Hemingway, South Carolina Property Taxes
The median property tax rate in Hemingway, 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 Hemingway, the typical annual property tax bill amounts to $308, well below the national median of $2,690. Property taxes in Hemingway are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hemingway'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 Hemingway 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
Hemingway, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$112
Ownwell’s Hemingway Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hemingway with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Hemingway to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-specific trends, additional localized information is available below. Your property’s assessed value is the value assigned by Florence County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Hemingway, South Carolina
Property taxes in Hemingway, 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 Hemingway is 0.42%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Hemingway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hemingway 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 Hemingway's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29554 zip code has the highest median property tax rate of 0.42%, while the same zip code also has the lowest median tax rate of 0.42%. Understanding how these cities compare with Hemingway provides valuable insights into the varying tax landscape across Florence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hemingway Tax Rate
0.42%
Average Florence County Tax Rate
0.45%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hemingway, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29554 | 0.33% | 0.37% | 0.42% | 2.27% | 2.27% |
Source: Ownwell
Property Tax Assessment Values Across Hemingway, South Carolina
In Hemingway, 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 Florence 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 Hemingway, 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 Hemingway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $308 in zip code 29554.
Property Tax Assessment Values Across Hemingway, South Carolina
Source: Ownwell
$12,935
$64,188
$115,440
Average Hemingway Assessed Value
$26,773
Average Florence County Assessed Value
$26,678
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hemingway, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29554 | $3,070 | $6,986 | $26,773 | $62,262 | $122,101 |
Source: Ownwell
Property Tax Bills Across Hemingway, South Carolina
In Hemingway, located in Florence County, SC, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the county assessor's office, which evaluates the market value of the property and applies an assessment ratio. For homeowners, the assessment ratio in South Carolina is typically 4% of the market value. Once the assessed value is established, the local tax rate, or millage rate, is applied to calculate the property tax bill. The median home price in Hemingway is $26,773, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $103, while at the 75th percentile, it rises to $696. At the 90th percentile, homeowners might see a tax bill as high as $1,245. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners in Hemingway benefit from relatively low property taxes compared to the national median property tax rate of 0.99%, making it an affordable place to live.
Average Hemingway Tax Bill
$308
Average Florence County Tax Bill
$515
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Hemingway, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29554 | $51 | $103 | $308 | $696 | $1,245 |
Source: Ownwell