The State of South Carolina taxes real estate, including the improvements thereon, based upon the fair market value of the property. Each county is responsible for determining the fair market value. The fair market value is adjusted for any applicable exemptions or reductions in value to obtain the assessed value. The assessed value is then multiplied by the appropriate assessment rate and then multiplied the applicable county and city (if applicable) millage rates to determine the amount of property tax.
Example. Assume land and building in Myrtle Beach is valued at $365,200. The property is used as a primary residence and the owner has obtained a reduced assessment rate of 4% (see Q&A-2 below). The combined county and city millage rate is 244.5. The property tax is $3571.66 ($365,200 x .04 x (244.5/1000)).
