ownwell
Property Tax Bills Across Lancaster, South Carolina
In Lancaster, SC, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Lancaster is $103,375. Local tax authorities determine the assessed value, and then the applicable tax rate is applied to this value to calculate the tax bill. Factors such as property location, size, and improvements can influence the assessed value, ultimately affecting the tax bill. Homeowners in Lancaster experience a range of property tax bills. The 25th percentile tax bill is $390, while the 75th percentile tax bill is $1,763, and the 90th percentile tax bill can reach up to $2,960. For example, in the zip code 29720, the median tax bill is $857, which is below the national median property tax rate of 0.99%. These property taxes contribute to local services such as schools, public safety, and infrastructure, impacting the overall quality of life for residents. Understanding how these factors interplay can help homeowners anticipate their annual property tax obligations.
Average Lancaster Tax Bill
$857
Average Lancaster County Tax Bill
$1,306
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Lancaster, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29720 | $153 | $390 | $857 | $1,763 | $2,960 |
Source: Ownwell