The Town of Edisto Beach has a millage rate of 24.07.
Edisto Beach is a municipality of Colleton County and each residence pays taxes to Colleton County as well. Colleton County collects the property taxes for the Town. The Town's largest single source of revenue is property tax, which is 38% of the General Fund revenues. South Carolina law allows municipalities to levy tax on real and personal property as assessed.
Major revenue classifications are described below:
Property Taxes are levied on all residential, commercial, and personal property in the Town of Edisto Beach. The tax levy is determined by market value, assessment ratio and millage.
Market Value is calculated by the Colleton County Assessor's Office using factors such as size, condition, location and recent selling prices of comparable properties.
Assessment Ratio is a percentage, which is multiplied by the appraised market value of a property to determine the assessed value.
- Owner occupied residences - 4%
- Commercial properties and other real properties - 6%
- Vehicles - 7.5% of fair market value (unless non-personal)
Millage is a term used to describe the rate of taxes levied. A mill is calculated at one dollar per one thousand dollars of assessed valued:
Example: The property tax on a $400,000 owner-occupied home in the Town would be calculated as follows:
Market value $400,000
x Assessment ratio x 4%
Assessed value 16,000
x Millage rate x.02407
Town Tax Bill 385.12
The following percentage of each class of property is used to determine the assessed value of the property for purposes of taxation:
Manufacturing Property 10.5% of fair market value Utility Property 10.5% of fair market value Railroads, Private Carlines, Airlines and Pipelines 9.5% of fair market value Primary Residences 4.0% of fair market value Agricultural Property (privately owned) 4.0% of use value Agricultural Property (corporate owned) 6.0% of use value Other real estate 6.0% of fair market value Personal property 10.5% of income tax depreciated value
Manufacturing, utility, railroads, carlines, airlines and business personal property are assessed by the Department of Revenue. All other property is assessed by the county assessor. A state property tax is levied on private carlines and airlines based on the average statewide millage rate.
Tax and Fee Information Related to Short-Term Rentals of Residential Property
- All property owners who rent residential units (i.e. houses, condo's and apartments) for any length of time must obtain a Town of Edisto Beach business license. Business licenses can be obtained at Town Hall located at 2414 Murray Street. For more information call the Building Department at (843) 869-2505 x 203.
- Unless the property qualifies as the primary legal residence of the owner according to the SC Code of Laws, Section 12-43-220, the property will be assessed at 6% of the assessed value for purposes of calculating property taxes.
- Residential Rentals for periods of 30 days or less (Town of Edisto Beach) or 90 days or less (for the State of South Carolina) require collection and remittance of the following taxes:
State of SC 5.0% State Sales Tax
State of SC 1.0% Local Option Sales Tax
State of SC 2.0% State Accommodations Tax
State of SC 1.0% Capitol Project Sales Tax
Town of Edisto Beach 2.0% Local Accommodations Tax
Colleton County 1.0% Local Accommodations Tax
Total Tax 12.0%
While an owner can designate their agent to collect and remit these taxes, the property owner is ultimately responsible for the payment of these taxes. Contact information is as follows:
In 1998, Town Council implemented a 2% hospitality fee imposed n the gross proceeds derived from the sale of prepared meals and beverage in establishments within the Town. The provider must remit the form, a copy of the SC sales tax computation form and the hospitality fees no later than the 20th of each month to the Town of Edisto Beach, 2414 Murray Street, Edisto Beach, SC 29438.
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