Inman, South Carolina Property Taxes
The median property tax rate in Inman, SC is 0.60%, significantly lower than both the national median of 0.99% and the South Carolina state median of 0.72%. With a median home value of $198,800 in Inman, the typical annual property tax bill is $1,356, which is well below the national median of $2,690. Property taxes in Inman 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 Inman’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 Inman or another part of Spartanburg County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Inman, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$1,193
$1,107
Ownwell’s INMAN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in INMAN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in INMAN 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 Inman, South Carolina
Property taxes in Inman, South Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Inman is 0.60%, significantly lower than the U.S. national median of 0.99%. Local government entities within Inman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Inman 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 Inman's effective property tax rate to other counties in South Carolina and the national median. For comparison, the zip code 29349 has the highest median property tax rate of 0.60%, while the same zip code 29349 also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Inman 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 Inman Tax Rate
0.60%
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 Inman, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29349 | 0.39% | 0.49% | 0.60% | 0.78% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Inman, South Carolina
In INMAN, 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 INMAN, 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 INMAN helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in INMAN both fall in the zip code 29349, with a value of $1356.
Average Inman Assessed Value
$198,800
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 Inman, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29349 | $16,400 | $82,400 | $198,800 | $285,200 | $409,560 |
Source: Ownwell
Property Tax Bills Across Inman, South Carolina
In Inman, Spartanburg County, SC, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The county's tax rate is applied to this assessed value to determine the annual tax bill. Factors such as the median home price, which stands at $198,800, significantly influence the tax bill. Homeowners in Inman can expect a range of tax bills depending on their property's assessed value. For instance, those in the 25th percentile might pay around $818, while those in the 75th percentile could see bills as high as $2,141. At the 90th percentile, tax bills can reach up to $3,647. Comparatively, the median property tax rate in Inman is competitive, especially when juxtaposed with the national median property tax rate of 0.99%. This variation in tax bills impacts homeowners differently, influencing their financial planning and the overall affordability of owning a home in the area.
Average Inman Tax Bill
$1,356
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 Inman, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29349 | $318 | $818 | $1,356 | $2,141 | $3,647 |
Source: Ownwell