Taxes

For nine (9) years, the City of Folly Beach’s mileage 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 mileage rate to 32.4 mils. This fiscal year, City Council voted for the mileage 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 mileage 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 mileage worth $61,072. This means every time the budget is increased by $61,072, the mileage rate is increased by one mileage; if the budget is decreased by $61,072, then the mileage rate would be decreased by one mileage.

Remember: No increase in millage and a larger property tax credit for tax payers.