Lynchburg, South Carolina Property Taxes
The median property tax rate in Lynchburg, SC is 1.50%, considerably higher than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in Lynchburg at $15,310, the typical annual property tax bill reaches $205, which is significantly lower than the national median of $2,690. Property taxes in Lynchburg are calculated based on the assessed value, which typically falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Lynchburg'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 Lynchburg or another part of Sumter County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lynchburg, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.5%
Estimate Property Tax Bill
$230
Ownwell’s Lynchburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynchburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynchburg 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 Lynchburg, South Carolina
Property taxes in Lynchburg, South Carolina, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynchburg is 1.50%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lynchburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynchburg 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 Lynchburg's effective property tax rate to other areas and the national median. For comparison, the zip code 29080 has the highest median property tax rate of 1.50%, while the same zip code also has the lowest median tax rate of 1.50%. Understanding how these areas compare with Lynchburg provides valuable insights into the varying tax landscape across Sumter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lynchburg Tax Rate
1.50%
Average Sumter County Tax Rate
1.06%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynchburg, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29080 | 0.26% | 0.61% | 1.50% | 1.98% | 2.24% |
Source: Ownwell
Property Tax Assessment Values Across Lynchburg, South Carolina
In Lynchburg, 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 Sumter 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 Lynchburg, 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 example, the median home price in Lynchburg is $15,310, with tax bills ranging from $94 at the 25th percentile to $1,031 at the 90th percentile. The zip code 29080 has the highest median tax bill of $205. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lynchburg Assessed Value
$15,310
Average Sumter County Assessed Value
$37,792
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lynchburg, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29080 | $4,354 | $6,944 | $15,310 | $61,347 | $146,072 |
Source: Ownwell
Property Tax Bills Across Lynchburg, South Carolina
In Lynchburg, Sumter County, SC, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Homeowners in Lynchburg can expect their tax bills to vary significantly, with the 25th percentile tax bill at $94 and the 75th percentile reaching $466. For those in the 90th percentile, tax bills can be as high as $1,031. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. These factors collectively determine the financial responsibility of homeowners. Compared to the national median property tax rate of 0.99%, the property taxes in Lynchburg are relatively moderate, reflecting the lower median home price of $15,310. This can significantly impact homeowners by providing a more manageable tax burden, making Lynchburg an appealing place for property owners seeking lower property taxes.
Average Lynchburg Tax Bill
$205
Average Sumter County Tax Bill
$351
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynchburg, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29080 | $50 | $94 | $205 | $466 | $1,031 |
Source: Ownwell