NORTH MYRTLE BEACH, SC (WMBF) – Due to a decrease in property values, property tax in North Myrtle Beach has been increased to 39.3 mills. The uptick was approved by council members Monday night.
The increase means an approximate $5 increase per every $100,000 worth of property owned.
A former increased millage rate of 36 mills was passed on May 19, but the figure was readjusted at a meeting Monday. The Horry County auditor told the City that property values in North Myrtle Beach declined three-and-a-half percent, which contributes to the uptick.
The decline is due to a decrease in the value of ocean-front condominiums.
North Myrtle Beach still has the lowest property tax rate in Horry County, and one of the lowest in South Carolina, according to City Spokesman Patrick Dowling.