Latta, South Carolina Property Taxes
The median property tax rate in Latta, SC is 2.31%, considerably higher than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in Latta, the typical annual property tax bill reaches $292, which is significantly lower than the national median of $2,690. Property taxes in Latta 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 Latta'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 Latta 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
Latta, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.31%
Estimate Property Tax Bill
$265
Ownwell’s Latta Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Latta with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Latta 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 Latta, South Carolina
Property taxes in Latta, 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 Latta is 2.31%, significantly higher than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Latta set these rates annually, and they can vary significantly across different neighborhoods. Each year, Latta 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 Latta's effective property tax rate to other counties in South Carolina and the national median. For comparison, the zip code 29565 has the highest median property tax rate of 2.31%, while also having the lowest median tax rate of 2.31%. Understanding how these cities compare with Latta 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 Latta Tax Rate
2.31%
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 Latta, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29565 | 0.83% | 1.76% | 2.31% | 2.62% | 6.82% |
Source: Ownwell
Property Tax Assessment Values Across Latta, South Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Latta, South Carolina. 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 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 Latta, 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 Latta helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bills is 29565, with a median tax bill of $292.
Average Latta Assessed Value
$11,460
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 Latta, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29565 | $3,270 | $7,052 | $11,460 | $38,831 | $69,470 |
Source: Ownwell
Property Tax Bills Across Latta, South Carolina
In Latta, located in Dillon 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 in Latta is $11,460. Homeowners can expect a tax bill that varies significantly, with the 25th percentile at $171 and the 75th percentile reaching $686. For those in the 90th percentile, tax bills can climb as high as $1,451. The tax bill is determined by multiplying the assessed value by the local tax rate. Various factors, such as property location, improvements, and market conditions, influence the assessed value. Homeowners in Latta face a median tax bill of $292, which is considerably lower than the national median property tax rate of 0.99%. This lower tax burden can make Latta an attractive option for those looking to minimize their annual property expenses. However, it’s essential for homeowners to stay informed about any changes in local tax policies that could impact their future tax bills.
Average Latta Tax Bill
$292
Average Dillon County Tax Bill
$372
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Latta, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29565 | $122 | $171 | $292 | $686 | $1,451 |
Source: Ownwell