South Carolina Ranks Among Top 10 Lowest Property Taxes
Well known for having low tax rates, South Carolina was ranked 7th lowest in the country in 2020. Coupled with our extremely mild winters, it's no wonder people love relocating to Myrtle Beach and the surrounding areas. Understanding an area's tax rates is an important part in deciding to relocate, so we've compiled this guide to help you learn how to assess, as well as save, on real estate property taxes along the Grand Strand.
How To Assess Your Myrtle Beach Property Tax
As an area with some of the lowest tax rates in the state and country, Grand Strand property owners will have an assessment rate of either 4% or 6%... But how do you determine which rate you owe?
- For primary residents who have filled out the legal resident application, you qualify for 4%.
- Those who rent out their vacation property, use it as a second home, own vacant land or a commercial property, the taxes are figured at 6%.
The tax rate for which you qualify is then multiplied by the property's assessed value and the county and city's current millage rate in order to determine the amount of taxes your property will owe that year.
Significant Savings For South Carolinians
South Carolina has two property tax rates for residents and nonresidents, however, only one offers significant savings. Once you qualify as a full-time resident, you can benefit from being taxed at a 2% lower rate than secondary home and property owners. Becoming a permanent resident of South Carolina takes only a few steps in order to receive the benefits of being taxes as a full-time resident
Secondary residences are taxed at 6% and include vacation rental properties, second homes, vacant land and commercial property. However, we don't actually mean 6% of the assessed value. Here’s what it means... if you own a vacation rental condo in Horry County within the city limits of Myrtle Beach that has an assessed value of $150,0000, your taxes would be figured by multiplying the assessed value by 6% and the current millage rates for both Horry County and the City of Myrtle Beach. This example would be calculated in the following way using millage rates from 2017:
$150,000 (Assessed Value)
x 6% (Secondary residence rate)
x .2630 (2017 Horry County with City of Myrtle Beach millage rate)
= $2,367.00 (total property taxes due that year)
$250,000 (Assessed Value)
Primary residents who have filled out the legal resident application qualify for 4%. So if you own a home within the City of Myrtle Beach limits that is your primary residence and it is assessed at $250,000, your total taxes due would be calculated in the following way:
x 4% (Primary esidence rate)
x .0764 (2017 Horry County with City of Myrtle Beach millage rate)
= $764.00 (total taxes due that year)
Millage rates vary from county to county, as well as change from year to year. For instance, if you own a home that does not fall within the city limits, your millage rate would actually be less than those that do. Check out the 2019 Horry County millage rates here or reach out to a real estate professional to accurately determine your property's millage rate. Additionally, the same formula used for Horry County properties is also applied to those that fall in Georgetown County, however, they use different millage rates. To learn more about Georgetown County millage rates and property taxes visit www.georgetowncountysc.org.
Start Your Home Search Today
Remember, certain areas along the Grand Strand have city millage rates, and certain neighborhoods have additional taxes. We suggest working with a real estate professional or an attorney to help you answer any questions you might have, in addition to determining any other tax credits and exemptions for which you might qualify.
From finding which areas best fit your lifestyle to determining what to expect in home costs and property taxes, our team of experienced real estate agents are here to help you through the home buying and relocation process. If you are searching for a home or condo along the Grand Strand, the CRG team is here to help!