As we approach the end of September, it’s that time of year again—tax time. If you’re a property owner in Horry County, South Carolina, it’s crucial to start preparing for your property tax bill. Whether you receive a notice directly or your mortgage company handles your payments through escrow, understanding how your property taxes are assessed can help you avoid surprises. Here’s what you need to know to ensure everything is in order.
When Will Your Tax Bill Arrive?
In Horry County, property tax bills are typically released at the end of September or the beginning of October. For those who have a mortgage and have taxes paid through escrow, you’ll likely receive a notice stating that the bill has been sent to your escrow company. The notice will show the estimated amount you’ll be billed. If you don’t have a mortgage and handle your own tax payments, you will receive the actual tax bill.
Key Things to Check on Your Property Tax Bill
When reviewing your tax bill, there are several important details to focus on:
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Tax Assessment – The bill will show the assessed value of your property. Remember, the lower your assessed value, the lower your taxes will be. Make sure the value accurately reflects your property.
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Primary vs. Non-Primary Residency – If the property is your primary residence, you may qualify for a reduced tax rate. Horry County offers two tax rates:
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Primary Residence (4%): Significantly lower rates for those who live in the property full-time.
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Non-Primary Residence (6%): Higher rates for second homes or investment properties.
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The difference in tax rates can be dramatic, so it’s essential to ensure that your property is classified correctly.
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Exemptions – There are two common exemptions that could reduce your bill:
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Primary Residence Exemption – This exemption can lower your tax bill if the property is your primary residence. The reduction can be up to two-thirds of your property’s value.
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Homestead Exemption – If you are 65 years of age or older, or 100% disabled, you may qualify for the Homestead Exemption. This provides an additional $50,000 reduction in the assessed value of your property before taxes are calculated.
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Common Myths About Primary Residence Exemptions
One of the most common misconceptions is that you must live in a property for a year before qualifying for the primary residence exemption. This is not true! If you live in the house as your primary residence during the tax year, even if you apply for the exemption in December, you will receive the full benefit for the entire year. To apply, you will need to provide proof of residence, such as your driver’s license, vehicle registration, or voter registration.
Additionally, you may need to submit two years’ worth of federal tax returns to confirm that you do not have another primary residence elsewhere.
Homestead Exemption Details
The Homestead Exemption is a valuable benefit for South Carolina residents who meet certain criteria. To qualify, you must be 65 years of age or older, or 100% disabled, and have lived in South Carolina for at least one year before January 1st of the tax year. Be sure to check your eligibility and apply if you qualify at https://horrycountysc.gov/, as it can significantly reduce your tax burden.
Need Help?
Navigating property tax bills and exemptions can be complicated, but it doesn’t have to be. If you’re unsure about your property tax bill or need help ensuring you’re receiving the correct exemptions, give our office a call. At McCutchen Vaught Geddie & Hucks, we’re here to guide you through the process and make sure you’re not overpaying on your taxes.
Call Us Today
If you have any questions about your property taxes or if you believe there may be an issue with your real estate taxes, don’t hesitate to reach out to our office. Our team is ready to assist you with understanding your tax bill, applying for exemptions, and ensuring you’re getting the best possible rate.
McCutchen Vaught Geddie & Hucks – Your Lawyers at the Beach