Lake Wylie, South Carolina Property Taxes
The median property tax rate in Lake Wylie, SC is 0.40%, significantly lower than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in Lake Wylie, the typical annual property tax bill is $300, well below the national median of $2,690. Property taxes in Lake Wylie are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lake Wylie's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lake Wylie or another part of York County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Wylie, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$300
Ownwell’s Lake Wylie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Wylie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Wylie 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 Lake Wylie, South Carolina
Property taxes in Lake Wylie, South Carolina, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Wylie is 0.40%, which is significantly lower than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Lake Wylie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Wylie 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 Lake Wylie's effective property tax rate to other counties in South Carolina and the national median. For comparison, the highest median property tax rate in South Carolina is found in Beaufort County at 0.58%, while the lowest median tax rate is in Horry County at 0.37%. Understanding how these counties compare with Lake Wylie provides valuable insights into the varying tax landscape across York County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Wylie Tax Rate
0.40%
Average York County Tax Rate
0.68%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Wylie, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29710 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Lake Wylie, South Carolina
In Lake Wylie, 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 York 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 Lake Wylie, 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 Lake Wylie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lake Wylie is $75,000, with the highest and lowest median tax bills both recorded at $300 in the 29710 zip code.
Property Tax Assessment Values Across Lake Wylie, South Carolina
Source: Ownwell
$27,500
$189,436
$351,372
Average Lake Wylie Assessed Value
$75,000
Average York County Assessed Value
$210,005
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Wylie, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29710 | $75,000 | $75,000 | $75,000 | $75,000 | $75,000 |
Source: Ownwell
Property Tax Bills Across Lake Wylie, South Carolina
In Lake Wylie, located in York County, SC, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate, or millage rate, is then applied to this assessed value. For instance, if the median home price is $75,000, the assessed value would be determined by multiplying this figure by the assessment ratio set by the county. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Lake Wylie experience relatively low property tax bills compared to the national median property tax rate of 0.99%. The 25th, 75th, and 90th percentile tax bills are all $300, which is significantly lower than many other regions. This lower tax burden can make homeownership more affordable and attractive, potentially increasing the desirability of living in Lake Wylie.
Average Lake Wylie Tax Bill
$300
Average York County Tax Bill
$1,529
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Wylie, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29710 | $300 | $300 | $300 | $300 | $300 |
Source: Ownwell