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For nine (9) years, the City of Folly Beach’s mil rate stayed status
quo. The city did not even increase the millage to include CPI, which is
the inflationary rate, and allowed under the State Tax Cap.
Last fiscal year, City Council increased the millage by 2.1 mils
bringing the mil rate to 32.4 mils. This fiscal year, City Council voted
for the mil rate to remain the same at 32.4 mils. City Council also
voted to give property owners a bigger tax credit. Historically, the
City of Folly Beach has allowed 71% of Local Option Sales Taxes (LOST)
to go toward property tax relief; however, this fiscal year, City
Council voted to allow 100% of Local Option Sales Taxes to go toward
property tax relief. Therefore, tax payers not only aren’t faced with an
increased mil rate, they will also receive a larger property tax credit.
Taxes on a $100,000 value of owner-occupied property for this year
will be $129.60. The assessed value of property on Folly Beach is
currently $61,072,952 making our mil worth $61,072. This means every
time the budget is increased by $61,072, the mil rate is increased by
one mil; if the budget is decreased by $61,072, then the mil rate would
be decreased by one mil.
Remember: No increase in millage and a larger property tax credit
for tax payers.
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