Example of Horry County Property Tax Calculation
Horry County Property Tax is a tax assessed on real estate located in Horry County, South Carolina. The formula for calculating Horry County Property Tax is fairly simple.
First, the assessed value of the property is determined by the county assessor's office. This value is based on the market value of the property as of January 1st of the tax year.
Next, the assessed value is multiplied by the millage rate. The millage rate is the amount of tax per $1,000 of assessed value. In Horry County, the millage rate for 2021 is 189.6.
To calculate the Horry County Property Tax, simply multiply the assessed value by the millage rate and divide by 1,000. For example, if the assessed value of a property is $150,000, the calculation would be:
$150,000 x 189.6 / 1,000 = $28,440.
Therefore, the Horry County Property Tax for that property would be $28,440 for the year.
It is important to note that Horry County Property Tax is due by January 15th of each year. Failure to pay on time may result in penalties and interest charges.
If you want appeal your property tax assessment - contact your local tax assessor.
Horry County Property Tax Rates
The Horry County Property Tax rates are as follows:
| Tax | Rate per $100 Assessed Value |
|---|---|
| County Operating | $0.4890 |
| County Debt Service | $0.0450 |
| County Transportation | $0.0200 |
| Local School Operating | $0.1600 |
| Local School Debt Service | $0.0450 |
| Municipal Operating | Varies |
| Municipal Debt Service | Varies |
Please note that the Municipal Operating and Debt Service rates vary depending on which municipality the property is located in. It is important to check with the specific municipality for their tax rates.
Who sets property tax rates in Horry County ?
The property tax rates in Horry County are set by the Horry County Council. This is typically done on an annual basis during the county's budget planning process. The council is made up of nine elected officials who represent various districts within the county. They are responsible for setting and approving the county's budget, which includes property tax rates. The council's decisions regarding property tax rates can have a significant impact on property owners in Horry County, as these rates determine how much property taxes they will owe each year.
| Who sets property tax rates in Horry County? | Horry County Council |
|---|---|
| When are property tax rates set? | Annually during budget planning process |
| What is the impact of property tax rates? | Determines amount of property taxes owed by property owners |
Homestead exemptions in Horry County ?
To better understand the Homestead exemptions and deductions in Horry County, South Carolina, one needs to create a table with four columns: exemption, eligibility, amount, and notes.
The following is a list of county-specific Homestead exemptions and deductions in Horry County:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead property tax exemption | Principal residence owners | First $50,000 of fair market value | County taxes only |
| Homestead property tax assessment cap | Principal residence owners | Limits tax assessment to 15% increase every five years | Applies only to county taxes |
| Military service exemption | Veterans, widows, and dependents | First $50,000 of fair market value | Applies to county taxes only |
| Homestead exemption for persons over 65 or disabled | Persons over 65 or disabled | First $50,000 of fair market value | Applies only to county taxes |
It is important to note that eligibility requirements for each exemption and deduction may vary. It is recommended to consult with local authorities for more information on eligibility and application processes.
When is Horry County Property Tax due ?
Horry County Property Tax is typically due on January 15th of every year. Here are some payment methods available:
Online
- Credit or Debit Card (Visa, MasterCard, Discover, or American Express) - convenience fee applies
- Electronic Check (ACH) - no convenience fee
By Mail
- Check or money order payable to Horry County Treasurer's Office
- Mailed to PO Box 677, Conway, SC 29528
In Person
- Cash, check, or money order payable to Horry County Treasurer's Office
- Credit or Debit Card (Visa, MasterCard, Discover, or American Express) - convenience fee applies
- Located at 1301 2nd Ave, Conway, SC 29526
It is important to note that if the due date falls on a weekend or holiday, the deadline is extended to the next business day. Failure to pay on time will result in penalty fees and interest charges.
If you have more questions - contact your local tax collector.
How is Horry County Property Tax penalty calculated ?
In Horry County, South Carolina, property tax penalties are calculated based on a percentage of the unpaid tax amount. The penalty rate varies depending on how late the payment is made. Here is an example to help illustrate:
Let's say John owns a property in Horry County and owes $1,000 in property taxes. The due date for the tax payment is January 15th, but John misses the deadline and doesn't pay until March 1st.
Since John is 45 days late on his payment, he will incur a penalty of 3% of the unpaid amount, which is calculated as follows:
$1,000 (unpaid tax amount) x 3% (penalty rate for being 31 - 45 days late) = $30 (penalty amount)
Therefore, John will have to pay a total of $1,030 ($1,000 + $30 penalty) for his property taxes.
The penalty rates for late property tax payments in Horry County are as follows:
| Days Late | Penalty Rate |
|---|---|
| 1 - 30 | 2% |
| 31 - 45 | 3% |
| 46 - 60 | 4% |
| Over 60 | 5% |
It's important to note that if a property owner fails to pay their taxes by the due date for two consecutive years, they may face additional penalties, such as a tax sale or foreclosure. It's always best to pay property taxes on time to avoid any unnecessary fees or legal actions.
We recommend contacting the Horry County Tax Office or a local tax professional for the most up-to-date and accurate information.