Myrtle Beach, South Carolina Property Taxes
The median property tax rate in Myrtle Beach, SC is 1.03%, slightly above the national median of 0.99% and significantly higher than the South Carolina state median of 0.72%. With a median home value of $169,740 in Myrtle Beach, the typical annual property tax bill is around $1,301, which is below the national median of $2,690. Property taxes in Myrtle Beach are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Myrtle Beach's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Myrtle Beach or another part of Horry County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Myrtle Beach, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$1,748
Ownwell’s Myrtle Beach Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Myrtle Beach with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Myrtle Beach to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Myrtle Beach, South Carolina
Property taxes in Myrtle Beach, South Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Myrtle Beach is 1.03%, higher than the U.S. national median of 0.99%. Local government entities within Myrtle Beach set these rates annually, and they can vary significantly across different neighborhoods. Each year, Myrtle Beach estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Myrtle Beach's effective property tax rate to other areas in Horry County and the national median. For comparison, the 29577 zip code has the highest median property tax rate of 1.39%, while the 29588 zip code has the lowest median tax rate of 0.44%. Understanding how these areas compare with Myrtle Beach provides valuable insights into the varying tax landscape across Horry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Myrtle Beach Tax Rate
1.03%
Average Horry County Tax Rate
0.81%
Average South Carolina Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Myrtle Beach, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29572 | 0.36% | 0.95% | 1.35% | 1.64% | 2.27% |
| 29575 | 0.33% | 0.42% | 1.08% | 1.37% | 2.05% |
| 29577 | 0.32% | 0.38% | 1.39% | 1.64% | 2.41% |
| 29578 | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| 29579 | 0.33% | 0.38% | 0.45% | 1.33% | 1.86% |
| 29582 | N/A | N/A | N/A | N/A | N/A |
| 29588 | 0.31% | 0.37% | 0.44% | 1.22% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Myrtle Beach, South Carolina
In Myrtle Beach, South Carolina, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Horry County Assessor's Office for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Myrtle Beach, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. In Myrtle Beach, the highest median tax bill is $2,099 in the 29572 zip code, while the lowest median tax bill is $876 in the 29588 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Myrtle Beach, South Carolina
Source: Ownwell
$5,650
$209,880
$414,110
Average Myrtle Beach Assessed Value
$169,740
Average Horry County Assessed Value
$160,000
Average South Carolina Assessed Value
$140,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Myrtle Beach, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29572 | $74,100 | $103,000 | $165,000 | $308,600 | $515,000 |
| 29575 | $59,000 | $86,500 | $147,680 | $237,375 | $315,345 |
| 29577 | $58,000 | $87,100 | $137,000 | $243,300 | $347,912 |
| 29578 | $3,930 | $4,575 | $5,650 | $6,725 | $7,370 |
| 29579 | $84,000 | $128,000 | $204,890 | $292,668 | $436,655 |
| 29582 | N/A | N/A | N/A | N/A | N/A |
| 29588 | $51,000 | $115,000 | $178,575 | $226,350 | $293,274 |
Source: Ownwell
Property Tax Bills Across Myrtle Beach, South Carolina
In Myrtle Beach, located in Horry County, SC, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the county assessor's office and is a percentage of the property's market value. Factors such as property improvements, location, and market trends influence this assessed value. Once the assessed value is established, the local tax rate, or millage rate, is applied to calculate the annual tax bill. For homeowners in Myrtle Beach, the property tax can vary significantly. The 25th percentile tax bill is $764, while the 75th percentile reaches $2,322, and the 90th percentile can be as high as $3,916. The highest median tax bill in the area is $2,099 in the 29572 zip code, contrasting with the lowest median tax bill of $876 in the 29588 zip code. Compared to the national median property tax rate of 0.99%, Myrtle Beach's property taxes are relatively moderate, offering a range of affordability for homeowners.
Average Myrtle Beach Tax Bill
$1,301
Average Horry County Tax Bill
$1,084
Average South Carolina Tax Bill
$1,086
Average United States Tax Bill
$2,690
Property Tax Bills Across Myrtle Beach, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29572 | $650 | $1,293 | $2,099 | $3,393 | $5,180 |
| 29575 | $419 | $749 | $1,183 | $2,035 | $3,628 |
| 29577 | $394 | $837 | $1,524 | $2,582 | $4,248 |
| 29578 | $27 | $27 | $27 | $27 | $27 |
| 29579 | $545 | $811 | $1,254 | $2,089 | $3,509 |
| 29582 | N/A | N/A | N/A | N/A | N/A |
| 29588 | $344 | $607 | $876 | $1,418 | $2,619 |
Source: Ownwell