Timmonsville, Florence County, South Carolina Property Taxes
The median property tax rate in Timmonsville, SC is 0.42%, 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 Timmonsville at $36,602, the typical annual property tax bill is $269, far below the national median of $2,690. Property taxes in Timmonsville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Timmonsville'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 Timmonsville or another part of Florence County, grasping the nuances of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Timmonsville, Florence County, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$154
$143
Ownwell’s Timmonsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Timmonsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Timmonsville 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 Timmonsville, Florence County, South Carolina
Property taxes in Timmonsville, 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 Timmonsville is 0.42%, which is lower than the U.S. national median of 0.99%. Local government entities within Timmonsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Timmonsville 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 Timmonsville's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29161 zip code has the highest median property tax rate of 0.42%, while the same zip code also has the lowest median tax rate of 0.42%. Understanding how these areas compare with Timmonsville 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.
Property Tax Rates Across Timmonsville, Florence County, South Carolina
Source: Ownwell
0.31%
0.47%
0.63%
Average Timmonsville Tax Rate
0.42%
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 Timmonsville, Florence County, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29161 | 0.14% | 0.26% | 0.42% | 1.75% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Timmonsville, Florence County, South Carolina
In Timmonsville, 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 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. In Timmonsville, 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 Timmonsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Timmonsville is $36,602, with the highest and lowest median tax bills both being $269 in the 29161 zip code.
Property Tax Assessment Values Across Timmonsville, Florence County, South Carolina
Source: Ownwell
$26,773
$71,107
$115,440
Average Timmonsville Assessed Value
$36,602
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 Timmonsville, Florence County, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29161 | $3,697 | $11,642 | $36,602 | $86,836 | $161,627 |
Source: Ownwell
Property Tax Bills Across Timmonsville, Florence County, South Carolina
In Timmonsville, Florence County, SC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. The median home price in Timmonsville is $36,602. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property characteristics, local tax rates, and any applicable exemptions or deductions. For homeowners in Timmonsville, the tax bill can vary significantly. At the 25th percentile, the tax bill is around $107, while at the 75th percentile, it rises to $655, and at the 90th percentile, it can reach $1,230. The highest and lowest median tax bills in the area are both $269, occurring in the zip code 29161. Compared to the national median property tax rate of 0.99%, Timmonsville's property tax rates can be relatively modest, providing some relief to homeowners. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Timmonsville Tax Bill
$269
Average Florence County Tax Bill
$515
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Timmonsville, Florence County, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29161 | $37 | $107 | $269 | $655 | $1,230 |
Source: Ownwell