Cayce, South Carolina Property Taxes
The median property tax rate in Cayce, SC is 0.69%, which is lower than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in Cayce at $104,899, the typical annual property tax bill amounts to $933, well below the national median of $2,690. Property taxes in Cayce are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Cayce'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 Cayce 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
Cayce, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$724
$672
Ownwell’s Cayce Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cayce with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cayce 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 Cayce, South Carolina
Property taxes in Cayce, South Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cayce is 0.69%, lower than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Cayce set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cayce 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 Cayce's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29033 zip code has the same median property tax rate of 0.69%. Understanding how these cities compare with Cayce provides valuable insights into the varying tax landscape across Lexington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cayce Tax Rate
0.69%
Average Lexington County Tax Rate
0.57%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cayce, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29033 | 0.35% | 0.69% | 0.69% | 2.13% | 2.14% |
Source: Ownwell
Property Tax Assessment Values Across Cayce, South Carolina
In Cayce, 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 Lexington 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. Being aware of these valuation processes in Cayce helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cayce is $104,899, with the 25th percentile tax bill at $613 and the 75th percentile tax bill at $1,524. The highest and lowest median tax bills both stand at $933 in the 29033 zip code.
Average Cayce Assessed Value
$104,899
Average Lexington County Assessed Value
$147,464
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cayce, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29033 | $44,548 | $70,217 | $104,899 | $146,582 | $197,191 |
Source: Ownwell
Property Tax Bills Across Cayce, South Carolina
In Cayce, located in Lexington County, SC, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Cayce is $104,899. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including local tax rates and any applicable exemptions or deductions. For homeowners in Cayce, tax bills can vary significantly. The 25th percentile tax bill is $613, while the 75th percentile reaches $1,524. At the 90th percentile, homeowners may see tax bills as high as $2,372. These variations reflect differences in property values and applicable tax rates within the city. The highest and lowest median tax bills in Cayce are both $933, indicating a degree of uniformity in certain areas. Compared to the national median property tax rate of 0.99%, Cayce's tax rates may present a different financial impact on homeowners, affecting their overall cost of living and financial planning.
Average Cayce Tax Bill
$933
Average Lexington County Tax Bill
$1,039
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Cayce, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29033 | $327 | $613 | $933 | $1,524 | $2,372 |
Source: Ownwell