Loris, South Carolina Property Taxes
The median property tax rate in Loris, SC is 0.50%, 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 Loris at $88,685, the typical annual property tax bill reaches $537, significantly below the national median of $2,690. Property taxes in Loris 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 Loris'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 Loris 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
Loris, 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 Loris Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loris with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loris 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 Loris, South Carolina
Property taxes in Loris, 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 Loris is 0.50%, which is lower than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Loris set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loris 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 Loris's effective property tax rate to other areas in Horry County and the national median. For comparison, the zip code 29569 in Horry County has both the highest and lowest median property tax rate of 0.50%. Understanding how these areas compare with Loris 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 Loris Tax Rate
0.50%
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 Loris, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29569 | 0.19% | 0.34% | 0.50% | 1.27% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Loris, South Carolina
In Loris, 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 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 Loris, 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 Loris helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $537, found in the 29569 zip code, which also has the lowest median tax bill.
Average Loris Assessed Value
$88,685
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 Loris, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29569 | $14,865 | $39,200 | $88,685 | $163,780 | $244,540 |
Source: Ownwell
Property Tax Bills Across Loris, South Carolina
In Loris, property tax bills are calculated based on the assessed value of a home, which is determined by the Horry County Assessor's office. The median home price in Loris is $88,685, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, and consequently, the tax bill. Homeowners in Loris can expect to pay different amounts depending on their property's assessed value. For instance, the 25th percentile tax bill is $229, while the 75th percentile tax bill is $945, and the 90th percentile tax bill reaches $1,638. These variations highlight the impact of property characteristics on tax obligations. Compared to the national median property tax rate of 0.99%, Loris homeowners experience relatively lower tax bills, which can be beneficial for budgeting and long-term financial planning.
Average Loris Tax Bill
$537
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 Loris, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29569 | $73 | $229 | $537 | $945 | $1,638 |
Source: Ownwell