Non-resident owners, comprising 66% of the local market, pay up to five times more taxes than primary home owners. Here’s how it works.
Let’s say you own Myrtle Beach, SC real estate valued at $250,000 in Horry County tax district 880.
If you’re a resident owner, you’re assessed at a 4% ratio and a 0.0628 millage rate. That works out to $628 per year.
If you’re a non-resident owner, you’re assessed at a 6% ratio and a 0.2415 millage rate. That equates to $3,622.50 per year, more than five times the primary-owner rate.
Worse yet, most property is assessed at 2008 values, even though values have declined substantially since then.
Many people don’t know, South Carolina State law requires each county within the State to reassess every five years. Horry County’s last assessment occurred in 2008, and unless property changed hands since then, assessments are based on 2008 values.
Taxation Without Representation
"Sixty-six percent (66%) of local real estate is either second-home or investor owned, so most owners have no voting rights and are ignored by local government,"
It's a complicated process, but those assessments can be appealed and in many cases save the home owner hundreds to even thousands of dollars annually. Learn how at http://www.certifaxappraisals.com/
"Simply telling the County you think your assessed value is too high or that your neighbors are assessed for less will not work. You need to supply documentation in the form of comparable sales to evidence that indeed, your property value is lower than their assessment,"