Property tax terms
Appraised value – fair market value of property
Assessment ratio – percent of fair market value property upon which the tax rate will be applied
Assessed value – taxable value of property = appraised value x assessment ratio
Mill – one thousandth of one dollar (1/1,000 per $1)
Millage or tax rate – tax rate applied to assessed value
What is a Mill?
A mill is the rate of tax used to calculate local property taxes. A tax notice includes a number of technical terms, including millage rate, assessment ratio and assessed value.
The value of a mill is always one tenth of a cent, or one thousandth of a dollar; for example, a tax rate of 200 mills translates to $0.20 tax per $1 of assessed value.
How are millage rates used?
The millage rate is set by County Council, in order to fund the county's day-to-day business, emergency services, facilities etc. Each district in the county has a different millage rate to help fund the budgets of these entities in those districts.
Millage rate used in vehicle example: $30,000 vehicle in District 4 (Pawleys Island).
30000 (Appraised Value) X .06 (Assessment Ratio) = 1800 (Assessed Value)
1800 (Assessed Value) X .2335 (Mill rate is 233.5) = $420.30 (taxes before fees)
Millage Rates
To view PDF copies of previous years' millage rates, please click here.