Horry County Council will conduct its annual fall budget retreat next week among uncertainty about how much revenue the county will collect from property taxes in the coming fiscal year.
This is a budget reassessment year with all indications that property in the county will have a lower assessed value than it did five years ago, the result of the bursting of the housing bubble five years ago.
Some oceanfront property is known to have sold as much as 70 percent lower in the past few years as the result of distressed sales.
The state’s Act 388 of 2007 made the point of sale price the determining factor in new assessed values on property. Lower sales prices mean lower assessed values on which taxes are calculated.