Hemingway, South Carolina Property Taxes
The median property tax rate in Hemingway, SC is 1.12%, 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 Hemingway, the typical annual property tax bill reaches $172, which is significantly lower than the national median of $2,690. Property taxes in Hemingway 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 Hemingway'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 Hemingway 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
Hemingway, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$273
Ownwell’s Hemingway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hemingway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hemingway 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 Hemingway, South Carolina
Property taxes in Hemingway, 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 Hemingway is 1.12%, higher than the U.S. national median of 0.99%. Local government entities within Hemingway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hemingway 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 Hemingway's effective property tax rate to other areas and the national median. For comparison, the zip code 29554 has both the highest and lowest median property tax rate in the region at 1.12%. Understanding how these cities compare with Hemingway provides valuable insights into the varying tax landscape across Williamsburg County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hemingway Tax Rate
1.12%
Average Williamsburg County Tax Rate
1.16%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hemingway, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29554 | 0.10% | 0.15% | 1.12% | 2.14% | 3.38% |
Source: Ownwell
Property Tax Assessment Values Across Hemingway, South Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hemingway, South Carolina. 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 Williamsburg 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 Hemingway, 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. For example, the zip code 29554 has the highest median tax bill at $172. 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 Hemingway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hemingway Assessed Value
$24,400
Average Williamsburg County Assessed Value
$21,858
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hemingway, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29554 | $4,425 | $8,100 | $24,400 | $56,284 | $118,183 |
Source: Ownwell
Property Tax Bills Across Hemingway, South Carolina
In Hemingway, located in Williamsburg County, SC, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value, which is determined by local assessors. Homeowners in Hemingway can expect their property tax bills to vary significantly, depending on the assessed value of their property and the local tax rate. The median home price in Hemingway is $24,400, and property tax bills range from the 25th percentile at $91 to the 90th percentile at $993. The median tax bill stands at $172, which is notably lower than the national median property tax rate of 0.99%. This means homeowners in Hemingway generally pay less in property taxes compared to the national average. These tax bills directly impact homeowners by influencing their overall housing costs. Lower property taxes can make homeownership more affordable, while higher taxes can add a significant burden. Understanding how these factors play into the overall cost of owning a home can help residents make more informed financial decisions.
Average Hemingway Tax Bill
$172
Average Williamsburg County Tax Bill
$188
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Hemingway, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29554 | $24 | $91 | $172 | $393 | $993 |
Source: Ownwell