Wadmalaw Island, South Carolina Property Taxes
The median property tax rate in Wadmalaw Island, SC is 0.55%, considerably lower than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in Wadmalaw Island at $177,438, the typical annual property tax bill reaches $1,131, which is below the national median of $2,690. Property taxes in Wadmalaw Island are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wadmalaw 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 Wadmalaw Island or another part of Charleston County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wadmalaw 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 Wadmalaw Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wadmalaw Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wadmalaw 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 Wadmalaw Island, South Carolina
Property taxes in Wadmalaw Island, South Carolina, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wadmalaw Island is 0.55%, which is lower than the U.S. national median of 0.99%. Local government entities within Wadmalaw Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wadmalaw 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 Wadmalaw Island's effective property tax rate to other areas in Charleston County and the national median. For comparison, the 29487 zip code has both the highest and lowest median property tax rate of 0.55%. Understanding how these areas compare with Wadmalaw 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 Wadmalaw Island Tax Rate
0.55%
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 Wadmalaw Island, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29487 | 0.33% | 0.38% | 0.55% | 1.45% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Wadmalaw Island, South Carolina
In Wadmalaw 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. In Wadmalaw 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 Wadmalaw Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 29487 has the highest and lowest median tax bill at $1,131.
Property Tax Assessment Values Across Wadmalaw Island, South Carolina
Source: Ownwell
$2,700
$2,101,350
$4,200,000
Average Wadmalaw Island Assessed Value
$177,438
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 Wadmalaw Island, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29487 | $11,630 | $64,075 | $177,438 | $549,175 | $927,720 |
Source: Ownwell
Property Tax Bills Across Wadmalaw Island, South Carolina
Property tax bills in Wadmalaw Island, located in Charleston County, SC, are calculated based on the assessed value of a property. The assessed value is a percentage of the market value, which is determined by the county assessor. Several factors influence the final tax bill, including the property's location, size, and any improvements made. For instance, the median home price in Wadmalaw Island is $177,438, and the property tax rate is applied to this assessed value to calculate the tax bill. Homeowners in Wadmalaw Island can expect varying tax bills depending on their property's value. The 25th percentile tax bill is around $457, while those in the 75th percentile pay approximately $2,638. At the higher end, the 90th percentile tax bill reaches up to $6,584. These figures show a significant range, reflecting the diversity in property values within the area. Compared to the national median property tax rate of 0.99%, the tax burden in Wadmalaw Island can vary widely, affecting homeowners differently based on their property's assessed value.
Average Wadmalaw Island Tax Bill
$1,131
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 Wadmalaw Island, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29487 | $195 | $457 | $1,131 | $2,638 | $6,584 |
Source: Ownwell