Greenwood, South Carolina Property Taxes
The median property tax rate in Greenwood, SC is 0.61%, considerably lower than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in Greenwood at $42,600, the typical annual property tax bill reaches $397, significantly below the national median of $2,690. Property taxes in Greenwood 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 Greenwood'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 Greenwood 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
Greenwood, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$260
Ownwell’s Greenwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenwood 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 Greenwood, South Carolina
Property taxes in Greenwood, South Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenwood is 0.57%, lower than both the South Carolina state median of 0.57% and the U.S. national median of 0.99%. Local government entities within Greenwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenwood 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 Greenwood's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29649 zip code has the highest median property tax rate of 0.57%, while the 29646 zip code has the lowest median tax rate of 0.57%. Understanding how these cities compare with Greenwood provides valuable insights into the varying tax landscape across Abbeville, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenwood Tax Rate
0.61%
Average Abbeville County Tax Rate
0.76%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenwood, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29646 | 0.26% | 0.38% | 0.51% | 0.73% | 1.94% |
| 29649 | 0.29% | 0.42% | 1.17% | 1.68% | 2.62% |
Source: Ownwell
Property Tax Assessment Values Across Greenwood, South Carolina
In Greenwood, 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 local 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 Greenwood, 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 highest median tax bill in Greenwood is $684.00 in the 29646 zip code, while the lowest is $170.00 in the 29649 zip code. 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 Greenwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Greenwood, South Carolina
Source: Ownwell
$17,850
$93,350
$168,850
Average Greenwood Assessed Value
$42,600
Average Abbeville County Assessed Value
$33,600
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenwood, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29646 | $34,370 | $87,600 | $168,850 | $270,400 | $311,600 |
| 29649 | $3,590 | $10,475 | $17,850 | $40,725 | $224,125 |
Source: Ownwell
Property Tax Bills Across Greenwood, South Carolina
In Greenwood, SC, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. The local tax rate, also known as the millage rate, is then applied to this assessed value to determine the tax bill. For example, with a median home price of $42,600, the tax bill can vary significantly. Homeowners in the 25th percentile might see a tax bill around $160, while those in the 75th percentile could pay approximately $833. At the 90th percentile, the tax bill can reach up to $1,271. These figures highlight how property values and local tax rates impact the financial obligations of homeowners. In Greenwood, the highest median tax bill is $684 in the 29646 zip code, whereas the lowest is $170 in the 29649 zip code. This variability underscores the importance of understanding local tax policies and property assessments, as they directly affect homeowners' annual expenses. Comparing these rates to the national median property tax rate of 0.99% can provide additional context for homeowners evaluating their tax responsibilities.
Average Greenwood Tax Bill
$397
Average Abbeville County Tax Bill
$277
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenwood, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29646 | $329 | $455 | $684 | $1,138 | $2,568 |
| 29649 | $100 | $126 | $170 | $375 | $856 |
Source: Ownwell