Horry County, SC Tax Residential Exemption Offers Buyers Lower Property Taxes

Are you considering a purchase in Myrtle Beach, Conway, Loris, or Little River?  Well, Horry County tax rates are based on the type of occupancy.  The SC property tax rates are higher for farms and properties not used as a primary residence.  These property types are taxed at a rate of 6%.  Yet an owner occupied home could qualify for the Horry County SC Residential Exemption.  This property tax rate is 4% plus the residential exemption saves additional money.  Wouldn’t you take advantage of IRS tax deductions?  So make sure to take advantage of property tax reductions as well!

Horry County SC Residential Exemption ExplanationHorry County SC Residential Exemption

Whether buying a principal residence or converting a vacation / rental home to a primary, apply for the exemption!  Horry County offers a huge property tax discount for living in the home.  So make sure you take advantage of this tax break immediately.

In order to receive the Horry County SC Residential Exemption, homeowners must complete the Legal Residence Special Assessment Application.  We provide the application link further down this article.  This form must be given to the Horry County Tax Assessor’s office.

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How Does the Residential Exemption Work?

First of all, the easiest way to figure the Horry County property taxes would be to look them up.  Search Horry County Land Records for the property.  If the property already shows a 4% tax rate, then there are no other calculations necessary.  BUT, if there is a homestead exemption, add back this figure if not a senior.  A Homestead Exemption is for seniors living in the Horry County home.  Furthermore, the Horry County GIS site provides lots of helpful information to potential and current residents.

Military Veteran Benefits of Buying in South Carolina

Additionally, there is a huge benefit for 100% service connected disabled veterans!  It is actually possible to have no property taxes!  Plus Veterans could use a VA home loan for potentially a money down purchase as well.  Learn how this SC Property Tax Exemption works for Veterans.

In Horry County SC, the property taxes are determined by multiplying a few items.  Just multiply Fair Market Value times Assessment Ratio times the Millage Rate.

How to Calculate Property Taxes with the Residential Exemption

So let’s figure how to use the calculations to determine property taxes after the discount.  In this example, we are going to use $125,000 as a tax value.  Plus we will assume the property reports as a non-owner occupied residence in Horry County Land Records.  Therefore we need to recalculate the tax using the residential exemption calculations.

Horry County SC Residential Exemption Example

[av_table purpose=’pricing’ caption=” responsive_styling=’avia_responsive_table’] [av_row row_style=”][av_cell col_style=”]Fair Market Value[/av_cell][av_cell col_style=”]$125,000[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=”]Assessment Ratio[/av_cell][av_cell col_style=”]X 4%[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=”]Assessed Value[/av_cell][av_cell col_style=”]$5000[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=”]Countywide Millage Rate[/av_cell][av_cell col_style=”]X .21[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=”]Taxes Before Discount[/av_cell][av_cell col_style=”]$1,050[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=”]Exemption Tax Credit[/av_cell][av_cell col_style=”]X .12[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=”]Exemption Credit Figure[/av_cell][av_cell col_style=”]- $600[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=”]Total Taxes with Discount[/av_cell][av_cell col_style=”]$450[/av_cell][/av_row] [/av_table]

Keep in mind that this formula will give you a close figure and doesn’t take all factors into account.  Each property could be a little different based on district and more.  If you have located a specific property, look it up first in Horry County land records.  If the 6% tax rate is used, use the above example to figure the approximate lower primary residence taxes.

[av_button_big label=’Download the Legal Residence 4% Residential Application’ description_pos=’below’ link=’manually,http://www.horrycounty.org/portals/0/Docs/assessor/LegalResidence.pdf’ link_target=’_blank’ icon_select=’no’ icon=’ue800′ font=’entypo-fontello’ custom_font=’#ffffff’ color=’theme-color’ custom_bg=’#444444′ color_hover=’theme-color-subtle’ custom_bg_hover=’#444444′]
Required form to qualify for the lower tax rate
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Horry County, SC Tax Assessor’s Contact Information

Phone:  843-915-5040   Fax:  843-915-6040

1301 Second Avenue, Suite 1C08, Conway, SC 29526

Office hours:  8:00 AM – 5:00 PM, Monday – Friday

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 Disclaimer: This is not meant to give tax advice or guarantees of property tax status or amounts.

 

Written By: Russell Smith

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