Pinewood, South Carolina Property Taxes
The median property tax rate in Pinewood, SC is 1.57%, 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 Pinewood, the typical annual property tax bill reaches $179, which is significantly lower than the national median of $2,690. Property taxes in Pinewood 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 Pinewood'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 Pinewood or another part of Sumter County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pinewood, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$220
Ownwell’s Pinewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pinewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pinewood 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 Pinewood, South Carolina
Property taxes in Pinewood, 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 Pinewood is 1.57%, significantly higher than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Pinewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pinewood 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 Pinewood's effective property tax rate to other areas in South Carolina and the national median. For comparison, the zip code 29125 has the highest and lowest median property tax rate of 1.57%. Understanding how these areas compare with Pinewood provides valuable insights into the varying tax landscape across Sumter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pinewood Tax Rate
1.57%
Average Sumter County Tax Rate
1.06%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pinewood, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29125 | 0.29% | 0.63% | 1.57% | 2.07% | 2.20% |
Source: Ownwell
Property Tax Assessment Values Across Pinewood, South Carolina
In Pinewood, 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 Sumter 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 Pinewood, 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. The median property tax bill in Pinewood is significantly lower than the national median, with the highest median tax bill being $179 in zip code 29125. 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 Pinewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pinewood Assessed Value
$14,000
Average Sumter County Assessed Value
$37,792
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pinewood, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29125 | $3,616 | $6,972 | $14,000 | $54,878 | $132,135 |
Source: Ownwell
Property Tax Bills Across Pinewood, South Carolina
In Pinewood, SC, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local tax assessor, who evaluates the property's market value and applies an assessment ratio to arrive at the taxable value. Various factors such as property size, location, and improvements can influence this assessed value. Homeowners in Pinewood face varying property tax bills. For instance, the 25th percentile tax bill is around $85, while the 75th percentile tax bill reaches $494, and those in the 90th percentile can expect to pay up to $991. These figures show a significant range, reflecting the diversity in property values and the corresponding tax obligations. Compared to the national median property tax rate of 0.99%, Pinewood's rates can be relatively affordable, depending on the specific property. This variability in tax bills can impact homeowners differently, making it crucial for them to understand their property's assessed value and any applicable exemptions or appeals that might reduce their tax burden.
Average Pinewood Tax Bill
$179
Average Sumter County Tax Bill
$351
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Pinewood, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29125 | $44 | $85 | $179 | $494 | $991 |
Source: Ownwell