Florence, South Carolina Property Taxes
The median property tax rate in Florence, SC is 1.00%, slightly above the national median of 0.99% and significantly higher than the South Carolina state median of 0.72%. With a median home value of $52,800 in Florence, the typical annual property tax bill amounts to $519, which is well below the national median of $2,690. Property taxes in Florence are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Florence's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve notable annual savings. Whether residing in the heart of Florence or its surrounding areas, being well-versed in the local property tax system is advantageous for all property owners.
Last Updated June 14, 2024
Florence, 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 Florence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Florence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Florence 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 Florence, South Carolina
Property taxes in Florence, 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 Florence is 1.00%, which is higher than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Florence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Florence 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 Florence's effective property tax rate to other regions in South Carolina and the national median. For comparison, the 29501 zip code has the highest median property tax rate of 1.00%, while the 29506 zip code has the lowest median tax rate of 0.98%. Understanding how these areas compare with Florence provides valuable insights into the varying tax landscape across Darlington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Florence Tax Rate
1.00%
Average Darlington County Tax Rate
1.00%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Florence, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29501 | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| 29506 | 0.83% | 0.93% | 0.98% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Florence, South Carolina
In Florence, 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 Darlington County Assessor's Office 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. 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. Florence's median home price is $52,800, with tax bills ranging from $117 at the 25th percentile to $2,421 at the 90th percentile. The highest median tax bill of $2,542 is found in zip code 29506, while the lowest median tax bill of $512 is in zip code 29501. 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.
Property Tax Assessment Values Across Florence, South Carolina
Source: Ownwell
$34,400
$150,300
$266,200
Average Florence Assessed Value
$52,800
Average Darlington County Assessed Value
$53,600
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Florence, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29501 | $4,900 | $11,650 | $52,100 | $115,700 | $247,600 |
| 29506 | $52,800 | $154,450 | $266,200 | $345,750 | $466,280 |
Source: Ownwell
Property Tax Bills Across Florence, South Carolina
In Florence, 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 home's market value. Homeowners in Florence can expect a wide range of tax bills, influenced by factors such as property location and market trends. For instance, the median home price in the area is $52,800, and tax bills can vary significantly, with the 25th percentile at $117 and the 75th percentile reaching $1,120. The highest median tax bill in Florence is $2,542, found in the 29506 zip code, while the lowest is $512 in the 29501 zip code. These variations highlight the impact of property location and market value on tax obligations. Compared to the national median property tax rate of 0.99%, Florence homeowners may find their tax rates either higher or lower, affecting their overall financial planning and homeownership costs.
Average Florence Tax Bill
$519
Average Darlington County Tax Bill
$513
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Florence, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29501 | $49 | $116 | $512 | $1,086 | $2,363 |
| 29506 | $953 | $1,439 | $2,542 | $3,298 | $4,501 |
Source: Ownwell