Prosperity, South Carolina Property Taxes
The median property tax rate in Prosperity, SC is 0.75%, slightly higher than the state median of 0.72% but lower than the national median of 0.99%. With the median home value in Prosperity at $198,600, the typical annual property tax bill reaches $2,100, which is below the national median of $2,690. Property taxes in Prosperity are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Prosperity'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 Prosperity or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prosperity, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,490
Ownwell's Prosperity Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Prosperity with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prosperity 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 Prosperity, South Carolina
Property taxes in Prosperity, 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 Prosperity is 0.75%, which is lower than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Prosperity set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prosperity 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 Prosperity's effective property tax rate to other counties in South Carolina and the national median. For comparison, the zip code 29127 has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Prosperity provides valuable insights into the varying tax landscape across Saluda County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prosperity Tax Rate
0.75%
Average Saluda County Tax Rate
0.88%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prosperity, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29127 | 0.55% | 0.66% | 0.75% | 2.16% | 2.16% |
Source: Ownwell
Property Tax Assessment Values Across Prosperity, South Carolina
In Prosperity, 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 Saluda 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 Prosperity, 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 Prosperity helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $198,600, with the highest and lowest median tax bill being $2,100 in zip code 29127.
Property Tax Assessment Values Across Prosperity, South Carolina
Source: Ownwell
$47,650
$123,125
$198,600
Average Prosperity Assessed Value
$198,600
Average Saluda County Assessed Value
$64,000
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prosperity, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29127 | $60,740 | $127,000 | $198,600 | $295,700 | $391,820 |
Source: Ownwell
Property Tax Bills Across Prosperity, South Carolina
In Prosperity, located in Saluda County, SC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the property's market value, which in Prosperity is around $198,600. Homeowners then multiply this assessed value by the local tax rate to determine their annual tax bill. Several factors influence the final tax bill, including property improvements, location, and any applicable exemptions. For instance, the 25th percentile tax bill in Prosperity is $1,180, while the 75th percentile reaches $3,553, and the 90th percentile can be as high as $5,428. These variations reflect differences in property values and applicable deductions. For homeowners, understanding these factors is crucial as property taxes represent a significant annual expense. Comparing these figures to the national median property tax rate of 0.99%, it's clear that Prosperity's property tax bills can vary widely, affecting household budgets differently depending on the specific circumstances of each property.
Average Prosperity Tax Bill
$2,100
Average Saluda County Tax Bill
$641
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Prosperity, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29127 | $575 | $1,180 | $2,100 | $3,553 | $5,428 |
Source: Ownwell