Gaston, South Carolina Property Taxes
The median property tax rate in Gaston, SC is 0.55%, significantly lower than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in Gaston, the typical annual property tax bill amounts to $399, well below the national median of $2,690. Property taxes in Gaston 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 Gaston's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Gaston or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gaston, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$235
Ownwell’s Gaston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gaston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gaston 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 Gaston, South Carolina
Property taxes in Gaston, 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 Gaston is 0.55%, significantly lower than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Gaston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gaston 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 Gaston's effective property tax rate to other areas in South Carolina and the national median. For comparison, the zip code 29053 has both the highest and lowest median property tax rate of 0.55%, showcasing uniformity in this specific region. Understanding how these areas compare with Gaston 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 Gaston Tax Rate
0.55%
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 Gaston, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29053 | 0.31% | 0.31% | 0.55% | 2.69% | 2.70% |
Source: Ownwell
Property Tax Assessment Values Across Gaston, South Carolina
In Gaston, 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. In Gaston, 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 Gaston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 29053 has both the highest and lowest median tax bills at $399.
Average Gaston Assessed Value
$42,708
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 Gaston, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29053 | $12,800 | $17,400 | $42,708 | $92,098 | $142,446 |
Source: Ownwell
Property Tax Bills Across Gaston, South Carolina
In Gaston, property tax bills are calculated based on the assessed value of the property, which is a percentage of the property's market value. For homeowners, the assessed value is typically determined by the county assessor's office and takes into account factors such as the property's location, size, and condition. The tax rate is then applied to the assessed value to determine the annual tax bill. For instance, with a median home price of $42,708, homeowners in Gaston can expect varying tax bills. The 25th percentile tax bill is around $226, while the 75th percentile tax bill reaches $698. Those in the 90th percentile might see tax bills as high as $1,379. These figures illustrate the range of property tax obligations within the city. Compared to the national median property tax rate of 0.99%, Gaston's tax rates and bills can significantly impact homeowners. Understanding these factors helps homeowners budget accordingly and anticipate their annual property tax responsibilities.
Average Gaston Tax Bill
$399
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 Gaston, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29053 | $63 | $226 | $399 | $698 | $1,379 |
Source: Ownwell