Irmo, Richland County, South Carolina Property Taxes
The median property tax rate in Irmo, SC is 0.88%, which is lower than the national median of 0.99% but higher than the South Carolina state median of 0.72%. With the median home value in Irmo at $150,100, the typical annual property tax bill reaches $1,514, which is below the national median of $2,690. Property taxes in Irmo 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 Irmo'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 Irmo 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
Irmo, Richland County, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$1,321
$1,226
Ownwell’s Irmo Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Irmo with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Irmo to provide an estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in neighborhood-specific trends, scroll down to discover more localized details. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Irmo, Richland County, South Carolina
Property taxes in Irmo, South Carolina, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Irmo is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Irmo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Irmo calculates 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 determine 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 Irmo's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29063 zip code has both the highest and lowest median property tax rate of 0.88%. Understanding how these areas compare with Irmo provides valuable insights into the varying tax landscape across Richland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Irmo Tax Rate
0.88%
Average Richland County Tax Rate
1.01%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Irmo, Richland County, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29063 | 0.60% | 0.75% | 0.88% | 1.12% | 2.95% |
Source: Ownwell
Property Tax Assessment Values Across Irmo, Richland County, South Carolina
In Irmo, 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 Richland 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 Irmo, 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 Irmo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 29063 has the highest and lowest median tax bill, both at $1,514.
Property Tax Assessment Values Across Irmo, Richland County, South Carolina
Source: Ownwell
$13,900
$136,250
$258,600
Average Irmo Assessed Value
$150,100
Average Richland County Assessed Value
$117,300
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Irmo, Richland County, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29063 | $80,000 | $109,800 | $150,100 | $229,000 | $336,500 |
Source: Ownwell
Property Tax Bills Across Irmo, Richland County, South Carolina
In Irmo, located in Richland County, SC, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and represents a percentage of the property's market value. Factors such as property improvements, location, and market trends influence this assessed value. Homeowners in Irmo pay property tax rates that can vary significantly. For example, the tax bill for the 25th percentile is around $1,025, while the 75th percentile sees bills as high as $2,423. The 90th percentile tax bill can reach up to $3,888, illustrating the range of what homeowners might expect to pay. The median home price in Irmo is $150,100, and the median tax bill in the zip code 29063 is $1,514, which is higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting community quality and homeowners' cost of living.
Average Irmo Tax Bill
$1,514
Average Richland County Tax Bill
$1,343
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Irmo, Richland County, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29063 | $488 | $1,025 | $1,514 | $2,423 | $3,888 |
Source: Ownwell