Latta, South Carolina Property Taxes
The median property tax rate in Latta, SC is 0.79%, which is lower than the national median of 0.99% but slightly higher than the South Carolina state median of 0.72%. With a median home value of $9,500 in Latta, the typical annual property tax bill amounts to $127, significantly below the national median of $2,690. Property taxes in Latta are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Latta’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 Latta or another part of Marion County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Latta, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$75
Ownwell’s Latta Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Latta with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Latta 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 Latta, South Carolina
Property taxes in Latta, South Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Latta is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Latta set these rates annually, and they can vary significantly across different neighborhoods. Each year, Latta 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 Latta's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29565 zip code has the same median property tax rate of 0.79%. Understanding how these cities compare with Latta provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Latta Tax Rate
0.79%
Average Marion County Tax Rate
1.68%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Latta, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29565 | 0.42% | 0.42% | 0.79% | 1.78% | 2.53% |
Source: Ownwell
Property Tax Assessment Values Across Latta, South Carolina
In Latta, 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 Marion 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 Latta, 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 Latta helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Latta is $9,500, with tax bills ranging from $50 at the 25th percentile to $263 at the 90th percentile. The zip code 29565 has both the highest and lowest median tax bill at $127.
Average Latta Assessed Value
$9,500
Average Marion County Assessed Value
$10,000
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Latta, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29565 | $4,000 | $6,500 | $9,500 | $22,590 | $34,000 |
Source: Ownwell
Property Tax Bills Across Latta, South Carolina
Property tax bills in Latta, located in Marion County, SC, are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate, or millage rate, is then applied to this assessed value to determine the final tax bill. In Latta, the median home price is $9,500, which is significantly lower than the national median. Consequently, property tax bills are relatively modest. For example, homeowners in the 25th percentile of tax bills pay around $50, while those in the 75th percentile pay approximately $178. The highest median tax bill recorded in the area is $127.00, and this is consistent across the zip code 29565. These tax bills can impact homeowners by influencing their overall housing costs and potentially affecting their ability to afford other necessities. When compared to the national median property tax rate of 0.99%, Latta's property taxes are quite manageable, making it an attractive location for those seeking lower property tax burdens.
Average Latta Tax Bill
$127
Average Marion County Tax Bill
$142
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Latta, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29565 | $38 | $50 | $127 | $178 | $263 |
Source: Ownwell