HCS finance committee discusses millage changes to property taxe - WMBFNews.com, Myrtle Beach/Florence SC, Weather

HCS finance committee discusses millage changes to property taxes

Source: WMBF News Source: WMBF News

HORRY COUNTY, SC (WMBF) - Over the next several years, Horry County Schools plan to open five new learning centers. 

With all that anticipated growth, changes might be coming to property taxes.

Currently, most district funding comes from a 10-millage property tax and an extra penny sales tax for the people in Horry County.

The money is part of the capital funding budget for schools. It provides money for building maintenance, construction and the creation of new schools.

Plans for the three brand new schools and two replacement schools were already in the books when the current 10-millage plan was put in place.

Now, the district's facilities committee is proposing even bigger plans for future schools, leaving the finance committee the task of finding a way to pay for it.

"We're still growing as a county, so if the facilities committee determines that we need some additional buildings, or changes there, then we'll have to look and find additional revenue," said chief financial officer John Gardner. :And the only way to find additional revenue is, of course, through increasing the millage." .

A millage increase would mean an increase in property taxes for home owners. For example, a $100,000 home costs $4 per millage in taxes. That equates to $40 using the current 10-millage plan.

The committee is discussing an increase to 12 or 14 mills, which would bring a $100,000 home to a total of $48 or $56, respectively.

However, Gardner said items discussed in the committee meeting are all preliminary.

"The big thing that we wanted to do today was update the finance committee on how much revenue is currently being generated under the current capital improvement plan," he said.

The finance committee does not make the final decision on this issue. The group will only present the findings to the school board, who will have the ultimate say.

As it stands, the current millage plan does not expire until 2022. 

Copyright 2017 WMBF News. All rights reserved.

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