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Estimating Property Tax

Estimating Property Tax in Horry and Georgetown CountiesMHRE Horry Co Tax

We are asked often by Buyers what the taxes are on a particular property/home/condo. There are so many variables in how the taxes are calculated that is difficult for us to give any kind of accurate answer (primary home or second home, in state or out of state owner, etc). You will also find links below to the Horry and Georgetown County Assessors websites.

The following is the formula used to calculate property taxes due each year. The millage rate differentiates for each county and specified areas. For a list of mill levy rates, you can contact the appropriate tax assessor’s office.
Millage Rate X Assessment Ratio X Value – Tax Credits = Property Tax
The millage rate is set by elected officials. This millage rate is set to meet the budgetary needs of the county. Georgetown and Horry County have several different mill levy rates, based on specific areas. For instance: some areas are not within city limits which may reduce the amount of the budget needed for that specific area. In general, the mill levy is calculated in amount of tax per thousand currency units of property value. In other words, a mill is one-thousandth of a currency unit.
The Assessment Ratio is based on the type of property as well as type of ownership. The current ratio for primary home ownership is 4%. If it is secondary residence, rental, commercial, or land the ratio is 6%. Industrial ratio is 10%. There are ways to reduce your tax liability, and you may qualify for eligible tax credits.
The value is of course, currently assessed at the point of sale, which is assessed by the tax assessor. The tax credits may vary, based on a number of items. Some school districts may have a higher tax credit, thus reducing the total amount due.
To calculate the property tax, the authority will multiply the millage rate by the assessment ratio, assessed value (current sales price) of the property minus the tax credits. The example below is based on a property sales price of $125,000:

A home located in the unincorporated area o Horry County (qualified legal residence):

$125,000 Fair market value of home
x   4% Assessment ratio (4% if qualified legal resident)
$5,000 Assessed value
x   .2026 Countywide millage rate 1
$1,013.00 Taxes
–   601.00 Tax credit – (5,000 @ .1202) School operations
$412.00 Taxes Due

A commercial property located in the unincorporated area of Horry County:

$125,000 Fair market value of home
x   6% Assessment ratio
$7,500 Assessed value
x   .2026 Countywide millage rate 1
$1,519.50 Taxes Due

1 County Millage: 45.2; School: 130.2; Fire: 21.2; Waste Mgmt: 6.0;

Although a taxpayer receives just one property tax bill, there are other agencies that utilize that one tax bill to collect their own taxes. These agencies are itemized out on your bill, which include the School District, municipalities, special tax districts, etc. Any increase by any of these agencies will result in an increase to the overall tax bill.

You can access the Horry County Assessor’s website here:

You can access the Georgetown County Assessor’s website here:

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