PINOPOLIS — North Myrtle Beach residents are getting a tax break.
Homeowners will face a lower tax bill in 2020 due to a drop in the city’s millage rate.
The city is almost done paying back an eight-year, $15 million bond used to help pay for the North Myrtle Beach Park and Sports Complex, and it will drop the tax rate accordingly.
“It will be paid off by March,” said Mayor Marilyn Hatley on Monday during the city’s budget retreat.
The millage rate will drop from 43.3 mils to 36 mils. One mil is equivalent to a $10 tax on a $250,000 house, meaning that a person who owns a $500,000 home will see their property taxes drop by almost $150.
“The millage will drop to 36 is what we project, which will be pretty much as far as I can tell the lowest tax rate in the state for a full-service city,” said city manager Mike Mahaney.
But it’s not a done deal yet.
Hatley said city leaders will make the change official with a vote this summer.