Isle Of Palms, South Carolina Property Taxes
The median property tax rate in Isle of Palms, SC is 1.69%, 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 Isle of Palms, the typical annual property tax bill reaches $659, which is significantly below the national median of $2,690. Property taxes in Isle of Palms 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 Isle of Palms' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Isle of Palms 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
Isle Of Palms, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.69%
Estimate Property Tax Bill
$657
Ownwell’s Isle of Palms Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Isle of Palms with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Isle of Palms 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 Isle Of Palms, South Carolina
Property taxes in Isle of Palms, South Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Isle of Palms is 1.69%, significantly higher than the U.S. national median of 0.99%. Local government entities within Isle of Palms set these rates annually, and they can vary significantly across different neighborhoods. Each year, Isle of Palms 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 Isle of Palms' effective property tax rate to other areas and the national median. For comparison, the 29451 zip code has the highest median property tax rate of 1.69%, while the same 29451 zip code also has the lowest median tax rate of 1.69%. Understanding how these cities compare with Isle of Palms provides valuable insights into the varying tax landscape across Georgetown County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Isle Of Palms Tax Rate
1.69%
Average Georgetown County Tax Rate
0.91%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Isle Of Palms, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29451 | 1.69% | 1.69% | 1.69% | 1.69% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Isle Of Palms, South Carolina
In Isle of Palms, 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 Georgetown 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 Isle of Palms, 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 Isle of Palms helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 29451, both standing at $659.
Property Tax Assessment Values Across Isle Of Palms, South Carolina
Source: Ownwell
$13,100
$503,400
$993,700
Average Isle Of Palms Assessed Value
$38,900
Average Georgetown County Assessed Value
$155,000
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Isle Of Palms, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29451 | $38,900 | $38,900 | $38,900 | $38,900 | $38,900 |
Source: Ownwell
Property Tax Bills Across Isle Of Palms, South Carolina
In Isle of Palms, located in Georgetown County, SC, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate, known as the millage rate, is then applied to this assessed value. For instance, if a home has an assessed value of $38,900, the tax bill is determined by multiplying this value by the millage rate set by local authorities. Several factors influence the assessed value, including property size, location, and market conditions. Homeowners in Isle of Palms can expect a median property tax bill of $659, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable, but it also means that local services and infrastructure might rely more heavily on other funding sources. Understanding these factors can help homeowners plan their finances and anticipate changes in their tax obligations.
Average Isle Of Palms Tax Bill
$659
Average Georgetown County Tax Bill
$1,240
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Isle Of Palms, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29451 | $659 | $659 | $659 | $659 | $659 |
Source: Ownwell