Furman, South Carolina Property Taxes
The median property tax rate in Furman, SC is 1.24%, considerably higher than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in Furman, the typical annual property tax bill reaches $344, which is significantly lower than the national median of $2,690. Property taxes in Furman are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Furman'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 Furman 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
Furman, South Carolina Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,440
Ownwell’s Furman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Furman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Furman 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 Furman, South Carolina
Property taxes in Furman, 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 Furman is 0.55%, significantly lower than both the South Carolina state median of 0.56% and the U.S. national median of 0.99%. Local government entities within Furman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Furman 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 Furman's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29921 zip code has both the highest and lowest median property tax rate of 0.55%. Understanding how these cities compare with Furman provides valuable insights into the varying tax landscape across Hampton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Furman Tax Rate
1.24%
Average Hampton County Tax Rate
1.01%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Furman, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29921 | 0.22% | 0.75% | 1.24% | 2.98% | 3.00% |
Source: Ownwell
Property Tax Assessment Values Across Furman, South Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Furman, 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 Hampton 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 Furman, 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 Furman is $13,800, with tax bills ranging from $196 at the 25th percentile to $1,087 at the 90th percentile. The highest and lowest median tax bills are both $344, found in the zip code 29921. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Furman Assessed Value
$13,800
Average Hampton County Assessed Value
$23,800
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Furman, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29921 | $2,140 | $4,400 | $13,800 | $53,250 | $73,720 |
Source: Ownwell
Property Tax Bills Across Furman, South Carolina
In Furman, property tax bills are determined by a combination of the assessed value of the property and the local tax rate set by Hampton County. The assessed value is typically a percentage of the market value of the home, which in Furman is relatively low, with a median home price of $13,800. The local tax rate is applied to this assessed value to calculate the tax bill. Factors such as property size, location, and any applicable exemptions can influence the assessed value. For instance, homeowners in the 25th percentile of tax bills pay around $196, while those in the 75th percentile pay approximately $601. The 90th percentile sees tax bills reaching up to $1,087. These property tax bills can significantly impact homeowners, especially in regions with lower home values. The highest median tax bill in the area is $344, found in the 29921 zip code. Comparatively, Furman's property tax rates are lower than the national median property tax rate of 0.99%, offering some financial relief to homeowners.
Average Furman Tax Bill
$344
Average Hampton County Tax Bill
$543
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Furman, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29921 | $126 | $196 | $344 | $601 | $1,087 |
Source: Ownwell