Wellford, South Carolina Property Taxes
The median property tax rate in Wellford, SC is 0.65%, which is lower than both the national median of 0.99% and the South Carolina state median of 0.72%. With a median home value of $114,100 in Wellford, the typical annual property tax bill amounts to $1,050, significantly below the national median of $2,690. Property taxes in Wellford are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Wellford's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial yearly savings. Whether you're in the heart of Wellford or another part of Spartanburg County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wellford, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$742
Ownwell’s Wellford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wellford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wellford 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 Wellford, South Carolina
Property taxes in Wellford, 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 Wellford is 0.65%, which is lower than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Wellford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wellford 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 Wellford's effective property tax rate to other areas in South Carolina and the national median. For comparison, the zip code 29385 has both the highest and lowest median property tax rate of 0.65%. Understanding how these areas compare with Wellford provides valuable insights into the varying tax landscape across Spartanburg County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wellford Tax Rate
0.65%
Average Spartanburg County Tax Rate
0.63%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wellford, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29385 | 0.35% | 0.51% | 0.65% | 1.16% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Wellford, South Carolina
In Wellford, 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 Spartanburg 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 Wellford, 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 Wellford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest and lowest median tax bill in Wellford is 29385, with a median tax bill of $1,050.
Average Wellford Assessed Value
$114,100
Average Spartanburg County Assessed Value
$171,600
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wellford, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29385 | $10,300 | $31,600 | $114,100 | $214,100 | $290,000 |
Source: Ownwell
Property Tax Bills Across Wellford, South Carolina
In Wellford, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Wellford is $114,100. The assessed value is then multiplied by the local tax rate to determine the property tax bill. Various factors influence the tax bill, including the property's location within Spartanburg County and any applicable exemptions or deductions. Homeowners in Wellford typically see property tax bills ranging from $506 at the 25th percentile to $2,608 at the 90th percentile. The highest and lowest median tax bills both stand at $1,050, indicating some consistency within the area. Compared to the national median property tax rate of 0.99%, Wellford's tax bills can be relatively modest or substantial, depending on the property's assessed value and specific circumstances. Understanding how these factors interplay helps homeowners anticipate their annual tax obligations, enabling better financial planning and potentially identifying opportunities for tax relief through exemptions or appeals.
Average Wellford Tax Bill
$1,050
Average Spartanburg County Tax Bill
$1,309
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Wellford, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29385 | $207 | $506 | $1,050 | $1,775 | $2,608 |
Source: Ownwell