The Complete Guide to Property Taxes in Myrtle Beach, South Carolina

If you've recently bought a home in Myrtle Beach, South Carolina, or you're thinking about making the move soon, there's one thing that could cost you thousands of dollars each year if you're not careful: property taxes.

Now, you might be wondering why so many people talk about how low the taxes are here. And they're right. Property taxes in South Carolina are some of the lowest in the country, but only if you take the proper steps to qualify for the primary residence tax rate.

In this guide, I'll explain exactly how to make sure you're not overpaying. You'll learn:

• The difference between primary and secondary home tax rates
• When property tax bills are issued and when they're due
• What qualifies as a primary residence in South Carolina
• How to apply for the lower 4 percent tax rate
• How to estimate your property taxes
• Where to go to pay your bill
• Why you might still receive a tax bill after selling your home
• And a bonus tip that could save you even more if you're over 65

Prefer to watch instead? You can check out my full breakdown on YouTube here:  How to save BIG on your Myrtle Beach property taxes!

Let's get into it.

Primary Residence vs. Secondary/Investment Property Tax Rates

South Carolina uses two different assessment rates for property taxes. This is one of the biggest things new residents overlook.

• 4 percent assessment rate for your primary residence
• 6 percent assessment rate for secondary homes or investment properties

Here's how it plays out.

If you purchase a home in Myrtle Beach for $400,000 and it's your primary residence, your annual property taxes will likely be around $1,600. But if that same home is a second home or rental and you haven't applied for the 4 percent assessment, your tax bill could jump to $4,500 to $6,000 or more per year.

The savings from applying for the correct rate are huge. If you plan to live in your home full time, applying for the 4 percent rate should be one of the very first things you do.

When Property Tax Bills Come Out and When They're Due

South Carolina property taxes are paid in arrears, which means you are paying for the year you just lived in the home.

• Tax bills are issued in October
• They are due by January 15 of the following year

If you do not pay your taxes by January 15, penalties begin to add up quickly. The county does not send out repeated reminders, so it's important to mark your calendar.

If your mortgage company escrows your property taxes, they will likely pay the bill on your behalf. Even so, it's always a good idea to confirm that the payment has been made.

What Qualifies as a Primary Residence in South Carolina?

To qualify for the 4 percent property tax rate, your home must meet a few requirements:

• You must live in the home as your legal and permanent residence
• You cannot claim a legal residence elsewhere
• The property cannot be rented

Good news for seasonal residents: there is no minimum amount of time you must live in the home during the year. According to Horry County, a home that qualifies for a legal residence at any point during the year is entitled to the 4 percent rate for the entire year.

If you are a snowbird or split time between multiple homes, you will need to declare South Carolina as your legal residence to qualify for the lower rate.

How to Apply for the 4 Percent Legal Residence Tax Rate

To receive the lower property tax rate, you must apply for the Legal Residence Special Assessment. This lets the county know you are using the property as your full-time residence.

Here's what you'll need:

• A South Carolina driver's license with the property address
• South Carolina vehicle registration showing the same address
• Voter registration card with the address, if applicable
• Redacted copies of your federal and South Carolina income tax returns

The tax return requirement is a newer addition. If you have just moved and have not yet filed in South Carolina, Horry County can give you preliminary approval for the 4 percent rate. However, you will be required to submit your tax returns the following year to keep that approval in place.

You can apply online by uploading the required documents or you can apply in person at the Horry County Assessor's Office. The process is straightforward and once approved, you do not need to apply again unless you move.

Important deadline: In order for your tax bill to reflect the 4 percent rate for the current year, you must apply by May 31.

How to Estimate Your Property Taxes in Horry County

There are three ways to estimate your property taxes here in the Myrtle Beach area. Let's start with the simplest.

Quick Estimate:

Multiply the purchase price of the home by 0.4 percent (that's 0.004). For a second home or investment property you will need to multiply the purchase price by 1.25 percent.

This gives you a general idea of what your primary residence taxes will be.

Example:
$400,000 × 0.004 = $1,600 per year

Full Calculation:

If you want to calculate your taxes more accurately, here's how it works:

1. Multiply your property's fair market value by 4 percent to get the assessed value (for a second home or investment property you will need to multiply your homes fair market value by 6 percent)
2. Multiply the assessed value by the millage rate for your municipality
3. Subtract any applicable exemptions

Millage rates vary slightly by location, so this method gets you closer to the actual number.

Online Estimator:

The easiest way to calculate your taxes is to use the Horry County Property Tax Estimator Tool.

This free tool allows you to input your property value and location to get an accurate estimate based on local millage rates.

Where to Pay Your Property Taxes

Tax bills are sent by mail each October. You can pay:

• Online through the Horry County Treasurer's Office website
• By phone
• By mail with a check

When paying online, you can search using the property owner's name, the tax notice number, or the parcel identification number (PIN). If you pay with a debit or credit card, there will be a small processing fee. If you pay using an e-check, there is no extra fee.

Bonus Tip: You can also pay your vehicle property taxes through the same online payment portal.

If your property taxes are included in your monthly mortgage payment, your lender will likely handle the payment. Even so, it's best to double-check once the bill arrives.

Why You Might Receive a Tax Bill After Selling Your Home

If you sell your home in the second half of the year, there is a good chance you will still receive a property tax bill in your name. This is totally normal and here's why:

• South Carolina taxes are billed in arrears
• If you were the owner of record when the county prepared the bill, your name will still be on it

The property taxes are typically prorated at closing. This means the buyer took on responsibility for paying the bill, even if your name is still on the notice. If you receive a bill after you've sold the home, you can always contact your closing attorney to confirm everything is squared away.

Bonus: Homestead Exemption for Seniors and Those With Disabilities

If you are 65 or older, legally blind, or permanently and totally disabled, you may qualify for South Carolina's Homestead Exemption.

This exemption removes $50,000 from your home's taxable value, which can save you several hundred dollars each year.

To qualify, the home must already be your primary residence with the 4 percent tax rate. You apply through the Horry County Auditor's Office, and you only need to apply once.

Even if you're already 65 when you move here, the benefit will not kick in immediately. You will need to live in the home for a full calendar year before the exemption applies. But once it does, it's well worth it.

Additional Resources

If you want to explore more about property taxes, assessment tools, exemptions, and payment options, the county has a dedicated section you can check out here:

Horry County Taxpayer Services

Final Thoughts

If you take the time to apply for the right property tax classification in South Carolina, you can enjoy some of the lowest property taxes in the country. Just make sure you:

• Apply for the 4 percent Legal Residence Rate
• Pay your bill by January 15 each year
• Use the tax estimator to help you budget
• Look into the Homestead Exemption if you qualify

If you're thinking about moving to the Myrtle Beach area and want to make sure you're not overpaying for property taxes, or anything else, I would love to help. I work with people relocating to the area every single day.

You can schedule a call with me using the link below. I'm happy to answer your questions, guide you through the process, and help you find the perfect home here at the beach.

Schedule a call with me today

I look forward to speaking with you!