Hemingway, South Carolina Property Taxes
The median property tax rate in Hemingway, SC is 0.99%, aligning with the national median of 0.99% but significantly higher than the South Carolina state median of 0.72%. With a median home value of $20,850 in Hemingway, the typical annual property tax bill is $192, which is substantially lower than the national median of $2,690. Property taxes in Hemingway are calculated based on the assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Hemingway'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 Hemingway 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
Hemingway, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$206
Ownwell’s Hemingway Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Hemingway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hemingway to provide an estimate of your property tax bill. This valuable tool helps you comprehend potential tax liabilities. For those interested in neighborhood-level trends, scroll down for more localized information. Your property’s assessed value is determined by Georgetown County for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Hemingway, South Carolina
Property taxes in Hemingway, 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 Hemingway is 0.99%, aligning with both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Hemingway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hemingway 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 Hemingway's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29554 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these cities compare with Hemingway provides valuable insights into the varying tax landscape across Georgetown County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hemingway Tax Rate
0.99%
Average Georgetown County Tax Rate
0.91%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hemingway, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29554 | 0.31% | 0.63% | 0.99% | 1.89% | 2.50% |
Source: Ownwell
Property Tax Assessment Values Across Hemingway, South Carolina
In Hemingway, 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 Georgetown 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 Hemingway, 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 Hemingway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $192, found in the 29554 zip code.
Property Tax Assessment Values Across Hemingway, South Carolina
Source: Ownwell
$13,100
$503,400
$993,700
Average Hemingway Assessed Value
$20,850
Average Georgetown County Assessed Value
$155,000
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hemingway, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29554 | $4,000 | $7,875 | $20,850 | $61,775 | $102,100 |
Source: Ownwell
Property Tax Bills Across Hemingway, South Carolina
In Hemingway, located in Georgetown County, SC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor's office, which evaluates the market value of the property and applies an assessment ratio. Homeowners in Hemingway experience a range of property tax bills. For instance, the 25th percentile tax bill is $102, while the 75th percentile tax bill is $440, and the 90th percentile tax bill reaches $836. These figures highlight the variability in tax bills, influenced by property values and specific exemptions or deductions that may apply. The median home price in Hemingway stands at $20,850, which is significantly lower than the national median, reflecting in generally lower property tax bills compared to other regions. Homeowners should be aware of how these factors impact their annual financial obligations, as property taxes contribute to local services and infrastructure. Understanding the calculation process helps homeowners anticipate and plan for their yearly property tax expenses.
Average Hemingway Tax Bill
$192
Average Georgetown County Tax Bill
$1,240
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Hemingway, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29554 | $58 | $102 | $192 | $440 | $836 |
Source: Ownwell