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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 it to include CPI, which is the inflationary
rate, and allowed under the State Tax Cap. The City last fiscal year increased
the mil rate by one (1) mil, which was the amount allowed using the CPI.
The one (1) mil increase brought the mil rate from 29.3 mills to 30.3
mills. This fiscal year, the city in an effort to give better fire protection
to the citizens of Folly Beach hired 3 Contract Fire Personnel per shift.
In order to fund this effort, the City increased the mil rate by 2.1 mils
bringing the mil rate this fiscal year to 32.4 mils. 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 $58,247,621 making our mil
worth $58,248. This means that every time the budget is increased by $58,248,
the mil rate is increased by one mil; if the budget is decreased by $58,248,
then the mil rate would be decreased by one mil.
The mill rate last year was 30.3; thereby increasing the mil for this
year by 2.1 mils.
For more information regarding the State Tax Cap as it applies to the
mil rate: State Law, Section 6-1-320 Millage rate increase limitation;
exceptions
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