Parksville, South Carolina Property Taxes
The median property tax rate in Parksville, SC is 0.49%, considerably lower than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in Parksville at $95,000, the typical annual property tax bill reaches $461, significantly below the national median of $2,690. Property taxes in Parksville 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 Parksville'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 Parksville 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
Parksville, 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 Parksville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parksville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parksville 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 Parksville, South Carolina
Property taxes in Parksville, 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 Parksville is 0.49%, which is significantly lower than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Parksville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parksville 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 Parksville's effective property tax rate to other areas in McCormick County and the national median. For comparison, the zip code 29845 has the highest median property tax rate of 0.49%, while the same zip code also has the lowest median tax rate of 0.49%. Understanding how these areas compare with Parksville provides valuable insights into the varying tax landscape across McCormick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Parksville Tax Rate
0.49%
Average Mccormick County Tax Rate
1.91%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parksville, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29845 | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Parksville, South Carolina
In Parksville, 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 McCormick 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 Parksville, 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 Parksville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Parksville is $95,000, and the median tax bill is $461, with the highest and lowest tax bills both found in zip code 29845.
Average Parksville Assessed Value
$95,000
Average Mccormick County Assessed Value
$15,500
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Parksville, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29845 | $95,000 | $95,000 | $95,000 | $95,000 | $95,000 |
Source: Ownwell
Property Tax Bills Across Parksville, South Carolina
In Parksville, McCormick County, SC, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value typically represents a percentage of the property's market value. Homeowners in Parksville experience a median property tax bill of $461, which is significantly lower than the national median property tax rate of 0.99%. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or reductions. For instance, a median-priced home in Parksville, valued at $95,000, would generate this median tax bill. This low tax rate can provide substantial financial relief to homeowners, making it an attractive location for those seeking affordable living costs. By understanding these factors, homeowners can better anticipate their annual tax obligations and plan accordingly.
Average Parksville Tax Bill
$461
Average Mccormick County Tax Bill
$213
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Parksville, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29845 | $461 | $461 | $461 | $461 | $461 |
Source: Ownwell