Mount Carmel, South Carolina Property Taxes
The median property tax rate in Mount Carmel, SC is 2.43%, 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 Mount Carmel, the typical annual property tax bill reaches $142, exceeding the national median of $2,690. Property taxes in Mount Carmel 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 Mount Carmel'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 Mount Carmel 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
Mount Carmel, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.43%
Estimate Property Tax Bill
$161
Ownwell’s MOUNT CARMEL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MOUNT CARMEL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MOUNT CARMEL 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 Mount Carmel, South Carolina
Property taxes in Mount Carmel, South Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Carmel is 2.43%, significantly higher than both the South Carolina state median of 0.56% and the U.S. national median of 0.99%. Local government entities within Mount Carmel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Carmel 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. For comparison, the 29840 zip code has the highest median property tax rate of 2.43%, while the same zip code also has the lowest median tax rate of 2.43%. Understanding how these cities compare with Mount Carmel 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 Mount Carmel Tax Rate
2.43%
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 Mount Carmel, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29840 | 0.86% | 1.03% | 2.43% | 3.84% | 5.62% |
Source: Ownwell
Property Tax Assessment Values Across Mount Carmel, South Carolina
In Mount Carmel, 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 McCormick 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 Mount Carmel, 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 Mount Carmel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in McCormick County is $142.00, found in zip code 29840, while the lowest median tax bill is also $142.00 in the same zip code.
Property Tax Assessment Values Across Mount Carmel, South Carolina
Source: Ownwell
$6,625
$50,813
$95,000
Average Mount Carmel Assessed Value
$6,625
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 Mount Carmel, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29840 | $1,500 | $2,500 | $6,625 | $13,275 | $43,810 |
Source: Ownwell
Property Tax Bills Across Mount Carmel, South Carolina
In Mount Carmel, located in McCormick County, SC, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. The tax rate, applied to this assessed value, determines the total tax bill. Factors such as property improvements, location, and market trends influence the assessed value. For instance, the median home price in Mount Carmel is $6,625. Property tax bills can vary significantly; the 25th percentile tax bill is $104, while the 75th percentile reaches $309, and the 90th percentile is $698. These variations show how different factors impact individual tax obligations. Compared to the national median property tax rate of 0.99%, homeowners in Mount Carmel experience unique tax implications influenced by local assessments and rates. Understanding these factors is crucial for homeowners to anticipate their property tax liabilities and manage their finances effectively.
Average Mount Carmel Tax Bill
$142
Average Mccormick County Tax Bill
$213
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Carmel, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29840 | $82 | $104 | $142 | $309 | $698 |
Source: Ownwell