HORRY COUNTY, SC (WMBF) – Horry County leaders are in the midst of their fall budget retreat, and the final budget for the upcoming year is still a long way off. But this year is different than most for the budget, and it could have a big impact on what you pay in taxes.
"There's been a change in valuations," said Horry County Council Chairman Mark Lazarus. "We've got to adjust our budget because a lot of them are going to go down."
Every five years, Horry County reassesses property values countywide to determine how much money is available for the budget through taxes. The last assessment in Horry County was in 2008, before an economic downturn hit the area.
So what does that mean for your property? If the property value is lower than it was five years ago, then the tax rate on the property could be higher.
But the assessment is far from complete, and won't be until the county's spring budget retreat.
There is a silver lining, however. Chairman Lazarus says the economic outlook is looking up in Horry County, which could have a positive impact on the assessment.
"Business are coming here, and more people are paying taxes," he said.