Lake City, South Carolina Property Taxes
The median property tax rate in Lake City, SC is 0.63%, which is lower than both the national median of 0.99% and the South Carolina state median of 0.72%. With a median home value of $40,276 in Lake City, the typical annual property tax bill amounts to $401, well below the national median of $2,690. Property taxes in Lake City are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lake City'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 Lake City or elsewhere in the area, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake City, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$254
Ownwell’s Lake City Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lake City with just two simple data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Lake City to provide an accurate estimate of your property tax bill. This insightful tool allows you to understand your potential tax liabilities with ease. For those interested in more granular data, scrolling down reveals trends and localized information at the neighborhood level. Your property’s assessed value, assigned by Florence County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Lake City, South Carolina
Property taxes in Lake City, South Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake City is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Lake City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake City 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 City's effective property tax rate to other areas in Florence County and the national median. For comparison, the zip code 29560 has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Lake City 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 Lake City Tax Rate
0.63%
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 Lake City, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29560 | 0.21% | 0.31% | 0.63% | 2.61% | 2.62% |
Source: Ownwell
Property Tax Assessment Values Across Lake City, South Carolina
In Lake City, 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 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 City, 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, the median home price in Lake City is $40,276, with tax bills ranging from $154 at the 25th percentile to $1,510 at the 90th percentile. The zip code 29560 has both the highest and lowest median tax bill of $401. 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 City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lake City, South Carolina
Source: Ownwell
$12,935
$64,188
$115,440
Average Lake City Assessed Value
$40,276
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 Lake City, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29560 | $4,080 | $14,087 | $40,276 | $73,591 | $129,045 |
Source: Ownwell
Property Tax Bills Across Lake City, South Carolina
In Lake City, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For homeowners, the median home price is $40,276. The tax rate in Florence County determines the final bill, which can vary significantly. For instance, the 25th percentile tax bill is $154, while the 75th percentile reaches $868, and the 90th percentile can be as high as $1,510. Several factors influence these calculations, including the property's location, its assessed value, and any applicable exemptions or deductions. The highest and lowest median tax bills in the area both stand at $401, specifically in the 29560 zip code. Compared to the national median property tax rate of 0.99%, the rates in Lake City may seem more manageable, but they can still impact homeowners' finances considerably. Understanding these factors is crucial for homeowners to anticipate their expenses and plan their budgets effectively.
Average Lake City Tax Bill
$401
Average Florence County Tax Bill
$515
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake City, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29560 | $60 | $154 | $401 | $868 | $1,510 |
Source: Ownwell