Hampton, South Carolina Property Taxes
The median property tax rate in Hampton, SC is 1.19%, 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 Hampton at $49,300, the typical annual property tax bill reaches $857, exceeding the national median of $2,690. Property taxes in Hampton 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 Hampton'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 Hampton 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
Hampton, 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 Hampton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Hampton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hampton to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those 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 Hampton, South Carolina
Property taxes in Hampton, South Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hampton is 1.19%, higher than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Hampton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hampton 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 Hampton's effective property tax rate to other counties in South Carolina and the national median. For comparison, the zip code 29924 has both the highest and lowest median property tax rate of 1.19%. Understanding how these cities compare with Hampton 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 Hampton Tax Rate
1.19%
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 Hampton, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29924 | 0.45% | 0.78% | 1.19% | 2.99% | 3.34% |
Source: Ownwell
Property Tax Assessment Values Across Hampton, South Carolina
In Hampton, 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 local 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 Hampton, 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 Hampton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Hampton is $857 in the 29924 zip code, which also has the lowest median tax bill of $857.
Average Hampton Assessed Value
$49,300
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 Hampton, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29924 | $3,700 | $11,700 | $49,300 | $97,100 | $155,500 |
Source: Ownwell
Property Tax Bills Across Hampton, South Carolina
In Hampton, SC, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $49,300, the assessed value is determined by local assessment rates. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Homeowners in Hampton can expect varying tax bills depending on their property's assessed value. For example, the 25th percentile tax bill is around $382, while the 75th percentile tax bill is approximately $1,571. At the higher end, the 90th percentile tax bill reaches up to $2,465. Despite these variations, the median property tax bill in Hampton is notably lower than the national median property tax rate of 0.99%. These property tax bills significantly impact homeowners, influencing their annual budgeting and long-term financial planning. Understanding how these taxes are calculated helps homeowners in Hampton better manage their expenses and anticipate future tax obligations.
Average Hampton Tax Bill
$857
Average Hampton County Tax Bill
$543
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Hampton, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29924 | $146 | $382 | $857 | $1,571 | $2,465 |
Source: Ownwell