Irmo, South Carolina Property Taxes
The median property tax rate in Irmo, SC is 0.85%, which is below the national median of 0.99% but above the South Carolina state median of 0.72%. With a median home value of $125,055 in Irmo, the typical annual property tax bill is around $1,146, significantly lower than the national median of $2,690. Property taxes in Irmo are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural land. Understanding Irmo's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Irmo or another part of Lexington County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Irmo, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$1,063
Ownwell’s Irmo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Irmo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Irmo 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 Irmo, South Carolina
Property taxes in Irmo, South Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Irmo is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Irmo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Irmo 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 Irmo's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29063 zip code has the highest median property tax rate of 0.85%, while the same 29063 zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Irmo 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 Irmo Tax Rate
0.85%
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 Irmo, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29063 | 0.54% | 0.61% | 0.85% | 1.19% | 2.92% |
Source: Ownwell
Property Tax Assessment Values Across Irmo, South Carolina
In Irmo, 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 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. In Irmo, 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 Irmo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 29063 in Irmo has both the highest and lowest median tax bill at $1,146.
Average Irmo Assessed Value
$125,055
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 Irmo, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29063 | $85,991 | $96,975 | $125,055 | $162,216 | $202,984 |
Source: Ownwell
Property Tax Bills Across Irmo, South Carolina
In Irmo, located in Lexington County, SC, property tax bills are determined by several key factors. The primary component is the assessed value of the home, which is a percentage of the market value. For instance, with a median home price of $125,055, the assessed value is calculated based on this figure. The local tax rate is then applied to this assessed value to arrive at the annual tax bill. The median property tax rate in the area is 0.99%, aligning with the national median. Homeowners in Irmo typically see tax bills ranging from $893 at the 25th percentile to $1,766 at the 75th percentile, with the highest tax bills reaching up to $3,411 at the 90th percentile. This variation reflects differences in property values and any applicable exemptions or deductions. Property tax bills significantly impact homeowners by contributing to their annual housing costs. Understanding these factors helps homeowners better anticipate their financial obligations and plan accordingly.
Average Irmo Tax Bill
$1,146
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 Irmo, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29063 | $724 | $893 | $1,146 | $1,766 | $3,411 |
Source: Ownwell