Florence, South Carolina Property Taxes
The median property tax rate in Florence, SC is 0.45%, 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 Florence at $88,444, the typical annual property tax bill is $694, which is well below the national median of $2,690. Property taxes in Florence are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Florence's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Florence 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
Florence, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$398
$369
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, SC, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Florence is 0.45%, lower 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 counties in South Carolina and the national median. For comparison, the 29502 zip code has the highest median property tax rate of 2.03%, while the 29501 zip code has the lowest median tax rate of 0.45%. Understanding how these cities compare with Florence 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 Florence Tax Rate
0.45%
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 Florence, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29501 | 0.31% | 0.45% | 0.45% | 2.03% | 2.12% |
| 29502 | 2.03% | 2.03% | 2.03% | 2.03% | 2.03% |
| 29503 | N/A | N/A | N/A | N/A | N/A |
| 29504 | N/A | N/A | N/A | N/A | N/A |
| 29505 | 0.28% | 0.45% | 0.45% | 0.45% | 2.12% |
| 29506 | 0.23% | 0.45% | 0.45% | 2.04% | 2.12% |
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 local county assessors 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, Florence has a median home price of $88,444, with the highest median tax bill in zip code 29501 at $858, and the lowest in zip code 29506 at $415. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Florence Assessed Value
$88,444
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 Florence, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29501 | $9,704 | $49,618 | $115,440 | $207,337 | $307,390 |
| 29502 | $4,322 | $7,552 | $12,935 | $17,852 | $20,803 |
| 29503 | N/A | N/A | N/A | N/A | N/A |
| 29504 | N/A | N/A | N/A | N/A | N/A |
| 29505 | $5,980 | $28,829 | $108,130 | $162,454 | $226,423 |
| 29506 | $4,065 | $12,777 | $30,654 | $78,374 | $140,327 |
Source: Ownwell
Property Tax Bills Across Florence, South Carolina
In Florence, SC, property tax bills are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, determined through periodic assessments. Factors influencing the assessed value include the property's location, size, and condition. The local tax rate in Florence County is applied to this assessed value to determine the annual tax bill. Homeowners in Florence can expect varying tax bills based on their property's assessed value. For instance, the 25th percentile tax bill is $386, while the 75th percentile reaches $1,257, and the 90th percentile can go up to $2,120. The highest median tax bill in Florence is $858 in the 29501 zip code, while the lowest median tax bill is $415 in the 29506 zip code. Compared to the national median property tax rate of 0.99%, Florence's tax rates offer a diverse range, impacting homeowners differently based on their specific property assessments.
Average Florence Tax Bill
$694
Average Florence County Tax Bill
$515
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 | $262 | $485 | $858 | $1,445 | $2,351 |
| 29502 | $44 | $44 | $44 | $44 | $44 |
| 29503 | N/A | N/A | N/A | N/A | N/A |
| 29504 | N/A | N/A | N/A | N/A | N/A |
| 29505 | $193 | $416 | $660 | $1,079 | $1,977 |
| 29506 | $71 | $183 | $415 | $814 | $1,500 |
Source: Ownwell