Fort Mill, South Carolina Property Taxes
The median property tax rate in Fort Mill, SC is 0.65%, notably lower than both the national median of 0.99% and the South Carolina state median of 0.72%. With a median home value of $325,600 in Fort Mill, the typical annual property tax bill amounts to $2,215, which is still below the national median of $2,690. Property taxes in Fort Mill are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Fort Mill'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 Fort Mill 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
Fort Mill, South Carolina Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,440
Ownwell’s Fort Mill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fort Mill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fort Mill 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 Fort Mill, South Carolina
Property taxes in Fort Mill, South Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fort Mill is 0.65%, lower than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Fort Mill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fort Mill 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 Fort Mill's effective property tax rate to other counties in South Carolina and the national median. For comparison, the zip code 29707 has the highest median property tax rate of 0.65%, while the same zip code 29707 also has the lowest median tax rate of 0.65%. Understanding how these cities compare with Fort Mill provides valuable insights into the varying tax landscape across Lancaster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fort Mill Tax Rate
0.65%
Average Lancaster County Tax Rate
0.65%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fort Mill, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29707 | 0.55% | 0.63% | 0.65% | 0.67% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Fort Mill, South Carolina
In Fort Mill, 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 Lancaster 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 Fort Mill, 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 Fort Mill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 29707 at $2,215, while the lowest is also 29707 at $2,215.
Property Tax Assessment Values Across Fort Mill, South Carolina
Source: Ownwell
$15,800
$170,700
$325,600
Average Fort Mill Assessed Value
$325,600
Average Lancaster County Assessed Value
$164,500
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fort Mill, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29707 | $169,600 | $248,700 | $325,600 | $413,200 | $509,800 |
Source: Ownwell
Property Tax Bills Across Fort Mill, South Carolina
In Fort Mill, located in Lancaster County, SC, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. The assessed value is typically a percentage of the market value of the property. Factors such as property size, location, and improvements can influence this assessed value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For example, in Fort Mill, homeowners can expect a range of property tax bills. At the 25th percentile, the tax bill is around $1,637, while at the 75th percentile, it is approximately $2,894. For those at the 90th percentile, the tax bill can reach up to $4,349. This variability highlights the impact of property value and local tax rates on homeowners' annual expenses. Compared to the national median property tax rate of 0.99%, Fort Mill's tax bills reflect the local economic conditions and property values, providing a clear picture of the financial responsibilities for homeowners in the area.
Average Fort Mill Tax Bill
$2,215
Average Lancaster County Tax Bill
$1,306
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Fort Mill, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29707 | $1,094 | $1,637 | $2,215 | $2,894 | $4,349 |
Source: Ownwell