Since the majority of Buyers & Investor of Real Estate along the Beaches of The Grand Strand are from out of State, I consistently get asked about how Taxes will apply to the Potential Property consumers are considering to Buy. The information below is from Horry County's Website and you can find the exact information for the Assessor's webpage . I thought I would write a simple Blog Post and get this information out there for more eyes to see and to also have a reference point on my Website for people to read/view at thier lesuire.
Frequently Asked Questions
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<li><b>Could you explain the tax millage for Horry County that appears on my property tax bill?</b> <br><br> include file="assessor/MillageExp.asp" --><!-- <a href="/depts/finance/assessor/PropTaxBillInfo.pdf" _mce_href="/depts/finance/assessor/PropTaxBillInfo.pdf" target="_blank">Property Tax Bill Information</a>. -->
- Why do we pay property tax? Property tax is collected by local governments to provide for the many services most of us take for granted. Schools, police and fire protection and public libraries are possible because of revenue from the property tax. We are all asked to pay our fair share of the cost of these services by paying tax in proportion to the value of our property.
- How is property taxed? South Carolina's Constitution requires that property be taxed in accordance with the properties value. From the time your property is added to the tax rolls, the tax assessment does not change unless physical changes have been made or a reassessment program is implemented or an assessable transfer of interest occurs. The most recent reassessment was implemented for the 2005 tax year. The next countywide reassessment is scheduled to be implemented for the 2010 tax year. In determining the County's annual budget, County Council sets the tax levy each year. The rate is reflected in "mills" or "millage rate", and one mill is one thousandth of one dollar (.001). The County Assessor appraises real property, the Auditor maintains the property tax rolls and calculates individual property taxes, and the County Treasurer collects the property taxes. All property is appraised at its fair market value and is multiplied by the appropriate assessment ratio for the type of property. All real property is assessed at a four percent (owner occupied primary residence) four or six percent (farm) or a six percent (all other) rate. Therefore, property taxes are determined by multiplying the fair market value, times the assessment ratio, times the millage rate. For example, the tax on your legal, full-time residence in Horry County is determined this way:
This example includes a home located in the unincorporated area of Horry County. (Qualified legal residence)
This example includes a commercial property located in the unincorporated area of Horry County.$125,000 Fair Market Value of home
x 4% Assessment Ratio (4% if qualified legal resident)
5,000 Assessed Value
x .2093 Countywide Millage Rate (County millage - 47.3, School-139.3, Fire-16.3, Waste Mgmt-6.4)
$1046.50 TAXES
-596.50 Tax credit - (5,000 @ .1193) School operations
$450.00 TAXES DUE
$125,000 Fair Market Value of home
x 6% Assessment Ratio
7,500 Assessed Value
x .2093 Countywide Millage Rate (County millage - 47.3, School-139.3, Fire-16.3, Waste Mgmt-6.4)
$1,569.75 TAXES DUE
***Although a taxpayer receives just one property tax bill, there are other agencies that utilize that one tax bill to collect their own taxes. These agencies are itemized out on your bill, which include the School District, municipalities, special tax districts, etc. Any increase by any of these agencies will result in an increase to the overall tax bill. - How do I get the best tax rate on my home? If you own a home, you want to be sure to obtain the 4% assessment rate if you live in the home and claim it as your legal residence. Otherwise, your tax rate will be 6%. To obtain the lower rate, you will need to complete an application with the county assessor. This should be done as soon as you move into your home. Once you have filed the application, you will not need to complete another one, unless there is a deed name change, or use of the property changes.
- What is Reassessment? South Carolina State Law requires that each County within the State conduct a countywide reassessment every five years. A one year extension is allowed by County ordinance. During a Countywide reassessment all real property within the County is reappraised at its current market value as of its reassessment date. New Legislation requires that in the year in which a reassessment is implemented each parcel of real property, be adjusted for improvements and losses, and does not increase more than fifteen percent every five years unless an assessable transfer of interest occurs. Horry County is currently scheduled to implement its next reassessment in tax year 2010. Only real property values are affected by reassessment. Values of personal property such as cars, boats and motorcycles are kept current through annual updates by the Department of Revenue.
- What if I have other tax questions about my tax notice or other tax matters, who should I call?
- Personal Property
(Cars, watercraft, aircraft, etc.)
Horry County Auditor's Office
(843) 915-5050
- Real Property
(Land, buildings, etc.)
Horry County Assessor's Office
(843) 915-5040
- Tax Payments
(Billing addresses, tax payments, etc.)
Horry County Treasurer's Office
(843) 915-5470
- Personal Property
- What is the current millage rate?
<!-- <br>» <a href="2005TaxLevies.pdf" _mce_href="2005TaxLevies.pdf" class=large target="_top">2005 Horry County Tax Levies</a> -->
2009 Horry County Tax Levies Debt Service: 5.3 General Fund: 36.7 HGT: 1.9 Higher Education Commission 0.7 SR Citizen Fund: 0.4 County Recreation 2.3 Total levy for county purposes: 47.3 Board of Education Debt Services Fund 20.0 School Operation Fund 119.3 Total levy for school purposes: 139.3 Total county and school purposes: 186.6
Municipalities Tax Levies Atlantic Beach 94.5 Aynor 72.2 Briarcliffe 55.6 Conway 86.6 Loris 105.0 Myrtle Beach
Tax Credit64.4
-1.50North Myrtle Beach 32.2 Surfside 44.0
Special Levies/Watersheds/Fire Districts/Waste Management Arcadian Shores 35.0 Mt. Gilead 7.4 Socastee Community Recreation 2.0 Buck Creek 3.8 Cartwheel 3.9 Crab Tree 3.6 Gapway Swamp 3.8 Simpson Creek 3.4 Todd Swamp 3.5 County Fire Districts 16.3 Murrells Inlet - Garden City Fire Districts 10.0 Waste Management 6.4
» Millage Explanations<!-- <br>» <a style="font-size:14px;" _mce_style="font-size: 14px;" href="/depts/finance/assessor/PropTaxBillChart.pdf" _mce_href="/depts/finance/assessor/PropTaxBillChart.pdf" target="_blank">Millage Chart </a> <div style="margin-left:10px;" _mce_style="margin-left: 10px;"> <div style="margin-top:6px;color:#808080;font-size:10px;font-weight:normal;" _mce_style="margin-top: 6px; color: #808080; font-size: 10px; font-weight: normal;">[adobe pdf format]</div> </div> -->[adobe pdf format]
» 2008 South Carolina Counties Millage *NEW[adobe pdf format]
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