Buffalo, Union County, South Carolina Property Taxes
The median property tax rate in Buffalo, SC is 1.59%, considerably higher than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in Buffalo at $21,000, the typical annual property tax bill reaches $194, which is significantly lower than the national median of $2,690. Property taxes in Buffalo are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Buffalo'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 Buffalo or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buffalo, Union County, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.59%
Estimate Property Tax Bill
$334
$310
Ownwell’s Buffalo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buffalo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buffalo 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 Buffalo, Union County, South Carolina
Property taxes in Buffalo, South Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo is 1.59%, significantly higher than the U.S. national median of 0.99%. Local government entities within Buffalo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buffalo 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 Buffalo's effective property tax rate to other counties in South Carolina and the national median. For comparison, the 29321 zip code has the highest median property tax rate of 1.59%, while the 29321 zip code also has the lowest median tax rate of 1.59%. Understanding how these cities compare with Buffalo provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Tax Rate
1.59%
Average Union County Tax Rate
1.59%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo, Union County, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29321 | 0.26% | 0.71% | 1.59% | 1.95% | 1.97% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo, Union County, South Carolina
In Buffalo, 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 Union 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 Buffalo, 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 Buffalo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 29321 at $194, while the lowest is also 29321 at $194.
Property Tax Assessment Values Across Buffalo, Union County, South Carolina
Source: Ownwell
$5,800
$29,900
$54,000
Average Buffalo Assessed Value
$21,000
Average Union County Assessed Value
$24,000
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo, Union County, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29321 | $3,130 | $5,725 | $21,000 | $59,475 | $100,100 |
Source: Ownwell
Property Tax Bills Across Buffalo, Union County, South Carolina
In Buffalo, SC, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. For example, with a median home price of $21,000, homeowners can expect a tax bill ranging from $85 at the 25th percentile to $808 at the 90th percentile. Several factors influence this calculation, including the property's location, improvements, and market conditions. Homeowners in Buffalo face a median tax bill of $194, which is relatively low compared to the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable, but it also means that local services funded by property taxes, such as schools and infrastructure, may receive less funding. Understanding these factors can help homeowners better anticipate their financial obligations and the potential impact on their community.
Average Buffalo Tax Bill
$194
Average Union County Tax Bill
$195
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo, Union County, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29321 | $39 | $85 | $194 | $455 | $808 |
Source: Ownwell