Murrells Inlet, South Carolina Property Taxes
The median property tax rate in Murrells Inlet, SC is 0.45%, significantly 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 $204,240, the typical annual property tax bill amounts to $1,147, well below the national median of $2,690. Property taxes in Murrells Inlet are calculated based on the tax assessed value, which often 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
0.45%
Estimate Property Tax Bill
$919
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 essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Murrells Inlet is 0.45%, significantly lower than the U.S. national median of 0.99%. Local government entities within Murrells Inlet set these rates annually, and they can vary 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 areas in Horry County and the national median. For comparison, the zip code 29576 has both the highest and lowest median property tax rate of 0.45%. Understanding how these areas compare with Murrells Inlet 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 Murrells Inlet Tax Rate
0.45%
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 Murrells Inlet, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29576 | 0.30% | 0.35% | 0.45% | 1.30% | 1.59% |
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 Horry County Assessor's Office 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. The median home price in Murrells Inlet is $204,240, with tax bills ranging from $686 at the 25th percentile to $3,781 at the 90th percentile. The zip code with the highest and lowest median tax bill is 29576, both at $1,147. 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 Murrells Inlet, South Carolina
Source: Ownwell
$5,650
$209,880
$414,110
Average Murrells Inlet Assessed Value
$204,240
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 Murrells Inlet, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29576 | $58,480 | $136,050 | $204,240 | $289,730 | $365,000 |
Source: Ownwell
Property Tax Bills Across Murrells Inlet, South Carolina
In Murrells Inlet, Horry County, SC, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is a percentage of the market value of the home, which in this region has a median home price of $204,240. The local tax rate in Horry County can significantly impact the final tax bill. For instance, homeowners at the 25th percentile pay around $686, while those at the 75th percentile face bills up to $2,142. At the 90th percentile, the tax bill can reach $3,781. The median tax bill in the area stands at $1,147, which is relatively low compared to the national median property tax rate of 0.99%. These variations in tax bills depend on factors such as property location, exemptions, and improvements. For homeowners, understanding these elements is crucial as they directly influence annual financial obligations and overall affordability of owning property in Murrells Inlet.
Average Murrells Inlet Tax Bill
$1,147
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 Murrells Inlet, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29576 | $263 | $686 | $1,147 | $2,142 | $3,781 |
Source: Ownwell