Luray, South Carolina Property Taxes
The median property tax rate in Luray, SC is 1.01%, slightly higher than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in Luray, the typical annual property tax bill reaches $364, significantly lower than the national median of $2,690. Property taxes in Luray 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 Luray'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 Luray or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Luray, 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 Luray Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Luray with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Luray to provide an estimate of 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 Luray, South Carolina
Property taxes in Luray, 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 Luray is 1.01%, which is higher than both the South Carolina state median and the U.S. national median of 0.99%. Local government entities within Luray set these rates annually, and they can vary significantly across different neighborhoods. Each year, Luray 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 Luray's effective property tax rate to other counties in South Carolina and the national median. For comparison, the zip code 29932 has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Luray provides valuable insights into the varying tax landscape across Hampton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Luray Tax Rate
1.01%
Average Hampton County Tax Rate
1.01%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Luray, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29932 | 0.49% | 0.98% | 1.01% | 2.98% | 3.01% |
Source: Ownwell
Property Tax Assessment Values Across Luray, South Carolina
In Luray, 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 Hampton 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 Luray, 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 Luray helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Hampton County are both $364.00, specifically in zip code 29932.
Average Luray Assessed Value
$12,700
Average Hampton County Assessed Value
$23,800
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Luray, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29932 | $2,740 | $5,750 | $12,700 | $54,450 | $106,080 |
Source: Ownwell
Property Tax Bills Across Luray, South Carolina
In Luray, property tax bills are determined by assessing the value of a property and applying the local tax rate to this assessed value. Homeowners in Luray, located in Hampton County, experience varying tax bills depending on several factors, including the property's assessed value and the specific tax rate set by local authorities. For example, the median home price in Luray is $12,700. While the national median property tax rate is 0.99%, local rates can differ, affecting the overall tax burden. Homeowners at the 25th percentile of tax bills pay around $176, while those at the 75th percentile face a tax bill of approximately $1,019. For those at the 90th percentile, the tax bill can reach up to $1,985. The highest median tax bill in the area is $364, found in the 29932 zip code. These variations highlight how property tax bills can significantly impact homeowners, influencing affordability and potentially affecting long-term financial planning.
Average Luray Tax Bill
$364
Average Hampton County Tax Bill
$543
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Luray, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29932 | $91 | $176 | $364 | $1,019 | $1,985 |
Source: Ownwell