Lake View, South Carolina Property Taxes
The median property tax rate in Lake View, SC is 2.32%, significantly higher than both the national median of 0.99% and the South Carolina state median of 0.72%. With a median home value of $14,619 in Lake View, the typical annual property tax bill amounts to $301, which is below the national median of $2,690. Property taxes in Lake View are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lake View's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lake View or another part of Dillon County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake View, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.32%
Estimate Property Tax Bill
$339
Ownwell’s Lake View Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake View with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake View 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 Lake View, South Carolina
Property taxes in Lake View, South Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake View is 0.56%, which is significantly lower than both the South Carolina state median of 0.57% and the U.S. national median of 0.99%. Local government entities within Lake View set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake View 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 Lake View's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29651 zip code has the highest median property tax rate of 0.9%, while the 29161 zip code has the lowest median tax rate of 0.3%. Understanding how these cities compare with Lake View provides valuable insights into the varying tax landscape across Dillon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake View Tax Rate
2.32%
Average Dillon County Tax Rate
2.15%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake View, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29563 | 1.64% | 1.83% | 2.32% | 2.79% | 4.53% |
Source: Ownwell
Property Tax Assessment Values Across Lake View, South Carolina
In Lake View, 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 Dillon 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 Lake View, 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 example, in zip code 29563, the median tax bill is $301. 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 Lake View helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake View Assessed Value
$14,619
Average Dillon County Assessed Value
$19,512
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake View, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29563 | $2,532 | $6,182 | $14,619 | $48,928 | $76,896 |
Source: Ownwell
Property Tax Bills Across Lake View, South Carolina
In Lake View, Dillon County, SC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. The assessed value is a percentage of the market value, reflecting the worth of the property. Factors influencing the tax bill include the property's location, size, and condition, along with any applicable exemptions or deductions. Homeowners in Lake View can expect varying tax bills. For instance, the 25th percentile tax bill is around $208, while the 75th percentile reaches approximately $776. At the higher end, the 90th percentile tax bill can climb to $1,827. Comparatively, the highest median tax bill in Dillon County is $301, found in the zip code 29563. These tax bills impact homeowners by contributing to local services and infrastructure. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly, ensuring they can manage their property-related expenses effectively.
Average Lake View Tax Bill
$301
Average Dillon County Tax Bill
$372
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake View, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29563 | $65 | $208 | $301 | $776 | $1,827 |
Source: Ownwell