Property taxes, which comprise 23%, are the largest percentage of Beaufort’s revenues. Property taxes are determined by the assessment of “real, vehicle and personal property” – i.e., your home, car, boat, etc. State law requires real property values to be reassessed every five years, which is being applied in Beaufort County on the 2023 real property tax bill.
Other sources of revenue include building permits, business licenses, hospitality and accommodations taxes generated mostly by restaurants and hotels, grants, and various miscellaneous revenues. If more businesses are opening in Beaufort, if more homes are being built, and if more tourists are continuing to visit here, then these revenues are likely to increase during strong economic cycles.