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Property Taxes in Myrtle Beach for Retirees

One of the most attractive aspects of moving to South Carolina is its tax‑friendly policies for homeowners. Myrtle Beach retirees benefit from relatively low property taxes compared to many northern and western states. Understanding how these taxes are calculated helps buyers accurately plan their long‑term budgets when purchasing a home in a Del Webb or other 55‑plus community.

How Property Taxes Are Calculated

South Carolina calculates property tax using three elements: the home’s fair market value, an assessment ratio, and the local millage rate. The assessment ratio is set by the state constitution to ensure stability and ranges from 4 percent to 10.5 percent. A primary residence is assessed at 4 percent, provided the homeowner qualifies; a second home or vacation property is assessed at 6 percent. The assessed value is multiplied by the millage rate imposed by the county, school district, and other taxing jurisdictions to determine the tax bill.

To qualify for the 4 percent ratio, the residence must be the owner’s legal domicile and must not be rented out for more than 72 days during the tax year. Homeowners must apply for the legal residence classification with their county assessor before the first penalty date for taxes due. Once approved, the 4 percent rate applies to the entire year and renews automatically so long as the property continues to meet eligibility requirements.

Homestead Exemption for Seniors

In addition to the lower assessment ratio, retirees aged 65 and older, those who are permanently disabled, or those who are legally blind may qualify for a Homestead Exemption. This exemption removes up to $50,000 of a home’s fair market value from the taxable assessment. Individuals who qualify for the Homestead Exemption also receive the 4 percent assessment ratio on their dwelling regardless of whether they meet other legal residence requirements. To be eligible, applicants must be South Carolina residents for at least one year and hold fee simple title or a life estate in the property. Applications are submitted through the county auditor’s office, and once granted, the exemption continues in subsequent years as long as the eligibility criteria are met.

Additional Tax Benefits

South Carolina offers other tax incentives for retirees. Social Security benefits and railroad retirement income taxed at the federal level are exempt from state Individual Income Tax. This exemption, combined with the Homestead Exemption and lower assessment ratios, helps reduce the overall tax burden for 55‑plus homeowners. Retirees may also qualify for deductions on military or other retirement income and an age‑65 deduction for South Carolina income tax. These policies make it more achievable for households relocating from higher‑tax states to retire on a budget.

Planning for Long‑Term Costs

While property taxes and income tax savings are significant, buyers should remember that local millage rates vary by county and municipality. When comparing homes in Del Webb at Grande Dunes, Del Webb North Myrtle Beach, Seasons at Prince Creek West, or other communities, review the specific tax rates for each jurisdiction. New construction may also be subject to additional fees or reassessments once improvements are completed. Working with a real estate professional or tax advisor can help estimate annual tax bills based on purchase price, assessment ratio, and millage.

Key Takeaways for 55‑Plus Buyers

Low assessment ratio: Primary residences are assessed at 4 percent of fair market value; second homes are assessed at 6 percent.
Homestead Exemption: Retirees over 65, those who are disabled or blind, can exempt up to $50,000 of their home’s value and automatically qualify for the 4 percent assessment ratio.
No tax on Social Security: South Carolina does not tax Social Security benefits and provides various deductions for retirement income.
Application required: Homeowners must apply for legal residence status and the Homestead Exemption through county offices.
Millage rates vary: County, municipal, and school district millage rates determine the final tax bill, so research your specific community’s rates.

By understanding how property taxes are assessed and taking advantage of exemptions, retirees can budget confidently and enjoy the financial benefits South Carolina offers. When combined with the coastal lifestyle, resort‑style amenities, and vibrant social scene of Del Webb communities, these tax advantages make Myrtle Beach an appealing choice for your next chapter.

Ready to Explore Tax‑Friendly Living?

If you’re planning to move to a 55‑plus community in Myrtle Beach and want to understand how property taxes will affect your budget, let us guide you. We can help you compare Del Webb communities, Seasons at Prince Creek West, and other neighborhoods to find the perfect fit for your lifestyle and financial goals.