Lyman, South Carolina Property Taxes
The median property tax rate in Lyman, SC is 0.62%, which is notably lower than both the national median of 0.99% and the South Carolina state median of 0.72%. With a median home value of $218,700 in Lyman, the typical annual property tax bill amounts to $1,452, significantly less than the national median of $2,690. Property taxes in Lyman are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Lyman'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 Lyman 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
Lyman, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$1,356
Ownwell’s Lyman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lyman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lyman 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 Lyman, South Carolina
Property taxes in Lyman, 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 Lyman is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Lyman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lyman 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 Lyman's effective property tax rate to other areas in Spartanburg County and the national median. For comparison, the zip code 29365 has the highest and lowest median property tax rate of 0.62%. Understanding how these areas compare with Lyman 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 Lyman Tax Rate
0.62%
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 Lyman, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29365 | 0.37% | 0.48% | 0.62% | 0.81% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Lyman, South Carolina
In Lyman, 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 Lyman, 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 Lyman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 29365 has the highest median tax bill of $1,452, which is consistent across the board for the area.
Average Lyman Assessed Value
$218,700
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 Lyman, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29365 | $26,900 | $131,560 | $218,700 | $289,850 | $367,700 |
Source: Ownwell
Property Tax Bills Across Lyman, South Carolina
In Lyman, located in Spartanburg County, SC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $218,700. Homeowners can expect their tax bill to fall within a range, with the 25th percentile at $914 and the 75th percentile at $2,138. For those at the higher end, the 90th percentile tax bill reaches $3,052. The tax rate in Spartanburg County is a key factor in determining the property tax bill, and it is applied to the assessed value of the property. This assessed value is typically a percentage of the market value. Compared to the national median property tax rate of 0.99%, Lyman’s tax bills reflect the local economic conditions and funding needs of public services. Understanding these factors helps homeowners anticipate their annual tax obligations and budget accordingly.
Average Lyman Tax Bill
$1,452
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 Lyman, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29365 | $456 | $914 | $1,452 | $2,138 | $3,052 |
Source: Ownwell