North Myrtle Beach, South Carolina Property Taxes
The median property tax rate in North Myrtle Beach, SC is 1.38%, significantly higher than both the national median of 0.99% and the South Carolina state median of 0.72%. With the median home value in North Myrtle Beach at $225,000, the typical annual property tax bill reaches $2,408, which is still below the national median of $2,690. Property taxes in North Myrtle Beach are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding North Myrtle Beach's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of North Myrtle Beach or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
North Myrtle Beach, South Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.38%
Estimate Property Tax Bill
$3,105
$2,881
Ownwell’s North Myrtle Beach Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Myrtle Beach with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North 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 North Myrtle Beach, South Carolina
Property taxes in North Myrtle Beach, South Carolina, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Myrtle Beach is 1.38%, significantly higher than the U.S. national median of 0.99%. Local government entities within North Myrtle Beach set these rates annually, and they can vary significantly across different neighborhoods. Each year, North 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 North Myrtle Beach's effective property tax rate to other areas in Horry County and the national median. For comparison, the zip code 29582 has the highest median property tax rate of 1.38%, while it also has the lowest median tax rate of 1.38%. Understanding how these rates compare with North 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 North Myrtle Beach Tax Rate
1.38%
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 North Myrtle Beach, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29582 | 0.37% | 0.69% | 1.38% | 1.38% | 2.09% |
Source: Ownwell
Property Tax Assessment Values Across North Myrtle Beach, South Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in North Myrtle Beach, South Carolina. 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 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 North 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. Being aware of these valuation processes in North Myrtle Beach helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in North Myrtle Beach is $225,000, with the highest median tax bill of $2,408 found in zip code 29582.
Property Tax Assessment Values Across North Myrtle Beach, South Carolina
Source: Ownwell
$5,650
$209,880
$414,110
Average North Myrtle Beach Assessed Value
$225,000
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 North Myrtle Beach, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29582 | $104,500 | $140,000 | $225,000 | $318,000 | $433,045 |
Source: Ownwell
Property Tax Bills Across North Myrtle Beach, South Carolina
In North Myrtle Beach, located in Horry County, SC, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $225,000, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $1,424, while the 75th percentile reaches up to $3,866, and the 90th percentile can be as high as $5,915. Several factors influence these tax bills, including the home’s assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in North Myrtle Beach may find their tax burdens to be relatively moderate or high, depending on their property's assessed value. Understanding these factors is crucial for homeowners to anticipate their annual expenses and budget accordingly.
Average North Myrtle Beach Tax Bill
$2,408
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 North Myrtle Beach, South Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29582 | $773 | $1,424 | $2,408 | $3,866 | $5,915 |
Source: Ownwell