Myrtle Beach Property Taxes | Property Taxes along the Grand Strand

Posted by Preston Guyton on Tuesday, July 20th, 2010 at 9:09pm.

tax_image_821So you decided on buying a property along the Grand Strand, now what about property taxes. If you are not familiar with the term the “Grand Strand”, it consists of many areas and cities along the north 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, Briarcliffe, and Socastee.

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 Murrells Inlet 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 .2093(Horry County millage rate) = $1,130.22 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)

3,600 

X     .2093(County Millage Rate

$ 753.48

-  429.48            Tax credit (3,600 x .1193) School operations

$324 – Total taxes due on a primary residence in Horry County that is not in an incorporated area. If you own a home that falls into city limits or an incorporated area there will also be a city millage rate.

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. If you have additional questions your Realtor should be able to 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, please use our Myrtle Beach Real Estate Search.

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