Elliott, South Carolina Property Taxes
The median property tax rate in Elliott, SC is 2.14%, significantly higher than both the national median of 0.99% and South Carolina's state median of 0.72%. With the median home value in Elliott, the typical annual property tax bill reaches $92, which is notably lower than the national median of $2,690. Property taxes in Elliott 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 Elliott'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 Elliott 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
Elliott, 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 Elliott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elliott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elliott 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 Elliott, South Carolina
Property taxes in Elliott, 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 Elliott is 0.52%, significantly lower than both the South Carolina state median of 0.56% and the U.S. national median of 0.99%. Local government entities within Elliott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elliott 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 Elliott's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29046 zip code has the highest median property tax rate of 0.52%, while the 29046 zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Elliott provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elliott Tax Rate
2.14%
Average Lee County Tax Rate
0.82%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elliott, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29046 | 0.87% | 1.03% | 2.14% | 2.20% | 2.25% |
Source: Ownwell
Property Tax Assessment Values Across Elliott, South Carolina
In Elliott, 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 Lee 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 Elliott, 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 Elliott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Elliott, the 25th percentile tax bill is $52, while the 75th percentile tax bill is $148, and the 90th percentile tax bill is $238, compared to the national median property tax rate of 0.99%.
Average Elliott Assessed Value
$6,840
Average Lee County Assessed Value
$18,320
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elliott, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29046 | $4,248 | $5,460 | $6,840 | $14,770 | $69,390 |
Source: Ownwell
Property Tax Bills Across Elliott, South Carolina
In Elliott, located in Lee County, SC, property tax bills are calculated based on the assessed value of a property and the local tax rate. The process begins with the county assessor determining the assessed value of a home, which is typically a percentage of its market value. For homeowners in Elliott, the median home price stands at $6,840. Once the assessed value is established, local tax rates are applied to calculate the annual tax bill. Several factors influence the final tax bill, including property location, improvements, and any applicable exemptions. In Elliott, property tax bills can vary significantly. For instance, homeowners at the 25th percentile pay around $52, while those at the 75th percentile pay approximately $148. At the higher end, the 90th percentile sees tax bills around $238. These variations can impact homeowners differently, with higher tax bills potentially affecting affordability and financial planning. Understanding these factors can help homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Elliott Tax Bill
$92
Average Lee County Tax Bill
$174
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Elliott, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29046 | $46 | $52 | $92 | $148 | $238 |
Source: Ownwell