Are there any property tax changes planned in Myrtle Beach, SC?

Every week, Mansion Global poses a tax question to real estate tax lawyers. Here is this week’s question.

Q. What property tax changes are on the table in Myrtle Beach, Caroline from the south?

A. The 2022-23 budget for Myrtle Beach, South Carolina’s Atlantic Coast resort town, includes “a rare $10 million increase in property taxes to pay for 25 new police officers and 22 other new positions,” according to a statement. . from the city.

Mileage rates are a common method of determining property taxes. One thousandth is equal to 1/1000 of a dollar (.001).

“The recommended $10 million increase means that an owner-occupied home worth $250,000 would pay an additional $100 a year in municipal property taxes,” said Mark Kruea, director of public information for the city, in the press release. “An owner-occupied home worth $500,000 would pay $200 more per year.”

The proposed raise would help close the wage gap between what City of Myrtle Beach workers receive compared to their counterparts in other communities. The salary increase for municipal positions is expected to cost about $4.6 million, plus an additional $1.2 million in benefits, according to the city.

“Under the proposal, … the starting salary for certified police officers is increased from $45,760 to $50,139, making Myrtle Beach officers the highest paid in the state,” Mr. Kruea continued. “This will help the city recruit new police officers and retain existing ones.”

If passed, the tax increase would generate nearly $4 million a year, just part of the cost of new positions and other costs, he added.

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Myrtle Beach property taxes represent about 28% of the proposed $292.2 million budget, which would also include $62.5 million in funding for capital improvement projects during the year.

The draft budget will have two readings before city council before it can be approved, with the first scheduled for Tuesday. The budget must be approved before the new financial year, which begins on July 1.

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Penny D. Jackson