Martin, South Carolina Property Taxes
The median property tax rate in Martin, SC is 2.52%, 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 Martin, the typical annual property tax bill reaches $324, which is significantly lower than the national median of $2,690. Property taxes in Martin 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 Martin'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 Martin 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
Martin, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.52%
Estimate Property Tax Bill
$384
Ownwell’s Martin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Martin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Martin 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 Martin, South Carolina
Property taxes in Martin, 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 Martin is 2.52%, significantly higher than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Martin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Martin 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 Martin's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29836 zip code has the highest median property tax rate of 2.52%, while the same zip code also has the lowest median tax rate of 2.52%. Understanding how these cities compare with Martin provides valuable insights into the varying tax landscape across Barnwell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Martin Tax Rate
2.52%
Average Barnwell County Tax Rate
0.86%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Martin, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29836 | 0.82% | 0.85% | 2.52% | 2.63% | 2.72% |
Source: Ownwell
Property Tax Assessment Values Across Martin, South Carolina
In Martin, 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 Barnwell 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. Assessment notices in Martin 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 Martin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill is 29836, with a median tax bill of $324.00, which is also the lowest in the area.
Average Martin Assessed Value
$15,250
Average Barnwell County Assessed Value
$37,200
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Martin, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29836 | $1,100 | $6,450 | $15,250 | $30,875 | $41,850 |
Source: Ownwell
Property Tax Bills Across Martin, South Carolina
In Martin, South Carolina, property tax bills are calculated based on the assessed value of a home. The local tax rate, applied to this assessed value, determines the final tax bill. For instance, with a median home price of $15,250, the tax bill can vary significantly. Homeowners in the 25th percentile see tax bills around $140, while those in the 75th percentile face bills of approximately $782. The highest tax bills, in the 90th percentile, can reach up to $982. Several factors influence these tax amounts, including property location within Barnwell County and specific local tax rates. Compared to the national median property tax rate of 0.99%, Martin's tax rates could be seen as relatively moderate, particularly given the lower median home prices. For homeowners, understanding these factors is crucial, as they directly impact annual financial planning and long-term property investment strategies. The variability in tax bills underscores the importance of accurate property assessments and awareness of local tax policies.
Average Martin Tax Bill
$324
Average Barnwell County Tax Bill
$366
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Martin, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29836 | $21 | $140 | $324 | $782 | $982 |
Source: Ownwell