Lane, South Carolina Property Taxes
The median property tax rate in LANE, SC is 1.13%, 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 LANE, the typical annual property tax bill reaches $169, which is significantly lower than the national median of $2,690. Property taxes in LANE 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 LANE'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 LANE 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
Lane, 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 LANE Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, or potential owners looking to estimate their annual property taxes in LANE. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in LANE to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, making financial planning more straightforward. For those interested in more detailed insights, localized information is available for a deeper dive into neighborhood trends. Your property’s assessed value is determined by the county for tax purposes, and it includes any applicable exemptions.
Property Tax Rates Across Lane, South Carolina
Property taxes in Lane, South Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lane is 1.13%, higher than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Lane set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lane 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 Lane's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29564 zip code has both the highest and lowest median property tax rate of 1.13%. Understanding how these cities compare with Lane provides valuable insights into the varying tax landscape across Williamsburg County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lane Tax Rate
1.13%
Average Williamsburg County Tax Rate
1.16%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lane, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29564 | 0.12% | 0.20% | 1.13% | 2.15% | 3.17% |
Source: Ownwell
Property Tax Assessment Values Across Lane, South Carolina
In Lane, 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 Williamsburg 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 Lane, 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 Lane helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $169 in the 29564 zip code, while the lowest median tax bill is also $169 in the same zip code.
Average Lane Assessed Value
$19,600
Average Williamsburg County Assessed Value
$21,858
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lane, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29564 | $5,050 | $7,750 | $19,600 | $45,920 | $104,927 |
Source: Ownwell
Property Tax Bills Across Lane, South Carolina
In LANE, located in Williamsburg County, SC, property tax bills are determined based on the assessed value of a property, which is a percentage of its market value. The median home price in this region is $19,600. Property taxes are then calculated by applying the local tax rate to the assessed value. For instance, the tax bill for the 25th percentile is $94, while the 75th percentile tax bill is $405, and the 90th percentile tax bill reaches $833. These tax bills can significantly impact homeowners, as they vary widely depending on the property's value and the specific tax rate applied. The highest median tax bill in Williamsburg County is $169, which is relatively low compared to the national median property tax rate of 0.99%. This means homeowners in LANE generally face lower property tax burdens, making it financially easier for them to maintain their homes and manage their expenses.
Average Lane Tax Bill
$169
Average Williamsburg County Tax Bill
$188
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Lane, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29564 | $27 | $94 | $169 | $405 | $833 |
Source: Ownwell