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Taxes in Myrtle Beach, SC
The local sales tax rate in Myrtle Beach, South Carolina is 1%. This is in addition to the state sales tax rate, which is 6%. Furthermore, Horry County, where Myrtle Beach is located, imposes a county sales tax rate of 1.5%. Therefore, the total sales tax rate in Myrtle Beach, SC is 8.5% when combining local, state, and county taxes.
In terms of corporate income tax, South Carolina has a flat rate of 5% that applies to all businesses. This rate is applied to the net taxable income of corporations operating within the state. As for the gross receipts tax, South Carolina does not impose a state-level gross receipts tax. Therefore, businesses in Myrtle Beach, SC are not subject to this type of tax.
Property taxes in Myrtle Beach, SC vary depending on the type of property. Commercial and industrial properties are taxed at a rate of 10.5% of the assessed value. Personal property, which includes items like cars and boats, is taxed at a rate of 10.5% as well. It's important to note that these rates are applied to the assessed value of the property, not the market value. The assessed value is determined by the county and may be lower than the market value.
More comprehensive tax data for Myrtle Beach is coming soon!
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Business and Tax Incentives in Myrtle Beach, SC
Myrtle Beach offers a variety of economic incentives to help businesses at the local, state, and federal level.
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FAQs about Myrtle Beach, SC
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