Silverstreet, South Carolina Property Taxes
The median property tax rate in Silverstreet, South Carolina is 0.74%, slightly higher than the state median of 0.72% but lower than the national median of 0.99%. With a median home value of $47,500 in Silverstreet, the typical annual property tax bill amounts to $418, which is significantly below the national median of $2,690. Property taxes in Silverstreet are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Silverstreet'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 Silverstreet or another part of Newberry County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Silverstreet, 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 Silverstreet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silverstreet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silverstreet 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 Silverstreet, South Carolina
Property taxes in Silverstreet, 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 Silverstreet is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Silverstreet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silverstreet 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 Silverstreet's effective property tax rate to other areas in South Carolina and the national median. For comparison, the zip code 29145 has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these areas compare with Silverstreet provides valuable insights into the varying tax landscape across Newberry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Silverstreet Tax Rate
0.74%
Average Newberry County Tax Rate
0.76%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silverstreet, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29145 | 0.40% | 0.71% | 0.74% | 0.89% | 2.20% |
Source: Ownwell
Property Tax Assessment Values Across Silverstreet, South Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Silverstreet, South Carolina. 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 Newberry 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 Silverstreet, 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. For instance, the highest median tax bill in Silverstreet is $418 in the 29145 zip code. 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 Silverstreet helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Silverstreet, South Carolina
Source: Ownwell
$33,700
$211,000
$388,300
Average Silverstreet Assessed Value
$47,500
Average Newberry County Assessed Value
$69,300
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Silverstreet, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29145 | $5,480 | $12,775 | $47,500 | $112,825 | $164,010 |
Source: Ownwell
Property Tax Bills Across Silverstreet, South Carolina
In Silverstreet, SC, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Silverstreet is $47,500. Property tax rates in this area are relatively low compared to the national median property tax rate of 0.99%. Homeowners in Silverstreet can expect their tax bills to fall within a range, with the 25th percentile at $128 and the 75th percentile at $906. For those in the 90th percentile, tax bills can reach up to $1,372. Several factors influence these tax bills, including the home's assessed value and the local tax rate set by Newberry County. The highest median tax bill in the area is $418, which is consistent across the zip code 29145. For homeowners, these property taxes fund essential public services such as schools, infrastructure, and emergency services. Understanding these factors helps homeowners anticipate their annual tax obligations and budget accordingly.
Average Silverstreet Tax Bill
$418
Average Newberry County Tax Bill
$768
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Silverstreet, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29145 | $62 | $128 | $418 | $906 | $1,372 |
Source: Ownwell