This is Everest Vaught with Wave Beach Realty, hope you are doing well. Today I simply want to share some info, regarding Myrtle Beach, SC property taxes. Property taxes in Myrtle Beach SC are very affordable, in comparison to most areas of the country. Did you know there are property tax exemptions/discounts available for SC homeowners? These tax exemptions are known as the: Residential Exemption and the Homestead Exemption.
The Homestead Exemption, removes 50k from the properties assessed value. For example a property that has a 300k tax assessed value, would then be assessed at 250k. In order to qualify for the Homestead exemption, you must be either: at least 65 years of age or 100% disabled (health disability). Also you must live in South Carolina for at least 1 full calendar year to qualify ( Jan 1- Dec 31).
Please keep in mind properties also have an assessment ratio of 4% or 6%, depending on whether it is your primary residence or second home/investment.
The Residential Exemption provides you with the 4% ratio as a primary residence vs the 6% as second home/investment property. Below I have an example of how taxes are calculated, in efforts to make it easier to understand. Feel free to contact me for any further questions or concerns. Thanks in advance!
Example: property assessed value x assessment ratio (4% or 6%) x millage rate (varies depending on district property is located within) = property tax bill
If you would like to learn more regarding Myrtle Beach property taxes click here.
Call your Myrtle Beach Real Estate Expert, Everest Vaught at 843-429-1876 for more information. Feel free to email me as well: email@example.com.
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