Horry County, South Carolina is located in the northeastern part of the state. On a map, Horry county appears as wedge shape between North Carolina and the Atlantic Ocean. As the largest county in the state, Horry county comprises a land area of 1,134 square miles. Myrtle Beach is the largest city in the county and Conway is the county seat.
The good news for people who are considering purchasing a second home or retiring to the Myrtle Beach area is that property taxes in Horry County are very reasonable. In fact property taxes in South Carolina as a whole are lower than most other places in the country, making it an ideal location for second home ownership, or for retirement. In addition the Myrtle Beach area has one of the lowest property tax rates in the state of South Carolina.
If you are a legal resident of Horry county your condo or home as well as up to 5 acres of surrounding land is assessed at market value multiplied by 4% which is then multiplied by the millage rate, (millage rates can vary by location). The millage rate is the amount of mills levied in order to meet the budget of a school district, county, city or other political subdivision. One mill equals 1/1000 of a dollar (.001).
With this equation, a $200,000 owner-occupied residence will be assessed at 4% and with a millage rate of .200 the property taxes owed would be $1,600.
Owners of vacation or second homes are taxed at a slightly higher 6% rate which would work out to about $2,400 annually on a $200,000 home.
If you are age 65 or older and have lived in your home for one year to establish residency you are also able to apply for a Homestead Exemption. This exemption will forgive $50,000 from the value of your house, so a house worth $200,000 for instance will only be taxed on $150,000 in value.
Residents who are paralyzed or quadraplegic and paraplegic may be eligible to pay no property taxes at all. Additionally, 100% Disabled Veterans are not required to pay any property taxes.
Retirement Income Deduction
In addition to low property taxes in Horry County, South Carolina does not tax Social Security benefits and offers a very generous retirement-income deduction when determining state income tax. Further, Myrtle Beach residents receive an 88% property tax credit. The combination of low property taxes in Horry county, in conjunction with reasonable state income taxes makes Myrtle Beach a one of the most affordable retirement destinations in the United States.
Towns in Horry County
Cherry Grove Beach
Conway – county seat
Garden City Beach
North Myrtle Beach
Ocean Drive Beach
Windy Hill Beach