North, South Carolina Property Taxes
The median property tax rate in North, South Carolina is 1.00%, slightly higher than the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in North, the typical annual property tax bill reaches $315, which is significantly lower than the national median of $2,690. Property taxes in North are calculated based on the tax assessed value, which is often below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding North'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 North 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
North, 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 NORTH Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in NORTH with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in NORTH 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 North, South Carolina
Property taxes in North, 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 North is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within North set these rates annually, and they can vary significantly across different neighborhoods. Each year, North 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 North's effective property tax rate to other areas in South Carolina and the national median. For comparison, the zip code 29112 has both the highest and lowest median property tax rate of 1.00%. Understanding how these cities compare with North 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 North Tax Rate
1.00%
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 North, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29112 | 0.31% | 0.31% | 1.00% | 2.69% | 2.71% |
Source: Ownwell
Property Tax Assessment Values Across North, South Carolina
In North, 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 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 North, 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 North helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in this area are both $315, found in the zip code 29112.
Average North Assessed Value
$24,100
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 North, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29112 | $10,275 | $14,588 | $24,100 | $62,727 | $107,928 |
Source: Ownwell
Property Tax Bills Across North, South Carolina
In North, Lexington County, SC, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $24,100, homeowners can expect varying tax bills. The 25th percentile tax bill is around $152, while the 75th percentile reaches up to $456. At the 90th percentile, the tax bill can be as high as $681. Several factors influence these tax bills, including the property's location, size, and improvements. Compared to the national median property tax rate of 0.99%, Lexington County's rates can be quite variable. Homeowners in this region must budget for these taxes as part of their annual expenses, affecting their overall financial planning. The highest and lowest median tax bills both sit at $315 in the 29112 zip code, indicating some consistency within specific areas of the county.
Average North Tax Bill
$315
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 North, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29112 | $42 | $152 | $315 | $456 | $681 |
Source: Ownwell