Wallace, South Carolina Property Taxes
The median property tax rate in Wallace, SC is 0.95%, slightly lower than the national median of 0.99% but higher than the South Carolina state median of 0.72%. With the median home value in Wallace at $24,999, the typical annual property tax bill is $272, which is significantly below the national median of $2,690. Property taxes in Wallace are calculated based on the assessed value, which is often less than the market value due to exemptions like primary residence and agricultural exemptions. Navigating Wallace'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 Wallace or another part of Marlboro County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wallace, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$237
$220
Ownwell’s Wallace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wallace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wallace 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 Wallace, South Carolina
Property taxes in Wallace, South Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wallace is 0.95%, slightly below the U.S. national median of 0.99%. Local government entities within Wallace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wallace 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 Wallace's effective property tax rate to other counties in South Carolina and the national median. For comparison, the zip code 29596 has both the highest and lowest median property tax rate of 0.95%. Understanding how these cities compare with Wallace 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 Wallace Tax Rate
0.95%
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 Wallace, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29596 | 0.36% | 0.51% | 0.95% | 2.32% | 5.25% |
Source: Ownwell
Property Tax Assessment Values Across Wallace, South Carolina
In Wallace, 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 Assessor 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 Wallace, 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. For example, the median home price in Wallace is $24,999, with property tax bills ranging from $170 at the 25th percentile to $646 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 29596, at $272. 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 Wallace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wallace Assessed Value
$24,999
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 Wallace, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29596 | $3,236 | $8,046 | $24,999 | $59,394 | $92,277 |
Source: Ownwell
Property Tax Bills Across Wallace, South Carolina
In Wallace, SC, property tax bills are determined by assessing the value of a home and applying the local tax rate. The median home price in Wallace is $24,999, which significantly influences the tax bill. Homeowners in Wallace experience property tax bills ranging from $170 at the 25th percentile to $646 at the 90th percentile, with the median tax bill being $272. This is considerably lower than the national median property tax rate of 0.99%, reflecting the lower home values in the area. Various factors play a role in calculating the tax bill, including the assessed value of the property, which is typically lower than the market value, and the local tax rate set by Marlboro County. These property tax bills directly impact homeowners by determining their annual financial obligations to the local government. Lower property taxes can make homeownership more affordable, but they also mean less revenue for local services like schools and infrastructure, affecting the community's overall quality of life.
Average Wallace Tax Bill
$272
Average Marlboro County Tax Bill
$278
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Wallace, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29596 | $81 | $170 | $272 | $438 | $646 |
Source: Ownwell