Iva, South Carolina Property Taxes
The median property tax rate in IVA, SC is 0.80%, slightly below the national median of 0.99% but higher than the South Carolina state median of 0.72%. With a median home value of $39,900 in IVA, the typical annual property tax bill amounts to $330, which is significantly lower than the national median of $2,690. Property taxes in IVA are calculated based on the assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding IVA'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 IVA or another part of Abbeville County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Iva, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$319
Ownwell’s IVA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in IVA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in IVA 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 Iva, South Carolina
Property taxes in IVA, South Carolina, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in IVA is 0.80%, lower than the U.S. national median of 0.99%. Local government entities within IVA set these rates annually, and they can vary significantly across different neighborhoods. Each year, IVA 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 IVA's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29655 zip code has both the highest and lowest median property tax rate of 0.80%. Understanding how these cities compare with IVA provides valuable insights into the varying tax landscape across Abbeville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Iva Tax Rate
0.80%
Average Abbeville County Tax Rate
0.76%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Iva, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29655 | 0.27% | 0.45% | 0.80% | 1.93% | 2.26% |
Source: Ownwell
Property Tax Assessment Values Across Iva, South Carolina
In IVA, 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 Abbeville 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 IVA, 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. The zip code with the highest median tax bill is 29655 at $330. Being aware of these valuation processes in IVA helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Iva Assessed Value
$39,900
Average Abbeville County Assessed Value
$33,600
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Iva, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29655 | $10,000 | $17,200 | $39,900 | $105,575 | $230,900 |
Source: Ownwell
Property Tax Bills Across Iva, South Carolina
In the city of IVA, located in Abbeville County, SC, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. For homeowners in IVA, the median home price is $39,900. The property tax rate in IVA is a crucial factor in determining the tax bill. Homeowners in this area typically see a range of property tax bills. At the 25th percentile, the tax bill is around $154, while at the 75th percentile, it reaches $776. For those in the 90th percentile, the tax bill can go up to $1,552. Comparatively, the highest median tax bill in the area is $330, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can be beneficial for homeowners, making IVA an attractive place for those looking to manage their property expenses effectively.
Average Iva Tax Bill
$330
Average Abbeville County Tax Bill
$277
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Iva, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29655 | $108 | $154 | $330 | $776 | $1,552 |
Source: Ownwell