Hemingway, South Carolina Property Taxes
The median property tax rate in Hemingway, SC is 0.98%, slightly below the national median of 0.99% but higher than the South Carolina state median of 0.72%. With the median home value in Hemingway at $42,400, the typical annual property tax bill reaches $416, 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 Horry County, 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
0.98%
Estimate Property Tax Bill
$416
$386
Ownwell’s Hemingway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hemingway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hemingway 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 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 0.98%, slightly 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 zip code 29554 has the highest median property tax rate of 0.98%, while the same zip code also has the lowest median tax rate of 0.98%. Understanding how these cities compare with Hemingway 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 Hemingway Tax Rate
0.98%
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 Hemingway, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29554 | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Hemingway, South Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hemingway, South Carolina. 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 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 Hemingway are both $416.00, found in the 29554 zip code.
Property Tax Assessment Values Across Hemingway, South Carolina
Source: Ownwell
$5,650
$209,880
$414,110
Average Hemingway Assessed Value
$42,400
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 Hemingway, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29554 | $42,400 | $42,400 | $42,400 | $42,400 | $42,400 |
Source: Ownwell
Property Tax Bills Across Hemingway, South Carolina
In Hemingway, located in Horry County, SC, property tax bills are calculated based on the assessed value of the property. The assessed value is a percentage of the market value of the home, which in Hemingway typically has a median home price of $42,400. The property tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Hemingway, the tax bill tends to be consistent, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $416. This uniformity indicates a stable property tax environment but also highlights the relatively low property tax burden compared to the national median property tax rate of 0.99%. For instance, the highest and lowest median tax bills in the area are both $416, which is considerably lower than what homeowners might experience in other parts of the country. This makes Hemingway an attractive location for those looking to minimize their property tax expenses while enjoying the benefits of homeownership.
Average Hemingway Tax Bill
$416
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 Hemingway, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29554 | $416 | $416 | $416 | $416 | $416 |
Source: Ownwell