Prosperity, South Carolina Property Taxes
The median property tax rate in Prosperity, SC is 0.74%, slightly higher than the state median of 0.72% but below the national median of 0.99%. With a median home value of $139,100 in Prosperity, the typical annual property tax bill is around $1,117, which is lower than the national median of $2,690. Property taxes in Prosperity are calculated based on the tax assessed value, often falling below the market value due to exemptions like those for primary residences and agricultural properties. Understanding Prosperity'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 Prosperity or another part of Newberry County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prosperity, 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 Prosperity Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prosperity with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prosperity 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 Prosperity, South Carolina
Property taxes in Prosperity, South Carolina, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Prosperity is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Prosperity set these rates annually, and they can vary across different neighborhoods. Each year, Prosperity 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. Understanding how Prosperity's effective property tax rate compares to other areas provides valuable insights into the varying tax landscape across Newberry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prosperity Tax Rate
0.74%
Average Newberry County Tax Rate
0.76%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prosperity, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29127 | 0.42% | 0.61% | 0.74% | 0.91% | 2.20% |
Source: Ownwell
Property Tax Assessment Values Across Prosperity, South Carolina
In Prosperity, 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 Newberry 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 Prosperity, 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. For instance, the median home price in Prosperity is $139,100, with property tax bills ranging from $403 at the 25th percentile to $3,406 at the 90th percentile. Notably, the zip code 29127 has the highest median tax bill at $1,117. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Prosperity, South Carolina
Source: Ownwell
$33,700
$211,000
$388,300
Average Prosperity Assessed Value
$139,100
Average Newberry County Assessed Value
$69,300
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prosperity, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29127 | $12,500 | $38,300 | $139,100 | $252,900 | $384,700 |
Source: Ownwell
Property Tax Bills Across Prosperity, South Carolina
In Prosperity, Newberry County, SC, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The local tax rate, also known as the millage rate, is applied to the assessed value to determine the tax bill. For instance, with a median home price of $139,100, homeowners can expect varying tax bills. The 25th percentile tax bill is around $403, while the 75th percentile reaches up to $2,070, and the 90th percentile can be as high as $3,406. This wide range indicates that factors such as property location, improvements, and exemptions significantly impact the final tax amount. Compared to the national median property tax rate of 0.99%, Prosperity's rates can be quite variable. Homeowners in the 29127 zip code, which has the highest and lowest median tax bill of $1,117, should be aware of these influencing factors to better manage their property tax obligations.
Average Prosperity Tax Bill
$1,117
Average Newberry County Tax Bill
$768
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Prosperity, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29127 | $129 | $403 | $1,117 | $2,070 | $3,406 |
Source: Ownwell