Patrick, South Carolina Property Taxes
The median property tax rate in Patrick, SC is 0.41%, 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 Patrick, the typical annual property tax bill is $25, far below the national median of $2,690. Property taxes in Patrick 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 Patrick'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 Patrick 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
Patrick, 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 Patrick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Patrick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Patrick 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 Patrick, South Carolina
Property taxes in Patrick, South Carolina, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Patrick is 0.41%, significantly lower than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Patrick set these rates annually, and they can vary across different neighborhoods. Each year, Patrick 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 Patrick's effective property tax rate to other areas in Chesterfield County and the national median. For comparison, the zip code 29584 has the highest median property tax rate of 0.41%, while the same zip code also has the lowest median tax rate of 0.41%. Understanding how these areas compare with Patrick 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 Patrick Tax Rate
0.41%
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 Patrick, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29584 | 0.14% | 0.34% | 0.41% | 0.41% | 0.41% |
Source: Ownwell
Property Tax Assessment Values Across Patrick, South Carolina
In Patrick, 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 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 Patrick, 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. For instance, properties in the 25th percentile have tax bills around $21, while those in the 75th percentile see tax bills around $35. 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 Patrick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Patrick 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 Patrick, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29584 | $5,000 | $5,000 | $6,000 | $14,775 | $39,950 |
Source: Ownwell
Property Tax Bills Across Patrick, South Carolina
In Patrick, located in Chesterfield County, SC, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the market value of the home. For instance, a median home price in Patrick is around $6,000. The local tax rate is applied to this assessed value to determine the annual property tax bill. Various factors influence this calculation, including property size, location, and any applicable exemptions or deductions. Homeowners in Patrick can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is approximately $21, while at the 75th percentile, it's around $35. For those in the 90th percentile, the tax bill can reach up to $83. Compared to the national median property tax rate of 0.99%, Patrick's property taxes are relatively low. This can be beneficial for homeowners, as lower property taxes can reduce the overall cost of homeownership, making it more affordable to maintain and invest in their properties.
Average Patrick Tax Bill
$25
Average Chesterfield County Tax Bill
$26
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Patrick, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29584 | $18 | $21 | $25 | $35 | $83 |
Source: Ownwell