Conway, South Carolina Property Taxes
The median property tax rate in Conway, SC is 0.52%, considerably lower than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in Conway, the typical annual property tax bill reaches $765, significantly below the national median of $2,690. Property taxes in Conway 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 Conway'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 Conway 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
Conway, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$737
Ownwell’s Conway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Conway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Conway 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 Conway, South Carolina
Property taxes in Conway, South Carolina, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Conway is 0.52%, slightly higher than the South Carolina state median of 0.50% but still lower than the U.S. national median of 0.99%. Local government entities within Conway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Conway 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 Conway's effective property tax rate to other areas in South Carolina and the national median. For comparison, the 29527 zip code has the highest median property tax rate of 0.54%, while the 29526 zip code has the lowest median tax rate of 0.51%. Understanding how these areas compare with Conway provides valuable insights into the varying tax landscape across Horry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Conway Tax Rate
0.52%
Average Horry County Tax Rate
0.81%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Conway, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29526 | 0.29% | 0.36% | 0.51% | 1.28% | 1.63% |
| 29527 | 0.26% | 0.37% | 0.54% | 1.17% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Conway, South Carolina
In Conway, 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 Horry 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. 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 Conway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Conway is $811 in the 29526 zip code, while the lowest median tax bill is $683 in the 29527 zip code.
Average Conway Assessed Value
$141,815
Average Horry County Assessed Value
$160,000
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Conway, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29526 | $31,700 | $71,178 | $149,965 | $211,400 | $274,202 |
| 29527 | $18,800 | $60,500 | $130,890 | $170,750 | $227,080 |
Source: Ownwell
Property Tax Bills Across Conway, South Carolina
In Conway, located in Horry County, SC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. The assessed value is typically a percentage of the property's market value. Homeowners in Conway can expect their property tax bill to fall within a range, with the 25th percentile at $420 and the 75th percentile at $1229. For those in the 90th percentile, tax bills can reach up to $2266. Several factors influence the final tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. It's important to note that Conway's property taxes are relatively modest compared to the national median property tax rate of 0.99%. For instance, the highest median tax bill in Conway is $811 in the 29526 zip code, while the lowest is $683 in the 29527 zip code. These tax bills impact homeowners by contributing to local services such as schools, infrastructure, and emergency services.
Average Conway Tax Bill
$765
Average Horry County Tax Bill
$1,084
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Conway, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29526 | $174 | $468 | $811 | $1,316 | $2,410 |
| 29527 | $102 | $330 | $683 | $1,071 | $1,892 |
Source: Ownwell