Gaffney, South Carolina Property Taxes
The median property tax rate in Gaffney, SC is 0.43%, 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 $88,800 in Gaffney, the typical annual property tax bill amounts to $415, which is well below the national median of $2,690. Property taxes in Gaffney are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Gaffney'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 Gaffney or another part of Cherokee County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gaffney, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$382
Ownwell’s Gaffney Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Gaffney with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Gaffney to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-specific trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Gaffney, South Carolina
Property taxes in Gaffney, South Carolina, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gaffney is 0.43%, which is lower than the U.S. national median of 0.99%. Local government entities within Gaffney set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gaffney 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 Gaffney's effective property tax rate to other areas in Cherokee County and the national median. For comparison, the 29340 zip code has the highest median property tax rate of 0.43%, while the 29341 zip code has the lowest median tax rate of 0.40%. Understanding how these areas compare with Gaffney provides valuable insights into the varying tax landscape across Cherokee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gaffney Tax Rate
0.43%
Average Cherokee County Tax Rate
0.43%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gaffney, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29340 | 0.14% | 0.30% | 0.43% | 0.63% | 1.85% |
| 29341 | 0.20% | 0.32% | 0.40% | 0.60% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Gaffney, South Carolina
In Gaffney, 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 Cherokee 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 Gaffney, 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 Gaffney helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For reference, the highest median tax bill in Gaffney is $492 in the 29341 zip code, while the lowest median tax bill is $352 in the 29340 zip code.
Average Gaffney Assessed Value
$88,800
Average Cherokee County Assessed Value
$82,600
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gaffney, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29340 | $12,000 | $37,000 | $77,350 | $123,800 | $191,450 |
| 29341 | $16,000 | $49,800 | $109,400 | $175,200 | $244,360 |
Source: Ownwell
Property Tax Bills Across Gaffney, South Carolina
In Gaffney, Cherokee County, SC, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. For example, if the median home price in Gaffney is $88,800, the assessed value would be a fraction of this amount, depending on local regulations. The tax rate, or millage rate, is then applied to the assessed value to determine the annual property tax bill. Factors such as property location, improvements, and exemptions can influence the final bill. In Gaffney, the tax bill varies significantly, with the 25th percentile at $181 and the 75th percentile at $730, reflecting the range of property values and conditions. Homeowners in the 29341 zip code see the highest median tax bill at $492, while those in the 29340 zip code experience a lower median bill of $352. Understanding these factors can help homeowners anticipate their annual tax obligations and manage their finances effectively.
Average Gaffney Tax Bill
$415
Average Cherokee County Tax Bill
$381
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Gaffney, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29340 | $55 | $163 | $352 | $664 | $1,100 |
| 29341 | $82 | $212 | $492 | $786 | $1,205 |
Source: Ownwell