Tag: reassessment

Horry County Holds Line on Overall Tax Millage

Horry County will not have to change the value of a property tax mill as a result of property reassessment.

Final reassessed property values countywide came to within approximately 2% of former values so Horry County staff could do some juggling and hold the line on the county’s recently approved Fiscal Year 2015 budget.

But, that does not mean there will not be both winners and losers when tax bills go out. Some property taxes will go up and some will come down relative to prior years’ tax bills. In fact, there will be a distinct shift in tax revenues in the county.

Crunch Time on Horry County Budget – Updated

Third reading of the Fiscal Year 2014-15 Horry County budget could provide some interesting viewing at tonight’s meeting of Horry County Council.

Central to the discussions will be a new funding agreement with Coast RTA, which will tighten council control over the money it provides Coast RTA, but not nearly to the extent that was called “overreaching” by several council members earlier this month.

Also of concern to some council members is the “hidden tax increase” included in the millage rollup associated with last year’s reassessment of property values throughout the county.
Property values showed a net decline due to the housing bubble bust several years ago and a slight increase in millage was needed to balance next year’s county budget.

The Ungraceful Horry County Budget

What appeared to be a shock to Horry County Council Tuesday night that county revenues will decline as a result of reassessment of property values should not have been.

A year ago we wrote that the county would experience a decrease in overall land value as a result of reassessment and council would have to raise taxes in order to keep tax revenue at the same levels as before reassessment.

Horry County Administrator Chris Eldridge tried to lessen the shock by saying it’s not a huge amount of money that is being talked about.

New Restrictions by Horry County on Coast RTA Funding

While the full $1.055 million funding grant to Coast RTA remains in the Horry County budget after second reading, the ability of the bus agency to draw that money will be significantly more restricted in the fiscal year that begins July 1, 2014.

A move against Coast RTA funding has been growing among county council members since February. It showed its full face Tuesday night when council approved second reading of the Fiscal Year 2014-15 budget.

Included in second reading was a budget amendment offered by council member Al Allen that stated funding for Coast RTA will be withheld pending satisfaction of terms set forth by council in a funding agreement with Coast RTA. When the terms of that funding agreement have been met, council will vote on a resolution to approve transfer of funds to the bus agency.

Rising Taxes in Horry County

It now looks virtually certain that the new fiscal year, beginning July 1, 2013, will include increased taxes on the unincorporated areas of Horry County.

County council is expected to raise taxes by 3.5 mills in the unincorporated areas to fund new fire equipment and to fill some currently vacant positions.

The increase will amount to approximately $14 per $100,000 valuation on owner occupied homes, which will provide approximately $3.5 million in new revenue.

If these upgrades are not made to county fire service, council members say the county’s ISO rating will increase, especially in the rural areas, causing homeowners to pay higher fire insurance premiums.