Modoc, South Carolina Property Taxes
The median property tax rate in Modoc, South Carolina is 1.11%, notably higher than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in Modoc at $91,750, the typical annual property tax bill reaches $564, which is significantly lower than the national median of $2,690. Property taxes in Modoc 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 Modoc'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 Modoc 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
Modoc, 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 Modoc Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Modoc with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Modoc 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 Modoc, South Carolina
Property taxes in Modoc, South Carolina, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Modoc is 1.11%, higher than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Modoc set these rates annually, and they can vary significantly across different neighborhoods. Each year, Modoc 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 Modoc's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29838 zip code has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Modoc provides valuable insights into the varying tax landscape across McCormick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Modoc Tax Rate
1.11%
Average Mccormick County Tax Rate
1.91%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Modoc, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29838 | 0.15% | 0.64% | 1.11% | 1.78% | 2.39% |
Source: Ownwell
Property Tax Assessment Values Across Modoc, South Carolina
In Modoc, 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 McCormick 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 Modoc, 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. For instance, the median home price in Modoc is $91,750, with tax bills ranging from $244 at the 25th percentile to $1,175 at the 90th percentile. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Awareness of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Modoc Assessed Value
$91,750
Average Mccormick County Assessed Value
$15,500
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Modoc, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29838 | $13,349 | $42,500 | $91,750 | $128,520 | $172,608 |
Source: Ownwell
Property Tax Bills Across Modoc, South Carolina
In Modoc, McCormick County, SC, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $91,750, the assessed value is determined by local tax assessors. This assessed value is then multiplied by the local tax rate to calculate the tax bill. Homeowners in Modoc can expect a range of tax bills. At the 25th percentile, the tax bill is about $244, while at the 75th percentile, it rises to $1,067. The highest tax bills, at the 90th percentile, can reach up to $1,175. These figures illustrate how property taxes can vary significantly based on home value and specific local assessments. The impact on homeowners is substantial; higher property values and assessment rates lead to higher tax bills. Comparatively, Modoc's tax rates can be seen as moderate when considering the national median property tax rate of 0.99%. This variation in tax bills emphasizes the importance of accurate property assessments and understanding local tax obligations.
Average Modoc Tax Bill
$564
Average Mccormick County Tax Bill
$213
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Modoc, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29838 | $171 | $244 | $564 | $1,067 | $1,175 |
Source: Ownwell