Property Tax in Myrtle Beach, South Carolina
So you decided on buying a property along the Grand Strand, now what about property taxes? South Carolina has the 6th lowest Real Estate taxes in the country for 2017. If you are not familiar with the term “Grand Strand”, it consists of many areas and cities along the northern coastline of South Carolina. The most recognized area along the Grand Strand is Myrtle Beach, SC. Other areas include North Myrtle Beach, Surfside Beach, Garden City, Litchfield Beach, Pawleys Island, Conway, Carolina Forest, Grande Dunes, Briarcliffe, and Socastee.
How To Asses Your Myrtle Beach Property Tax
There are two things to consider when figuring out what your taxes will be on your property. If it is an investment property, second home, vacant land, or commercial property the taxes will be figured at 6% (This is not 6% of the assessed value, so don’t fall out of your chair). Say you own a vacant lot in Myrtle Beach in Horry County that has an assessed value of $90,000. Your taxes would be figured by multiplying the assessed value $90,000 x 6% x .2630 (2016 Horry County with City of Myrtle Beach millage rate) = $1,420.20 will be the amount of property taxes due each year.
If the property you are purchasing will be your primary residence and you filled out the legal resident application, you then qualify for the 4%. If you own a home that has an assessed value of $90,000, you would use the equation below to figure out your property taxes.
$90,000 (assessed value)
X 4% (primary home tax rate)
X .0759 ( 2016 Horry County and City of Myrtle Beach millage rate)
= $273.24 - Total taxes due on a primary residence in the City of Myrtle Beach. If you own a home that does not fall in the city limits, your millage rate will be less.
Properties that fall in Georgetown County use this same formula, but the millage rate is not the same from county to county. This millage rate changes from year to year as well. To learn more about Horry County millage rates and property taxes visit the www.horrycounty.org website. If you are buying property in Georgetown County visit www.georgetowncountysc.org to learn more about property taxes and millage rates. The assessor’s page on both websites should help to answer any other questions you may have.
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If you have additional questions, a member of our Real Estate team can answer other questions you may have on Myrtle Beach area property taxes. The above taxes were figured based on homes that are not within city limits, certain areas have city millage rates, and certain neighborhoods have additional taxes as well. Always when buying property, please consult with a Realtor or an attorney to answer any questions you may have. There also may be other tax credits and exemptions you will qualify for, like the Homestead Exemption. If you are searching for property along the Grand Strand, our team of Real Estate professionals are here to help.