Folly Beach, South Carolina Property Taxes
The median property tax rate in Folly Beach, SC is 1.37%, 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 Folly Beach at $620,000, the typical annual property tax bill reaches $6,576, exceeding the national median of $2,690. Property taxes in Folly Beach 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 Folly Beach'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 Folly Beach 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
Folly Beach, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$8,494
Ownwell’s Folly Beach Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Folly Beach with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Folly Beach 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 Folly Beach, South Carolina
Property taxes in Folly Beach, South Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Folly Beach is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Folly Beach set these rates annually, and they can vary significantly across different neighborhoods. Each year, Folly Beach 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 Folly Beach's effective property tax rate to other areas and the national median. For comparison, the zip code 29439 has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these rates compare with Folly Beach provides valuable insights into the varying tax landscape across Charleston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Folly Beach Tax Rate
1.37%
Average Charleston County Tax Rate
0.53%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Folly Beach, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29439 | 0.35% | 0.38% | 1.37% | 1.45% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Folly Beach, South Carolina
In Folly Beach, 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 Charleston 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 Folly Beach, 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 Folly Beach helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Folly Beach is $620,000, with tax bills ranging from $2,921 at the 25th percentile to $15,867 at the 90th percentile. The highest and lowest median tax bills are both $6,576, found in the 29439 zip code.
Property Tax Assessment Values Across Folly Beach, South Carolina
Source: Ownwell
$2,700
$2,101,350
$4,200,000
Average Folly Beach Assessed Value
$620,000
Average Charleston County Assessed Value
$305,700
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Folly Beach, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29439 | $350,000 | $463,950 | $620,000 | $863,050 | $1,147,580 |
Source: Ownwell
Property Tax Bills Across Folly Beach, South Carolina
In Folly Beach, located in Charleston County, SC, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. The local tax rate, also known as the millage rate, is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $620,000, homeowners can expect varying tax bills depending on specific assessments and exemptions they qualify for. Several factors influence the final tax bill, including the property's location, its assessed value, and any applicable exemptions. In Folly Beach, the 25th percentile of tax bills is around $2,921, while the 75th percentile reaches up to $10,940. For those at the 90th percentile, tax bills can be as high as $15,867. Compared to the national median property tax rate of 0.99%, Folly Beach's property taxes reflect the area's premium real estate values. These tax bills significantly impact homeowners, influencing their budgeting and financial planning.
Average Folly Beach Tax Bill
$6,576
Average Charleston County Tax Bill
$1,751
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Folly Beach, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29439 | $1,735 | $2,921 | $6,576 | $10,940 | $15,867 |
Source: Ownwell