Property taxes are rising in Horry County. Here is why and how much they are increasing.
Horry County will run next year on a $778 million budget that includes a property tax hike officials say is necessary to keep pace with growth — a $103 million spending increase over current year rats.
The 3.5 mill tax hike — the county’s first since 2021 — goes into effect when the new fiscal year begins July 1.
Less than half of what’s needed to maintain existing services, but the $10.4 million more it’ll generate is earmarked mainly for public safety and infrastructure.
Here’s what the new tax rate means for you and why Horry County leaders say it can’t be avoided any longer.
1. Property taxes are the county’s main revenue source
Under the spending plan approved by the council on June 6, property taxes will jump by $14 on a $100,000 home classified as a primary residence and spike by $105 on a half-million-dollar home taxed at four percent of its value.
According to financial data presented at spring budget workshops, nearly a quarter of the county’s property base are primary residences.
Some of the money raised is allocated to hire more than 40 police officers, including 23 to staff a planned Carolina Forest precinct.
2. Employee raises of $11 million are the cost of doing business
Built into the upcoming budget is $11 million for employee raises, including a $2,500 base increase for those making under $50,000 and a 5 percent boost for those earning more.
The county is also adding one percent to employee health insurance plans.
Officials anticipate a 3,118-person workforce next year that incorporates 146 new people in departments from procurement to recreation.
3. Public safety investments are a top budget priority
The county’s fire fund will see $800,000 extra with a half-mill assessment, clearing the way for more personnel and investments for new stations and equipment.
The goal of the spending is to cut down on response times, ensure property values remain stable and help to fairly support development in outlying portions of Horry County.
4. New projections show just how fast Horry County is growing
The county will surpass 400,000 people by late 2024 and is expected to become the state’s most populous by 2030, behind only Greenville, SC.
A May 1 report issued through the state Department of Revenue and Fiscal Affairs showed that between 2010 and 2020, Horry County’s population grew by almost 31 percent. It was also among 13 counties that saw its 18-64 demographic rise.
