Gilbert, South Carolina Property Taxes
The median property tax rate in Gilbert, SC, is 0.57%, significantly lower than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in Gilbert at $169,591, the typical annual property tax bill is $1,115, well below the national median of $2,690. Property taxes in Gilbert are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Gilbert'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 Gilbert or another part of Lexington County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gilbert, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$967
Ownwell’s Gilbert Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gilbert with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gilbert 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 Gilbert, South Carolina
Property taxes in Gilbert, 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 Gilbert is 0.57%, which is below the U.S. national median of 0.99%. Local government entities within Gilbert set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gilbert 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 Gilbert's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29054 zip code has both the highest and lowest median property tax rate of 0.57%. Understanding how these areas compare with Gilbert provides valuable insights into the varying tax landscape across Lexington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gilbert Tax Rate
0.57%
Average Lexington County Tax Rate
0.57%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gilbert, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29054 | 0.29% | 0.48% | 0.57% | 0.88% | 2.95% |
Source: Ownwell
Property Tax Assessment Values Across Gilbert, South Carolina
In Gilbert, 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 Lexington 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 Gilbert, 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 Gilbert helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Gilbert is 29054, both at $1,115.
Average Gilbert Assessed Value
$169,591
Average Lexington County Assessed Value
$147,464
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gilbert, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29054 | $22,506 | $68,067 | $169,591 | $287,008 | $423,208 |
Source: Ownwell
Property Tax Bills Across Gilbert, South Carolina
In Gilbert, located in Lexington County, 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 Gilbert is $169,591. Property tax bills can vary widely, with the 25th percentile tax bill at $535 and the 75th percentile reaching $1,998. For those in the 90th percentile, tax bills can climb to $3,615. Several factors influence the final tax bill, including the assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Gilbert face a median property tax bill of $1,115, which can impact their annual budgeting and financial planning. Compared to the national median property tax rate of 0.99%, Gilbert's property tax environment offers a range of financial implications for residents. Understanding these factors helps homeowners anticipate their tax responsibilities and manage their finances more effectively.
Average Gilbert Tax Bill
$1,115
Average Lexington County Tax Bill
$1,039
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Gilbert, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29054 | $213 | $535 | $1,115 | $1,998 | $3,615 |
Source: Ownwell