Norway, South Carolina Property Taxes
The median property tax rate in Norway, SC is 0.99%, aligning with the national median but higher than the South Carolina state median of 0.72%. With the median home value in Norway, the typical annual property tax bill reaches $367, significantly lower than the national median of $2,690. Property taxes in Norway 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 Norway'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 Norway 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
Norway, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$232
$215
Ownwell’s Norway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norway 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 Norway, South Carolina
Property taxes in Norway, South Carolina, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norway is 0.99%, which aligns with both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Norway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norway 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 Norway's effective property tax rate to other areas in South Carolina and the national median. For comparison, the zip code 29113 has the highest median property tax rate of 0.99%, while the same zip code also has the lowest median tax rate of 0.99%. Understanding how these areas compare with Norway provides valuable insights into the varying tax landscape across Orangeburg County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norway Tax Rate
0.99%
Average Orangeburg County Tax Rate
0.81%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norway, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29113 | 0.27% | 0.65% | 0.99% | 2.45% | 2.72% |
Source: Ownwell
Property Tax Assessment Values Across Norway, South Carolina
In Norway, 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 Orangeburg County Assessor's Office 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 Norway, 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 Norway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $367, found in the zip code 29113, which is also the lowest median tax bill in the region.
Average Norway Assessed Value
$23,450
Average Orangeburg County Assessed Value
$41,835
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norway, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29113 | $2,998 | $6,292 | $23,450 | $74,045 | $132,348 |
Source: Ownwell
Property Tax Bills Across Norway, South Carolina
In Norway, SC, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Norway is $23,450. Homeowners' tax bills can vary significantly, with the 25th percentile paying around $143 and the 75th percentile facing bills up to $797. The highest tax bills, at the 90th percentile, can reach $1,361. Several factors influence the tax bill, including the local tax rate, property assessments, and any applicable exemptions. The local tax rate in Orangeburg County, where Norway is located, plays a crucial role in determining the final amount owed. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark to understand local tax burdens. For homeowners in Norway, SC, understanding these factors is essential to anticipate their property tax obligations and manage their finances effectively. The impact of these taxes can be substantial, influencing decisions on homeownership and property investments.
Average Norway Tax Bill
$367
Average Orangeburg County Tax Bill
$620
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Norway, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29113 | $74 | $143 | $367 | $797 | $1,361 |
Source: Ownwell