Cheraw, South Carolina Property Taxes
The median property tax rate in Cheraw, SC is 0.42%, 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 Cheraw, the typical annual property tax bill is $26, far below the national median of $2,690. Property taxes in Cheraw are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cheraw'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 Cheraw 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
Cheraw, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$25
$23
Ownwell’s Cheraw Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Cheraw with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Cheraw to provide an accurate property tax bill estimate. This valuable tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed information, scrolling down reveals trends at the neighborhood level. Your property’s assessed value is determined by Chesterfield County for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Cheraw, South Carolina
Property taxes in Cheraw, 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 Cheraw is 0.42%, significantly lower than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Cheraw set these rates annually, and they can vary across different neighborhoods. Each year, Cheraw 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 Cheraw's effective property tax rate to other areas in Chesterfield County and the national median. For comparison, the zip code 29520 has both the highest and lowest median property tax rate of 0.42%. Understanding how these areas compare with Cheraw provides valuable insights into the varying tax landscape across Chesterfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cheraw Tax Rate
0.42%
Average Chesterfield County Tax Rate
0.41%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cheraw, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29520 | 0.33% | 0.41% | 0.42% | 0.51% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Cheraw, South Carolina
In Cheraw, 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 Chesterfield 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 Cheraw, 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. For instance, in Cheraw, the median home price is $6,000, with tax bills ranging from $21 at the 25th percentile to $120 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cheraw Assessed Value
$6,000
Average Chesterfield County Assessed Value
$6,000
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cheraw, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29520 | $3,150 | $5,000 | $6,000 | $9,000 | $36,470 |
Source: Ownwell
Property Tax Bills Across Cheraw, South Carolina
Property tax bills in Cheraw, Chesterfield County, SC are determined based on the assessed value of a property, which is a percentage of its market value. The median home price in this area is $6,000. Tax rates are applied to the assessed value to calculate the annual tax bill. Factors influencing the tax bill include the property's market value, assessment ratio, and the local tax rate. For homeowners in Cheraw, property tax bills can vary significantly. At the 25th percentile, the tax bill is around $21, while at the 75th percentile, it rises to approximately $41. For those at the 90th percentile, the tax bill can be as high as $120. These figures are relatively low compared to the national median property tax rate of 0.99%, making Cheraw an attractive option for homeowners looking to minimize their tax burden. Understanding these factors helps homeowners anticipate their annual expenses and budget accordingly, ensuring they are well-prepared for their property tax obligations.
Average Cheraw Tax Bill
$26
Average Chesterfield County Tax Bill
$26
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Cheraw, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29520 | $11 | $21 | $26 | $41 | $120 |
Source: Ownwell