Murrells Inlet SC Property Taxes
Types of Property Taxes
In SC, we have two tax rates for property taxes. The 4% rate for primary residents and the 6% rate for second homes and investment properties. When you close on a property, you will automatically be charged the 6% rate. You need to apply for the 4% rate, and I can give you information on how to apply for the 4% rate after you close. Also, after you are 65 years old and have lived in the home for 1 year, you can apply for the Homestead exemption. For property tax purposes, the tax office will reduce the taxable value of your home by $50,000.
Property tax example
Let’s look at an example. Keep in mind these numbers are estimates only and your taxes will vary by where you purchase and the different millage rates. For our example, you are purchasing a $300,000 home in the Horry County section of Murrells Inlet.
- If you purchased that property for a primary residence, the yearly taxes are just over $1000.00.
- If you purchased that property for a second home or investment property, the yearly taxes are just over $2400.00.
- If you are living in the home as a primary residence, are 65 years old or older and have lived in the home for 1 year, you can apply for the homestead exemption. Your yearly taxes are just over $800.
If you are moving from the northeast or midwest, you will notice our taxes are likely much lower than what you are paying now.
As always, contact me if you are interested in buying or selling in Murrells Inlet or the surrounding area or if you are interested in learning more about living at the beach. Have a great day!