Troy, South Carolina Property Taxes
The median property tax rate in Troy, SC is 2.07%, significantly higher than both the national median of 0.99% and the South Carolina state median of 0.72%. With a median home value of $22,000 in Troy, the typical annual property tax bill amounts to $269, which is still below the national median of $2,690. Property taxes in Troy are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Troy'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 Troy or another part of McCormick County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Troy, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.07%
Estimate Property Tax Bill
$455
Ownwell’s Troy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Troy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troy 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 Troy, South Carolina
Property taxes in Troy, South Carolina, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Troy is 2.07%, significantly higher than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Troy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Troy 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 Troy's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29848 zip code has the highest median property tax rate of 2.07%, while the same zip code also has the lowest median tax rate of 2.07%. Understanding how these cities compare with Troy provides valuable insights into the varying tax landscape across McCormick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Troy Tax Rate
2.07%
Average Mccormick County Tax Rate
1.91%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Troy, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29848 | 0.27% | 0.47% | 2.07% | 2.97% | 5.31% |
Source: Ownwell
Property Tax Assessment Values Across Troy, South Carolina
In Troy, 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 McCormick 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 Troy, 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. For instance, the highest median tax bill in Troy is $269.00 in the zip code 29848, which is notably higher than the national median property tax rate of 0.99%. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Troy Assessed Value
$22,000
Average Mccormick County Assessed Value
$15,500
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Troy, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29848 | $1,688 | $3,250 | $22,000 | $27,200 | $74,580 |
Source: Ownwell
Property Tax Bills Across Troy, South Carolina
In Troy, located in McCormick County, SC, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local tax assessor and represents a percentage of the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Troy, the median home price is $22,000. At the 25th percentile, tax bills are around $104, while at the 75th percentile, they rise to about $432. The 90th percentile sees tax bills as high as $942. The highest median tax bill in the area is $269, which is also the lowest, indicating a consistent tax rate within the zip code 29848. Compared to the national median property tax rate of 0.99%, homeowners in Troy benefit from relatively lower property tax bills. This lower tax burden can make homeownership more affordable and attractive in this region.
Average Troy Tax Bill
$269
Average Mccormick County Tax Bill
$213
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Troy, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29848 | $70 | $104 | $269 | $432 | $942 |
Source: Ownwell