Little River, South Carolina Property Taxes
The median property tax rate in Little River, SC is 0.48%, significantly lower than both the national median of 0.99% and the South Carolina state median of 0.72%. With a median home value of $156,525 in Little River, the typical annual property tax bill is $957, well below the national median of $2,690. Property taxes in Little River are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Little River'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 Little River 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
Little River, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$751
Ownwell’s Little River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Little River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Little River 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 Little River, South Carolina
Property taxes in Little River, South Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Little River is 0.48%, which is significantly lower than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Little River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Little River 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 Little River's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29566 zip code has both the highest and lowest median property tax rate of 0.48%. Understanding how these cities compare with Little River provides valuable insights into the varying tax landscape across Horry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Little River Tax Rate
0.48%
Average Horry County Tax Rate
0.81%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Little River, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29566 | 0.32% | 0.36% | 0.48% | 1.35% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Little River, South Carolina
In Little River, 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 Horry 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 Little River, 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. The median home price in Little River is $156,525, with tax bills ranging from $629 at the 25th percentile to $2,738 at the 90th percentile. The zip code 29566 has both the highest and lowest median tax bill at $957. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Little River, South Carolina
Source: Ownwell
$5,650
$209,880
$414,110
Average Little River Assessed Value
$156,525
Average Horry County Assessed Value
$160,000
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Little River, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29566 | $57,326 | $90,000 | $156,525 | $215,335 | $282,049 |
Source: Ownwell
Property Tax Bills Across Little River, South Carolina
In Little River, located in Horry County, SC, property tax bills are calculated based on the assessed value of a property. The assessed value is a percentage of the property's market value, which is determined by the county assessor. Various factors, such as the property's location, size, and improvements, play a role in determining its market value. Once the assessed value is established, the tax rate, known as the millage rate, is applied to calculate the tax bill. Homeowners in Little River experience a range of property tax bills. For instance, the 25th percentile tax bill is around $629, while the 75th percentile tax bill rises to approximately $1,611. At the higher end, the 90th percentile tax bill can reach up to $2,738. Regardless of the variations, the median property tax bill in the 29566 zip code stands at $957, which is below the national median property tax rate of 0.99%. This relatively lower tax burden can be beneficial for homeowners, making Little River an attractive place for property investment.
Average Little River Tax Bill
$957
Average Horry County Tax Bill
$1,084
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Little River, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29566 | $345 | $629 | $957 | $1,611 | $2,738 |
Source: Ownwell