Tatum, Marlboro County, South Carolina Property Taxes
The median property tax rate in Tatum, SC is 0.62%, 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 Tatum at $52,183, the typical annual property tax bill is $315, well below the national median of $2,690. Property taxes in Tatum 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 Tatum'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 Tatum 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
Tatum, Marlboro County, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$324
$300
Ownwell’s Tatum Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Tatum. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Tatum to provide an accurate estimate of your property tax bill. This tool is designed to help you understand your potential tax liabilities effortlessly. For those interested in more detailed insights, scrolling down will reveal neighborhood-level trends and localized information. Your property’s assessed value, determined by Marlboro County, forms the basis for these calculations and includes any applicable exemptions.
Property Tax Rates Across Tatum, Marlboro County, South Carolina
Property taxes in Tatum, South Carolina, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Tatum is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Tatum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tatum 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 Tatum's effective property tax rate to other areas in South Carolina and the national median. For comparison, the 29594 zip code in Marlboro County has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these areas compare with Tatum provides valuable insights into the varying tax landscape across Marlboro County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tatum Tax Rate
0.62%
Average Marlboro County Tax Rate
0.75%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tatum, Marlboro County, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29594 | 0.27% | 0.50% | 0.62% | 1.14% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across Tatum, Marlboro County, South Carolina
In Tatum, 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 Marlboro 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 Tatum, 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 Tatum helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the highest median tax bill in the area is $315, while the lowest is also $315, both in the 29594 zip code.
Property Tax Assessment Values Across Tatum, Marlboro County, South Carolina
Source: Ownwell
$20,660
$36,422
$52,183
Average Tatum Assessed Value
$52,183
Average Marlboro County Assessed Value
$33,059
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tatum, Marlboro County, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29594 | $6,308 | $13,327 | $52,183 | $99,272 | $116,238 |
Source: Ownwell
Property Tax Bills Across Tatum, Marlboro County, South Carolina
In Tatum, Marlboro County, SC, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Tatum stands at $52,183. Property tax rates are applied to this assessed value to determine the annual tax bill. Homeowners in Tatum can expect their tax bills to vary significantly; for instance, the tax bill at the 25th percentile is $201, while at the 75th percentile, it rises to $526, and at the 90th percentile, it reaches $743. These variations depend on factors such as property location, improvements, and local tax rates. Compared to the national median property tax rate of 0.99%, Tatum's property taxes are relatively modest, making it a more affordable option for homeowners. Understanding these factors helps homeowners anticipate their annual expenses and budget accordingly.
Average Tatum Tax Bill
$315
Average Marlboro County Tax Bill
$278
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Tatum, Marlboro County, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29594 | $79 | $201 | $315 | $526 | $743 |
Source: Ownwell