Fripp Island, South Carolina Property Taxes
The median property tax rate in Fripp Island, SC is 1.72%, significantly higher than both the national median of 0.99% and South Carolina's state median of 0.72%. With the median home value in Fripp Island at $440,000, the typical annual property tax bill reaches $7,931, far exceeding the national median of $2,690. Property taxes in Fripp Island are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Fripp Island'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 Fripp Island or another part of Beaufort County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fripp Island, 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 Fripp Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fripp Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fripp Island 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 Fripp Island, South Carolina
Property taxes in Fripp Island, South Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fripp Island is 1.72%, significantly higher than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Fripp Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fripp Island 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 Fripp Island's effective property tax rate to other regions and the national median. For comparison, the 29920 zip code has the highest median property tax rate of 1.72%, while the same zip code also has the lowest median tax rate of 1.72%. Understanding how these cities compare with Fripp Island provides valuable insights into the varying tax landscape across Beaufort County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fripp Island Tax Rate
1.72%
Average Beaufort County Tax Rate
0.82%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fripp Island, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29920 | 1.54% | 1.61% | 1.72% | 2.23% | 2.53% |
Source: Ownwell
Property Tax Assessment Values Across Fripp Island, South Carolina
In Fripp Island, 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 Beaufort 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 Fripp Island, 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 Fripp Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Fripp Island are both $7,931, found in the zip code 29920.
Property Tax Assessment Values Across Fripp Island, South Carolina
Source: Ownwell
$24,200
$838,625
$1,653,050
Average Fripp Island Assessed Value
$440,000
Average Beaufort County Assessed Value
$278,200
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fripp Island, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29920 | $320,080 | $365,050 | $440,000 | $545,000 | $608,000 |
Source: Ownwell
Property Tax Bills Across Fripp Island, South Carolina
In Fripp Island, located in Beaufort County, SC, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the local tax assessor and is a percentage of the market value of the property. For instance, with a median home price of $440,000, the assessed value is used to calculate the property tax bill. Homeowners in Fripp Island can expect tax bills to vary significantly. The 25th percentile tax bill is around $7,752, while the 75th percentile tax bill reaches approximately $8,824. At the 90th percentile, tax bills can go up to $9,361. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Comparing this to the national median property tax rate of 0.99%, Fripp Island's property tax rates are notably higher, reflecting the area's property values and the local government's funding needs. This can significantly affect homeowners' financial planning and overall cost of living.
Average Fripp Island Tax Bill
$7,931
Average Beaufort County Tax Bill
$2,400
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Fripp Island, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29920 | $7,645 | $7,752 | $7,931 | $8,824 | $9,361 |
Source: Ownwell