Woodruff, South Carolina Property Taxes
The median property tax rate in Woodruff, SC is 0.59%, 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 $128,550 in Woodruff, the typical annual property tax bill is around $1,087, well below the national median of $2,690. Property taxes in Woodruff are calculated based on the assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Woodruff'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 Woodruff or another part of Spartanburg County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Woodruff, 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 Woodruff Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodruff with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodruff 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 Woodruff, South Carolina
Property taxes in Woodruff, South Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodruff is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within the city set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodruff 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 Woodruff's effective property tax rate to other areas in South Carolina and the national median. For comparison, the zip code 29388 has the highest median property tax rate of 0.59%, while the same zip code also has the lowest median tax rate of 0.59%. Understanding how these areas compare with Woodruff 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 Woodruff Tax Rate
0.59%
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 Woodruff, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29388 | 0.28% | 0.45% | 0.59% | 1.03% | 2.16% |
Source: Ownwell
Property Tax Assessment Values Across Woodruff, South Carolina
In Woodruff, 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 Assessor 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 Woodruff, 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 property tax bill in Woodruff is $1,087, with the highest and lowest median tax bills both being in the 29388 zip code. 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 Woodruff helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Woodruff Assessed Value
$128,550
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 Woodruff, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29388 | $13,500 | $36,800 | $128,550 | $250,075 | $379,590 |
Source: Ownwell
Property Tax Bills Across Woodruff, South Carolina
In Woodruff, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the home's market value, and this rate can vary by county. For homeowners in Woodruff, Spartanburg County, the median home price is $128,550. Property taxes are then calculated by applying the local tax rate to the assessed value. Factors such as property size, location, and improvements can influence the assessed value. The tax bill can range significantly; for instance, in the 25th percentile, homeowners might pay around $509, while those in the 75th percentile could see bills as high as $1,907. At the 90th percentile, the tax bill can reach up to $2,682. Compared to the national median property tax rate of 0.99%, Woodruff's property tax rates reflect a diverse range of bills, impacting homeowners differently based on their property's assessed value.
Average Woodruff Tax Bill
$1,087
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 Woodruff, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29388 | $170 | $509 | $1,087 | $1,907 | $2,682 |
Source: Ownwell