Sullivans Island, South Carolina Property Taxes
The median property tax rate in Sullivans Island, SC is 0.45%, significantly lower than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in Sullivans Island at $1,756,450, the typical annual property tax bill reaches $11,095, far exceeding the national median of $2,690. Property taxes in Sullivans Island are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sullivans 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 Sullivans Island 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
Sullivans Island, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$7,904
Ownwell’s Sullivans Island Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Sullivans Island with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Sullivans Island to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those 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 Charleston County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Sullivans Island, South Carolina
Property taxes in Sullivans Island, South Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sullivans Island is 0.45%, which is lower than the U.S. national median of 0.99%. Local government entities within Sullivans Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sullivans 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 Sullivans Island's effective property tax rate to other areas in Charleston County and the national median. For comparison, the zip code 29482 has both the highest and lowest median property tax rate of 0.45%. Understanding how these cities compare with Sullivans Island provides valuable insights into the varying tax landscape across Charleston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sullivans Island Tax Rate
0.45%
Average Charleston County Tax Rate
0.53%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sullivans Island, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29482 | 0.35% | 0.41% | 0.45% | 1.39% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Sullivans Island, South Carolina
In Sullivans 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 Charleston County Assessor's Office 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 in Sullivans Island 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 Sullivans Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 29482 has both the highest and lowest median tax bill at $11,095.
Property Tax Assessment Values Across Sullivans Island, South Carolina
Source: Ownwell
$2,700
$2,101,350
$4,200,000
Average Sullivans Island Assessed Value
$1,756,450
Average Charleston County Assessed Value
$305,700
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sullivans Island, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29482 | $925,000 | $1,191,250 | $1,756,450 | $2,748,750 | $3,601,500 |
Source: Ownwell
Property Tax Bills Across Sullivans Island, South Carolina
In Sullivans Island, Charleston County, SC, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price here is $1,756,450, significantly higher than the national median. Property taxes are determined by multiplying the assessed value by the local tax rate. For instance, the median tax bill in the area is $11,095. Factors considered in determining the tax bill include the property's assessed value, any applicable exemptions, and the local tax rate. Homeowners in Sullivans Island can expect their tax bills to vary widely, with the 25th percentile paying around $6,231 and the 90th percentile facing bills as high as $41,419. This significant range reflects the diversity in property values and the impact of local tax policies. High property values in Sullivans Island mean that homeowners often face higher tax bills compared to the national median property tax rate of 0.99%.
Average Sullivans Island Tax Bill
$11,095
Average Charleston County Tax Bill
$1,751
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Sullivans Island, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29482 | $3,888 | $6,231 | $11,095 | $20,838 | $41,419 |
Source: Ownwell