MYRTLE BEACH, S.C. (WBTW) — City of Myrtle Beach leaders are proposing a property tax increase of 10 mill that would take effect next fiscal year across the entire city.
A mill measurement is one thousandth of a dollar per $1 of its accessed property value.
City staff said the increase would help the city account for rising inflationary costs as well as the rising cost of labor by increasing salaries and wages.
The city said the proposed tax increase would cost a homeowner of a $250,000 house an additional $100 a year in property taxes. The city estimates increasing property taxes would generate close to $4 million each year in additional tax revenue.
Mark Kruea, City of Myrtle Beach spokesperson, said the proposed increase is a small one compared to overall property tax revenues, which account for a little more than a quarter of the city’s $292 million budget.
“Compare that to what you’re paying for your cell phone, or your cable bill,” Kruea said. “An extra $100 a year for all of the services that the City of Myrtle Beach provides, and it also gets us 25 new police officers and all of the other things that we need to do to compete and be the great city that we know we are.”
The proposal needs Myrtle Beach City Council approval after two readings. The public hearing for the budget is scheduled for the June 10 city council meeting.