Lamar, South Carolina Property Taxes
The median property tax rate in Lamar, SC is 0.80%, slightly lower than the national median of 0.99% but higher than the South Carolina state median of 0.72%. With the median home value in Lamar at $15,220, the typical annual property tax bill is around $150, significantly below the national median of $2,690. Property taxes in Lamar are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural land. Understanding Lamar's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lamar or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lamar, 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 Lamar Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lamar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lamar 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 Lamar, South Carolina
Property taxes in Lamar, South Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lamar is 0.80%, which is lower than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Lamar set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lamar 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 Lamar's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29069 zip code has the highest median property tax rate of 0.80%, while the same zip code also has the lowest median tax rate of 0.80%. Understanding how these areas compare with Lamar provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lamar Tax Rate
0.80%
Average Lee County Tax Rate
0.82%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lamar, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29069 | 0.11% | 0.74% | 0.80% | 2.13% | 2.22% |
Source: Ownwell
Property Tax Assessment Values Across Lamar, South Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lamar, 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 Lee 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 Lamar, 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 Lamar helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 29069 has both the highest and lowest median tax bills, each at $150.
Average Lamar Assessed Value
$15,220
Average Lee County Assessed Value
$18,320
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lamar, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29069 | $4,006 | $6,815 | $15,220 | $30,135 | $71,274 |
Source: Ownwell
Property Tax Bills Across Lamar, South Carolina
In Lamar, SC, property tax bills are calculated based on the assessed value of a property, which is a percentage of the market value. The local tax rate, or millage rate, is then applied to this assessed value to determine the annual tax bill. Factors such as property location within Lee County, property type, and any applicable exemptions or abatements can influence the assessed value and, consequently, the tax bill. For homeowners in Lamar, the median home price is $15,220. The tax bill for the 25th percentile is $68, while the 75th percentile sees a tax bill of $259. Those in the 90th percentile face a tax bill of $476. Comparatively, the national median property tax rate is 0.99%, making Lamar's property tax rates relatively modest. The highest and lowest median tax bills in Lamar are both $150, indicating a consistent tax rate across different zip codes. These property taxes directly impact homeowners by influencing their annual financial obligations, potentially affecting their overall housing affordability and long-term investment in their property.
Average Lamar Tax Bill
$150
Average Lee County Tax Bill
$174
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Lamar, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29069 | $10 | $68 | $150 | $259 | $476 |
Source: Ownwell