Luray, South Carolina Property Taxes
The median property tax rate in Luray, SC is 0.84%, which is lower than the national median of 0.99% but higher than the South Carolina state median of 0.72%. With a median home value of $25,400 in Luray, the typical annual property tax bill is approximately $360, significantly below the national median of $2,690. Property taxes in Luray are calculated based on the assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Luray'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 Luray or another part of Allendale County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Luray, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$213
Ownwell’s Luray Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Luray with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Luray 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 Luray, South Carolina
Property taxes in Luray, South Carolina, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Luray is 0.84%, slightly lower than the U.S. national median of 0.99%. Local government entities within Luray set these rates annually, and they can vary significantly across different neighborhoods. Each year, Luray 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 Luray's effective property tax rate to other areas in South Carolina and the national median. For comparison, the zip code 29932 has the same median property tax rate of 0.84%, offering a consistent tax landscape within Allendale County. Understanding how these areas compare with Luray provides valuable insights into the varying tax landscape across Allendale County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Luray Tax Rate
0.84%
Average Allendale County Tax Rate
1.10%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Luray, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29932 | 0.82% | 0.82% | 0.84% | 3.38% | 4.96% |
Source: Ownwell
Property Tax Assessment Values Across Luray, South Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Luray, 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 Allendale 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 Luray, 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 instance, the median home price in Luray is $25,400, with tax bills ranging significantly. The 25th percentile tax bill is $137, while the 75th percentile reaches $979, and the 90th percentile can be as high as $3,670. The zip code 29932 has the highest and lowest median tax bill, both at $360. 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 processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Luray Assessed Value
$25,400
Average Allendale County Assessed Value
$19,600
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Luray, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29932 | $3,300 | $13,400 | $25,400 | $51,400 | $105,220 |
Source: Ownwell
Property Tax Bills Across Luray, South Carolina
In Luray, SC, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Luray is $25,400, which plays a significant role in calculating the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Once the market value is established, the local tax rate is applied to determine the annual tax bill. In Luray, homeowners can expect tax bills ranging from $137 at the 25th percentile to $979 at the 75th percentile, with the 90th percentile reaching up to $3,670. These tax bills can significantly impact homeowners, influencing their financial planning and homeownership costs. Compared to the national median property tax rate of 0.99%, Luray's tax rates reflect the economic landscape of the area. Homeowners in Luray should stay informed about their property assessments and any potential exemptions to manage their tax liabilities effectively.
Average Luray Tax Bill
$360
Average Allendale County Tax Bill
$221
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Luray, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29932 | $53 | $137 | $360 | $979 | $3,670 |
Source: Ownwell