Olanta, South Carolina Property Taxes
The median property tax rate in Olanta, SC is 0.31%, 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 Olanta being $48,900, the typical annual property tax bill is just $238, well below the national median of $2,690. Property taxes in Olanta 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 Olanta'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 Olanta or another part of Florence County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Olanta, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.31%
Estimate Property Tax Bill
$152
$141
Ownwell’s Olanta Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olanta with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olanta 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 Olanta, South Carolina
Property taxes in Olanta, 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 Olanta is 0.31%, significantly lower than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Olanta set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olanta 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. Understanding how these cities compare with Olanta 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 Olanta Tax Rate
0.31%
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 Olanta, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29114 | 0.14% | 0.31% | 0.31% | 1.93% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Olanta, South Carolina
In Olanta, 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. 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. In Olanta, the highest median tax bill is $238 in zip code 29114, while the lowest median tax bill is also $238 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Olanta Assessed Value
$48,900
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 Olanta, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29114 | $6,548 | $18,830 | $48,900 | $78,410 | $127,714 |
Source: Ownwell
Property Tax Bills Across Olanta, South Carolina
In Olanta, located in Florence County, SC, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For a home with a median price of $48,900, the tax bill can vary significantly. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. For example, the 25th percentile tax bill in Olanta is around $117, while the 75th percentile reaches up to $545. At the 90th percentile, homeowners might see a tax bill as high as $1,176. These variations reflect differences in property values and any applicable tax exemptions or reductions. Compared to the national median property tax rate of 0.99%, Olanta’s property tax rates can be more manageable for homeowners, especially given the relatively low median home prices. Understanding these factors helps homeowners anticipate their annual tax liabilities and budget accordingly.
Average Olanta Tax Bill
$238
Average Florence County Tax Bill
$515
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Olanta, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29114 | $46 | $117 | $238 | $545 | $1,176 |
Source: Ownwell