Scranton, South Carolina Property Taxes
The median property tax rate in Scranton, SC is 0.37%, significantly lower than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in Scranton at $31,492, the typical annual property tax bill amounts to $236, far below the national median of $2,690. Property taxes in Scranton 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 Scranton'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 Scranton or another part of Florence County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Scranton, 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 Scranton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Scranton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Scranton 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 Scranton, South Carolina
Property taxes in Scranton, 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 Scranton is 0.37%, significantly lower than both the South Carolina state median of 0.57% and the U.S. national median of 0.99%. Local government entities within Scranton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Scranton 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 Scranton's effective property tax rate to other counties in South Carolina and the national median. For comparison, the highest median property tax rate in Florence County is 0.95%, while the lowest median tax rate is 0.21%. Understanding how these cities compare with Scranton provides valuable insights into the varying tax landscape across Florence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Scranton Tax Rate
0.37%
Average Florence County Tax Rate
0.45%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Scranton, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29591 | 0.17% | 0.31% | 0.37% | 1.89% | 2.02% |
Source: Ownwell
Property Tax Assessment Values Across Scranton, South Carolina
In Scranton, 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 Florence 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 Scranton, 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 Scranton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Scranton is $236 in the 29591 zip code, while the lowest median tax bill is also $236 in the same zip code.
Average Scranton Assessed Value
$31,492
Average Florence County Assessed Value
$26,678
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Scranton, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29591 | $3,901 | $10,253 | $31,492 | $72,156 | $126,475 |
Source: Ownwell
Property Tax Bills Across Scranton, South Carolina
In Scranton, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in this city is $31,492, which significantly impacts the overall tax bill. Homeowners can expect their property tax bills to vary widely depending on the specific value of their property. For instance, tax bills can range from $94 at the 25th percentile to $555 at the 75th percentile, with the 90th percentile reaching up to $1,167. The tax rate in Scranton is influenced by factors such as local government budgets, school funding needs, and public service requirements. Compared to the national median property tax rate of 0.99%, the rates in Scranton reflect the local economic conditions and property values. Homeowners in this area need to be aware of these factors, as they directly affect their annual property tax obligations. Understanding how these elements interplay can help homeowners better anticipate their financial responsibilities.
Average Scranton Tax Bill
$236
Average Florence County Tax Bill
$515
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Scranton, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29591 | $34 | $94 | $236 | $555 | $1,167 |
Source: Ownwell