Vance, South Carolina Property Taxes
The median property tax rate in Vance, SC is 0.81%, which is lower than the national median of 0.99% but higher than the South Carolina state median of 0.72%. With a median home value of $27,900 in Vance, the typical annual property tax bill amounts to $474, significantly less than the national median of $2,690. Property taxes in Vance are calculated based on the assessed value, which is often below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Vance'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 Vance 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
Vance, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$226
Ownwell’s Vance Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Vance with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vance to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and plan accordingly. 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 Vance, South Carolina
Property taxes in Vance, South Carolina, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Vance is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Vance set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vance 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 Vance's effective property tax rate to other areas in South Carolina and the national median. For comparison, the zip code 29163 has both the highest and lowest median property tax rate of 0.81%. Understanding how these areas compare with Vance 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 Vance Tax Rate
0.81%
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 Vance, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29163 | 0.29% | 0.58% | 0.81% | 2.44% | 2.51% |
Source: Ownwell
Property Tax Assessment Values Across Vance, South Carolina
In Vance, 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 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 Vance, 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 Vance helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $474.00, found in zip code 29163.
Average Vance Assessed Value
$27,900
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 Vance, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29163 | $2,900 | $8,005 | $27,900 | $77,685 | $167,848 |
Source: Ownwell
Property Tax Bills Across Vance, South Carolina
In Vance, located in Orangeburg County, SC, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Vance is $27,900. To determine the tax bill, local tax rates are applied to this assessed value. Factors influencing the tax bill include the property's market value, the local assessment ratio, and the specific tax rate set by local authorities. Homeowners in Vance can expect a range of property tax bills. For instance, the 25th percentile tax bill is $183, while the 75th percentile tax bill reaches $1,190. The 90th percentile tax bill climbs to $2,247. The highest median tax bill in the area is $474, which is consistent across the zip code 29163. Compared to the national median property tax rate of 0.99%, Vance's property taxes are relatively modest. These taxes significantly impact homeowners, influencing their overall housing costs and potentially affecting decisions regarding property ownership and investment in the area.
Average Vance Tax Bill
$474
Average Orangeburg County Tax Bill
$620
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Vance, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29163 | $97 | $183 | $474 | $1,190 | $2,247 |
Source: Ownwell