Waxhaw, South Carolina Property Taxes
The median property tax rate in Waxhaw, SC is 1.98%, significantly higher than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in Waxhaw, the typical annual property tax bill reaches $348, which is well below the national median of $2,690. Property taxes in Waxhaw 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 Waxhaw'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 Waxhaw or another part of Lancaster County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waxhaw, 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 Waxhaw Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Waxhaw with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waxhaw 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 Lancaster County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Waxhaw, South Carolina
Property taxes in Waxhaw, South Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waxhaw is 1.98%, significantly higher than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Waxhaw set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waxhaw 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 Waxhaw's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 28173 zip code has the highest median property tax rate of 1.98%, while the 28173 zip code also has the lowest median tax rate of 1.98%. Understanding how these cities compare with Waxhaw provides valuable insights into the varying tax landscape across Lancaster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waxhaw Tax Rate
1.98%
Average Lancaster County Tax Rate
0.65%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waxhaw, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28173 | 1.98% | 1.98% | 1.98% | 1.99% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Waxhaw, South Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Waxhaw, 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 Lancaster 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. 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 Waxhaw helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Waxhaw are both $348, found in the 28173 zip code.
Average Waxhaw Assessed Value
$17,550
Average Lancaster County Assessed Value
$164,500
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waxhaw, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28173 | $15,990 | $16,575 | $17,550 | $18,525 | $19,110 |
Source: Ownwell
Property Tax Bills Across Waxhaw, South Carolina
In Waxhaw, Lancaster County, SC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Waxhaw can expect their property tax bills to vary depending on several factors, including the assessed value of their home and the local tax rate. The median home price in Waxhaw stands at $17,550, with the 25th percentile tax bill at $329 and the 75th percentile tax bill at $367. The highest median tax bill in the area is $348, which is notably lower than the national median property tax rate of 0.99%. These tax bills reflect the efficiency of local tax administration and the relatively low property values in the region. For homeowners, understanding these factors can help in budgeting for annual expenses and making informed decisions about property investments.
Average Waxhaw Tax Bill
$348
Average Lancaster County Tax Bill
$1,306
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Waxhaw, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28173 | $318 | $329 | $348 | $367 | $378 |
Source: Ownwell