Myrtle Beach Property Taxes | Property Taxes along the Grand Strand
Property Tax in Myrtle Beach, South Carolina
Understanding property taxes along the Grand Strand is an important part in your decision to relocate to the Myrtle Beach area. The good news for people considering moving or purchasing a vacation home here is that our property taxes are notoriously low in comparison to most other places in the country. We are proud to share that South Carolina yet again ranks as the 6th lowest Real Estate taxes in the country and Myrtle Beach has one of the lowest property taxes in the state.
If you are not familiar with the term “Grand Strand”, it is the many areas and cities along the northern coastline of South Carolina. The most recognized 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 Assess Your Myrtle Beach Property Tax
As one of the lowest tax rates in the state and country, Myrtle Beach real estate owners will have an assessment rate of 4% or 6%. But how do you determine which rate you owe? There are two things to consider when figuring out what your taxes will be on your property. Read more about local property taxes in TheTIDES magazine page 29.
- For primary residents who have filled out the legal resident application, you qualify for 4%.
- For those who rent out their vacation property, use it as a second home, own vacant land, or commercial property, the taxes are figured at 6%...
We don't actually mean 6% of the assessed value though, so don’t fall out of your chair! Here’s what it means: if you own a vacation rental condo in Myrtle Beach in Horry County that has an assessed value of $150,0000, your taxes would be figured by multiplying the assessed value $150,000 x 6% x .2630 (2017 Horry County with City of Myrtle Beach millage rate). So, this equals out to just =$2,367.00 in property taxes each year.
If you own a home here as your primary residence that has an assessed value of $250,000, you would use the equation below to figure out your property taxes.
$250,000 (assessed value)
x .04% (primary residence rate)
x .0764 (2017 Horry County and City of Myrtle Beach millage rate)
=$764.00 This is the total taxes due on a primary residence in the City of Myrtle Beach for a home with an assessed value of $250,000.
If you own a home that does not fall in the city limits your millage rate would actually be less. Check out the millage rates around the Grand Strand here.
Properties that fall in Georgetown County use this same formula, but the millage rate is not the same from county to county. This millage rates also change from year to year. To learn more about Horry County millage rates and property taxes visit www.georgetowncountysc.org.
Start Your Home Search Today
If it’s not for our beautiful beaches, year round warm weather, and southern hospitality, our low cost of living should surely entice you to think about relocating to our coast. We have a professional team of experienced Realtors that can help you determine which areas best fit your lifestyle and what you can expect in home costs and property taxes. Remember, certain areas along the Grand Strand have city millage rates, and certain neighborhoods have additional taxes as well. We suggest working with one of our Real Estate Professionals or an attorney to answer any questions you may have in addition to determining any other tax credits and exemptions you will qualify for. If you are searching for a home or condo along the Grand Strand, the CRG team is here to help!