Fairfax, South Carolina Property Taxes
The median property tax rate in Fairfax, SC is 2.37%, 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 Fairfax, the typical annual property tax bill reaches $288, which is below the national median of $2,690. Property taxes in Fairfax 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 Fairfax'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 Fairfax 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
Fairfax, South Carolina Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,440
Ownwell’s Fairfax Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Fairfax with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairfax to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, factoring in any applicable exemptions.
Property Tax Rates Across Fairfax, South Carolina
Property taxes in Fairfax, 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 Fairfax is 2.37%, significantly higher than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Fairfax set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairfax 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 Fairfax's effective property tax rate to other counties in South Carolina and the national median. For comparison, the zip code 29827 has both the highest and lowest median property tax rate of 2.37%. Understanding how these cities compare with Fairfax provides valuable insights into the varying tax landscape across Hampton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairfax Tax Rate
2.37%
Average Hampton County Tax Rate
1.01%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairfax, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29827 | 0.67% | 0.99% | 2.37% | 2.99% | 3.00% |
Source: Ownwell
Property Tax Assessment Values Across Fairfax, South Carolina
In Fairfax, 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 Hampton 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 Fairfax, 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 Fairfax helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 29827 has the highest and the lowest median tax bill, both at $288, reflecting a significant range in property tax obligations.
Average Fairfax Assessed Value
$11,000
Average Hampton County Assessed Value
$23,800
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairfax, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29827 | $1,790 | $6,600 | $11,000 | $41,600 | $88,385 |
Source: Ownwell
Property Tax Bills Across Fairfax, South Carolina
In Fairfax, South Carolina, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the market value of the property. Homeowners in Fairfax experience a range of tax bills depending on their specific property values and the applicable tax rate. For example, the 25th percentile tax bill is around $230, while the 75th percentile reaches up to $783. At the higher end, the 90th percentile tax bill can be as much as $1990. These figures indicate significant variation in property tax bills within the area, reflecting differences in property values and possibly local tax rates. Compared to the national median property tax rate of 0.99%, Fairfax's property taxes can be relatively low or high depending on the specific assessed value and location within the city. Homeowners must consider these factors when budgeting for annual property expenses, as they directly influence the total tax burden.
Average Fairfax Tax Bill
$288
Average Hampton County Tax Bill
$543
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairfax, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29827 | $121 | $230 | $288 | $783 | $1,990 |
Source: Ownwell