Mc Cormick, South Carolina Property Taxes
The median property tax rate in McCormick, SC is 1.38%, considerably higher than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in McCormick at $15,420, the typical annual property tax bill reaches $185, which is significantly lower than the national median of $2,690. Property taxes in McCormick are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding McCormick'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 McCormick or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mc Cormick, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.38%
Estimate Property Tax Bill
$213
$197
Ownwell’s MC CORMICK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC CORMICK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC CORMICK 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 Mc Cormick, South Carolina
Property taxes in McCormick, South Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McCormick is 1.38%, significantly higher than the U.S. national median of 0.99%. Local government entities within McCormick set these rates annually, and they can vary significantly across different neighborhoods. Each year, McCormick 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 McCormick's effective property tax rate to other counties in South Carolina and the national median. For comparison, the zip code 29835 has the highest median property tax rate of 1.38%, while the same zip code also has the lowest median tax rate of 1.38%. Understanding how these cities compare with McCormick provides valuable insights into the varying tax landscape across McCormick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Cormick Tax Rate
1.38%
Average Mccormick County Tax Rate
1.91%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Cormick, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29835 | 0.32% | 0.70% | 1.38% | 2.55% | 4.19% |
Source: Ownwell
Property Tax Assessment Values Across Mc Cormick, South Carolina
In Mc Cormick, 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 county's 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 Mc Cormick, 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. The median home price in Mc Cormick is $15,420, with tax bills ranging from $100 at the 25th percentile to $620 at the 90th percentile. 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 Mc Cormick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mc Cormick Assessed Value
$15,420
Average Mccormick County Assessed Value
$15,500
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Cormick, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29835 | $3,150 | $7,500 | $15,420 | $35,752 | $65,590 |
Source: Ownwell
Property Tax Bills Across Mc Cormick, South Carolina
In McCormick, SC, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The assessed value is then multiplied by the local tax rate. Homeowners in McCormick can expect to pay varying amounts depending on their property's value and the specific tax rate applied. For instance, the tax bill at the 25th percentile is around $100, while at the 75th percentile, it rises to approximately $347. The 90th percentile sees tax bills reaching up to $620. Comparatively, these figures are lower than the national median property tax rate of 0.99%, making McCormick an attractive location for homeowners seeking lower property tax burdens. The highest median tax bill in the area is $185, which is the same across all zip codes in McCormick, indicating a relatively uniform tax rate within the county. These factors collectively influence the financial planning and long-term affordability for homeowners in the region.
Average Mc Cormick Tax Bill
$185
Average Mccormick County Tax Bill
$213
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Cormick, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29835 | $80 | $100 | $185 | $347 | $620 |
Source: Ownwell