Wedgefield, South Carolina Property Taxes
The median property tax rate in Wedgefield, SC is 1.89%, significantly higher than both the national median of 0.99% and the South Carolina state median of 0.72%. With a median home value of $12,000 in Wedgefield, the typical annual property tax bill is $175, which is substantially lower than the national median of $2,690. Property taxes in Wedgefield 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 Wedgefield'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 Wedgefield or another part of Sumter County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wedgefield, 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 Wedgefield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wedgefield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wedgefield 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 Wedgefield, South Carolina
Property taxes in Wedgefield, South Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wedgefield is 1.89%, significantly higher than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Wedgefield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wedgefield 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 Wedgefield's effective property tax rate to other areas in South Carolina and the national median. For comparison, the zip code 29168 has the highest median property tax rate of 1.89%, while the same zip code also has the lowest median tax rate of 1.89%. Understanding how these areas compare with Wedgefield provides valuable insights into the varying tax landscape across Sumter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wedgefield Tax Rate
1.89%
Average Sumter County Tax Rate
1.06%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wedgefield, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29168 | 0.42% | 0.63% | 1.89% | 1.96% | 2.30% |
Source: Ownwell
Property Tax Assessment Values Across Wedgefield, South Carolina
In Wedgefield, 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 local 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 Wedgefield, 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 Wedgefield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 29168 has both the highest and lowest median tax bills at $175, reflecting the uniformity in the local tax assessments.
Property Tax Assessment Values Across Wedgefield, South Carolina
Source: Ownwell
$5,824
$53,262
$100,700
Average Wedgefield Assessed Value
$12,000
Average Sumter County Assessed Value
$37,792
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wedgefield, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29168 | $4,941 | $7,373 | $12,000 | $37,472 | $108,175 |
Source: Ownwell
Property Tax Bills Across Wedgefield, South Carolina
In Wedgefield, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate in Sumter County, where Wedgefield is located, is applied to this assessed value to determine the annual tax bill. For homeowners in this area, several factors influence the final tax amount, including the assessed value of the property, any applicable exemptions, and the local tax rate. Homeowners in Wedgefield can expect varying tax bills. For example, those at the 25th percentile pay around $93 annually, while those at the 75th percentile pay approximately $359. The tax bill for properties at the 90th percentile can reach up to $934. These figures show a significant range, reflecting differences in property values and potential exemptions. Compared to the national median property tax rate of 0.99%, Wedgefield's rates may offer some relief to homeowners, depending on their property's assessed value and eligibility for exemptions.
Average Wedgefield Tax Bill
$175
Average Sumter County Tax Bill
$351
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Wedgefield, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29168 | $59 | $93 | $175 | $359 | $934 |
Source: Ownwell