Murrells Inlet, South Carolina Property Taxes
The median property tax rate in Murrells Inlet, SC is 0.59%, considerably lower than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in Murrells Inlet at $220,200, the typical annual property tax bill reaches $1,620, falling below the national median of $2,690. Property taxes in Murrells Inlet 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 Murrells Inlet'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 Murrells Inlet 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
Murrells Inlet, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$1,299
Ownwell’s Murrells Inlet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Murrells Inlet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Murrells Inlet 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 Murrells Inlet, South Carolina
Property taxes in Murrells Inlet, South Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Murrells Inlet is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Murrells Inlet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Murrells Inlet 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 Murrells Inlet's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29576 zip code has the highest median property tax rate of 0.59%, while the same 29576 zip code also has the lowest median tax rate of 0.59%. Understanding how these cities compare with Murrells Inlet 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 Murrells Inlet Tax Rate
0.59%
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 Murrells Inlet, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29576 | 0.44% | 0.49% | 0.59% | 1.54% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Murrells Inlet, South Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Murrells Inlet, South Carolina. 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 Murrells Inlet, 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 Murrells Inlet helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in the 29576 zip code is $1,620, which provides a benchmark for property owners when evaluating their own tax liabilities.
Property Tax Assessment Values Across Murrells Inlet, South Carolina
Source: Ownwell
$13,100
$503,400
$993,700
Average Murrells Inlet Assessed Value
$220,200
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 Murrells Inlet, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29576 | $30,000 | $115,000 | $220,200 | $354,950 | $592,700 |
Source: Ownwell
Property Tax Bills Across Murrells Inlet, South Carolina
In Murrells Inlet, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. For instance, in Georgetown County, the median home price stands at $220,200. Homeowners in the area typically see a wide range in their tax bills, with the 25th percentile at $783 and the 75th percentile reaching $2,755. At the 90th percentile, tax bills can go as high as $6,095. Factors such as property improvements, location, and market trends can influence the assessed value, thus affecting the overall tax bill. Compared to the national median property tax rate of 0.99%, homeowners in Murrells Inlet might find their tax bills to be relatively variable depending on these factors. Understanding these elements can help homeowners better anticipate their annual property tax expenses and plan their finances accordingly.
Average Murrells Inlet Tax Bill
$1,620
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 Murrells Inlet, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29576 | $215 | $783 | $1,620 | $2,755 | $6,095 |
Source: Ownwell