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Report: Residents pay 6th-lowest property tax rate in U.S.

Staff Report //February 28, 2018//

Report: Residents pay 6th-lowest property tax rate in U.S.

Staff Report //February 28, 2018//

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According to a report from WalletHub.com, South Carolinians pay the sixth-lowest property taxes in the nation.

The state’s effective real estate tax rate was 0.57%, tied with Colorado.

The company compared each state and the District of Columbia using U.S. Census Bureau data to determine real estate property tax rates.

The study divided the median real estate tax payment by the median home price in each state, then used the resulting rates to obtain the dollar amount paid as real estate tax on a house worth $184,700, the median value for a home in the U.S. as of 2016, according to the Census Bureau.

South Carolina’s median home value was $143,600, and the annual taxes on a home priced at state median value is $821.

The nation's lowest effective real estate tax rate was Hawaii, at 0.27%; the highest was found in New Jersey at 2.4%.

Average American households spend $2,197 on property taxes for homes each year, according to the Census Bureau.

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