Most people don’t enjoy property taxes, even if we don’t throw our tea into the ocean. Yet most have swallowed the bitter pill of taxation as a necessary evil in order to get public schools, roads, libraries, parks, fire departments, law enforcement, and many other services. So what are the South Carolina property taxes in your area and how are they figured? Let’s look.
How much do you pay?
You’ll be surprised to know that South Carolina property taxes are some of the lowest in the country. In North Myrtle Beach, Horry County, for example, the taxes on a home worth $250,000 is only $950! The national average yearly rate would take $2,675 from you for the same property. The corpses of Milwaukeeans sucked dry by their rate relieves them of $6,325 every year for a home worth $250,000. And for what? We don’t remember them sending anyone to the moon with their tax dollars. $6,325 a year is like buying a used 2009 Chevy Impala and driving off a dock every year. To see South Carolina property taxes by county, click here. To figure your own personal liability, you can use the Property Tax calculator here.
How does the government determine that amount?
South Carolina property taxes for primary residences are figured by taking a certain percentage (determined locally) of the assessed value. The assessed value is to be 4.0% of the fair market value of each home. Again, one of the lowest in the country. The Fair Market Value of a residence is usually based on an appraiser’s opinion, which likely takes some combination of these factors into consideration:
- Purchase Price
- Comparable Recent Sales
- Replacement Cost
- Professional Appraisal
In case you’re wondering, no, Zillow won’t determine your home’s worth. There are also local taxes that can be added on, such as ballot initiatives. To see how much revenue was collected in each county, click here.
What do we get for our money
In the first paragraph, we mentioned the biggies like schools, recreational areas, law enforcement, and fire protection. In addition to the 2020-2021 budget, this year’s new spending for Horry County includes, but is not limited to:
- Addition of soccer fields
- Improvements to stormwater management, including hiring cleaners, beaver trappers, and completing some research
- Repairs of sinkholes
- Increased mosquito spraying
- Hiring for 58 positions, including additional EMS crewmembers, police officers, emergency operators, correctional officers, and others
- Enhancements to the fire departments, airports, beaches, waste management, and others
For a helpful article that expounds on these examples, click here. The new spending will be paid for by an increase in property taxes as well as an impact fee, stormwater fee, and hospitality fee.
South Carolina property taxes are some of the lowest, but they still matter to each of us. Our goal at Seller’s Choice Real Estate is that you will find the home that best fits your life and, hopefully, your dreams, without having to worry about the taxes. Give us a call or see our website for contact information here. We have the experience and passion to serve all or our clients extremely well and we’d love a chance to earn your business!
When you’re ready to take your next step to sell your home in North Myrtle Beach, South Carolina, be sure to contact Sellers Choice for your best choice in real estate needs. The agents at Sellers Choice Real Estate will aid you in completing all of the steps mentioned above, as well as help you take any additional steps to help you sell your home quickly and without any added stress.