Estimating Your Property Tax for Georgetown and Horry County, South Carolina

Estimating Property Taxes

The following is the 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 assessors 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 liabilty, 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 400,000, Pawleys Island, Georgetown County:

Step 1

$400,000  Fair market Value of property (assessed at current sale price)
X       4%  Assessment Ratio (based on legal, primary residence)
 $16,000   Assessed Value

Step 2

$16,000  Assessed Value
X   .183   Mill Levy Rate (example only)
 $2,928   TAXES Due

Step 3

 $2,928   Taxes Due
-  $784    Tax Credits (Assessed Value of $16,000 x school operation mill rate portion of .049, example only)
 $2,144    Total Taxes Due