Sharon, South Carolina Property Taxes
The median property tax rate in Sharon, SC is 0.68%, which is significantly lower than both the national median of 0.99% and the South Carolina state median of 0.72%. With a median home value of $91,795 in Sharon, the typical annual property tax bill amounts to $606, well below the national median of $2,690. Property taxes in Sharon are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Sharon'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 Sharon 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
Sharon, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$624
Ownwell’s Sharon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sharon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sharon 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 Sharon, South Carolina
Property taxes in Sharon, 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 Sharon is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Sharon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sharon 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 Sharon's effective property tax rate to other counties in South Carolina and the national median. For comparison, the zip code 29742 has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Sharon 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 Sharon Tax Rate
0.68%
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 Sharon, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29742 | 0.18% | 0.42% | 0.68% | 0.93% | 2.54% |
Source: Ownwell
Property Tax Assessment Values Across Sharon, South Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Sharon, 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 York 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 Sharon, 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 home price in Sharon is $91,795, with tax bills ranging from $273 at the 25th percentile to $1,873 at the 90th percentile. The highest and lowest median tax bills are both $606, found in zip code 29742. By understanding 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 Sharon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sharon Assessed Value
$91,795
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 Sharon, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29742 | $16,000 | $37,278 | $91,795 | $186,163 | $315,348 |
Source: Ownwell
Property Tax Bills Across Sharon, South Carolina
In Sharon, located in York County, SC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. The assessed value typically represents a percentage of the market value of the property. For example, with a median home price of $91,795, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $273, while those in the 75th percentile face bills closer to $1,126. The top 10% of property tax bills can reach up to $1,873. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in the zip code 29742 experience a median tax bill of $606, which aligns with the highest and lowest median tax bills in the area. Compared to the national median property tax rate of 0.99%, Sharon's property tax rates can impact homeowners differently, depending on their property's assessed value and eligibility for exemptions. This variability underscores the importance of understanding local tax assessments and potential savings.
Average Sharon Tax Bill
$606
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 Sharon, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29742 | $104 | $273 | $606 | $1,126 | $1,873 |
Source: Ownwell