The town council voted through the tax that is due to run for 10 years from August 1, with the first two years proceeds going exclusively to promote tourism and for the remaining years, the city will take a 20% cut to provide property tax relief to homeowners within the city limits.
All retail items sold in the city will be taxed – except fuel, food and medication, which are exempt.
Wayne Gray, who sits on the city council, said the tax would provide a large budget for spending on attracting tourists as well as wiping out 90% of city homeowners' property tax bills.
WMBF TV, the local station, has a web site inundated with complaints about the tax from people living outside the city limits but who work or shop in Myrtle Beach.
But the tax relief is good news for investors in South Carolina real estate. (http://www.propertyfrontiers.com/
Investors can secure a building plot on the exclusive gated resort at a pre-launch price of £21,000, exclusively through Property Frontiers.
The plots offer the opportunity to either land bank or to construct a luxury home and take advantage of the uplift associated with property development.
Investors will have the option to develop their plots through a joint venture between Property Frontiers and one of South Carolina's most experienced developers, Tower Developments.
Options will include three and four bedroom-detached houses.
The difference between this scheme and many others is the development site is not just bare land divided in to plots. The infrastructure – roads, mains supplies and other plots – have already been developed and planning consents are in place.
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To find out more about investing in Island Green Country Club (http://www.propertyfrontiers.com/
call 01865 202700 or pick up a copy of the latest version of the Property Frontiers book Where to Buy Abroad: An Investor's Guide(http://www.propertyfrontiers.com/