Duncan, South Carolina Property Taxes
The median property tax rate in Duncan, SC is 0.56%, 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 Duncan at $240,500, the typical annual property tax bill comes to $1,594, well below the national median of $2,690. Property taxes in Duncan are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Duncan'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 Duncan or another part of Spartanburg County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Duncan, 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 Duncan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Duncan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Duncan 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 Duncan, South Carolina
Property taxes in Duncan, South Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Duncan is 0.56%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Duncan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Duncan 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 Duncan's effective property tax rate to other counties in South Carolina and the national median. For comparison, the zip code 29334 has both the highest and lowest median property tax rate of 0.56%. Understanding how these cities compare with Duncan 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 Duncan Tax Rate
0.56%
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 Duncan, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29334 | 0.40% | 0.48% | 0.56% | 0.81% | 2.04% |
Source: Ownwell
Property Tax Assessment Values Across Duncan, South Carolina
In Duncan, 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 Duncan, 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 Duncan is $240,500, with tax bills ranging from $1,096 at the 25th percentile to $3,908 at the 90th percentile. Notably, the zip code 29334 has both the highest and lowest median tax bill at $1,594. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Duncan Assessed Value
$240,500
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 Duncan, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29334 | $28,400 | $165,350 | $240,500 | $325,175 | $425,400 |
Source: Ownwell
Property Tax Bills Across Duncan, South Carolina
Property tax bills in Duncan, located in Spartanburg County, SC, are calculated based on the assessed value of a property, which is determined by the county's assessment office. The assessed value is a percentage of the market value of the home. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Duncan, the median home price is $240,500. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,096 and the 75th percentile tax bill at $2,262. At the 90th percentile, homeowners may see tax bills as high as $3,908. The median tax bill in the highest and lowest zip codes within Duncan is notably consistent at $1,594. Compared to the national median property tax rate of 0.99%, Duncan's property tax rates can have a considerable impact on homeowners, influencing their overall housing costs and financial planning.
Average Duncan Tax Bill
$1,594
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 Duncan, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29334 | $587 | $1,096 | $1,594 | $2,262 | $3,908 |
Source: Ownwell