Why North Myrtle Beach Realtors Welcome a Possible 20% Property Tax Hike
There is a proposal to increase property taxes within the North Myrtle Beach real estate market by up to 20%. Normally, property developers and owners would oppose such a plan. But surprisingly, this time, North Myrtle Beach realtors are open to such a proposal. In fact, they even welcome it. The proposed higher property tax would be effective for the next eight years, if it would finally be implemented.
The property tax hike is in line with a planned expansion of the city. Logically, the added tax collection would be used by the local government to fund and make possible the growth. Under the expansion plan, a major sports tourism facility would be developed and opened within the next two years. It would be a major project, which is being eyed by almost all North Myrtle Beach realtors. If it would push through, sports tourism in the area would be bolstered. Domino effect has it that the popularity would directly boost demand and sales of North Myrtle Beach homes for sale.
Under the expansion plan, the city would annex up to 1,800 acres of land across its Intracoastal Waterway, close to SC 31 and Robert Edge Parkway. What North Myrtle Beach realtors rave the most about this project is that up to 1,460 acres of the land would be zoned for commercial and residential developments. Thus, expect more North Myrtle Beach homes for sale to be developed and sold across the area. 133 acres of the area would be for the proposed sports center, while 6.8 acres would hold an access road going to the area’s parking site.
The City Council has already approved a $15 million bond that would shoulder initial expenses for the project, particularly for the construction and for acquisition of land. After eight years, the property tax rate in the area would roll-back to return to its current level.
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