Are There Any Property Tax Changes Planned in Myrtle Beach, South Carolina?

Each week, Mansion World poses a tax query to actual property tax attorneys. Right here is that this week’s query.

Q. What property tax adjustments are on the desk in Myrtle Seaside, South Carolina? 

A. The 2022-23 price range for Myrtle Seaside, the South Carolina resort city on the Atlantic coast, requires “a uncommon, 10 mill property tax enhance to pay for 25 new cops and 22 different new positions,” based on a press release from town.

Millage charges are a standard technique of figuring out property taxes. One mill equals 1/1000 of a greenback (.001).

“The beneficial 10 mill enhance means an owner-occupied residence valued at $250,000 would pay an additional $100 per 12 months in metropolis property taxes,” Mark Kruea, public data director for town, mentioned within the assertion. “An owner-occupied residence valued at $500,000 would pay an additional $200 per 12 months.”

The proposed enhance would assist bridge the wage hole between what Myrtle Seaside metropolis staff receives a commission in comparison with their counterparts in different communities. Elevating salaries for metropolis positions is anticipated to value about $4.6 million, plus one other $1.2 million in advantages, based on town. 

“Below the proposal,…the beginning wage for licensed cops jumps from $45,760 to $50,139, making Myrtle Seaside officers the best paid within the state,” Mr. Kruea continued. “That can assist town recruit new cops and retain present ones.”

If handed, the tax enhance would generate almost $4 million yearly, simply a part of the price of the brand new positions and different prices, he added.

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Myrtle Seaside property taxes account for about 28% of the proposed $292.2 million price range, which might additionally embody $62.5 million in funding for capital enchancment initiatives throughout the 12 months.

The proposed price range could have two readings earlier than the Metropolis Council earlier than it may be authorised, with the primary scheduled for Tuesday. The price range should be authorised previous to the brand new fiscal 12 months, which begins July 1.

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