Plum Branch, South Carolina Property Taxes
The median property tax rate in Plum Branch, SC is 2.19%, significantly higher than the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in Plum Branch, the typical annual property tax bill reaches $255, which is notably lower than the national median of $2,690. Property taxes in Plum Branch are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Plum Branch'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 Plum Branch or another part of McCormick County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Plum Branch, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.19%
Estimate Property Tax Bill
$359
$333
Ownwell’s Plum Branch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Plum Branch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Plum Branch 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 Plum Branch, South Carolina
Property taxes in Plum Branch, South Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Plum Branch is 2.19%, significantly higher than the U.S. national median of 0.99%. Local government entities within Plum Branch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Plum Branch 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 Plum Branch's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29845 zip code has both the highest and lowest median property tax rate of 2.19%. Understanding how these cities compare with Plum Branch 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 Plum Branch Tax Rate
2.19%
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 Plum Branch, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29845 | 0.45% | 1.14% | 2.19% | 2.60% | 3.51% |
Source: Ownwell
Property Tax Assessment Values Across Plum Branch, South Carolina
In Plum Branch, 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 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 Plum Branch, 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 Plum Branch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 29845 has the highest and lowest median tax bill at $255.00, offering a glimpse into the localized tax landscape.
Property Tax Assessment Values Across Plum Branch, South Carolina
Source: Ownwell
$6,625
$50,813
$95,000
Average Plum Branch Assessed Value
$16,400
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 Plum Branch, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29845 | $4,000 | $7,850 | $16,400 | $28,000 | $50,012 |
Source: Ownwell
Property Tax Bills Across Plum Branch, South Carolina
In Plum Branch, SC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Plum Branch is $16,400. Property assessments consider various factors including the property's size, location, and condition. Once the assessed value is determined, the local tax rate is applied to calculate the tax bill. For homeowners in Plum Branch, the tax bill can vary significantly. The 25th percentile tax bill is around $141, while the 75th percentile tax bill is approximately $461. At the 90th percentile, the tax bill can reach up to $691. Compared to the national median property tax rate of 0.99%, Plum Branch's property tax rates are relatively modest. These property taxes are crucial as they fund essential local services such as schools, emergency services, and infrastructure maintenance. For homeowners, understanding how their tax bill is calculated can aid in financial planning and ensuring they are not overpaying.
Average Plum Branch Tax Bill
$255
Average Mccormick County Tax Bill
$213
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Plum Branch, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29845 | $80 | $141 | $255 | $461 | $691 |
Source: Ownwell