From what sources does Beaufort derive its revenues?

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.

Show All Answers

1. What is a consolidated budget?
2. What is the time frame for the budget?
3. How are budgets approved?
4. What is the General Fund?
5. What are the other funds that are part of the consolidated budget?
6. From what sources does Beaufort derive its revenues?
7. Explain millage and how that works.
8. How does Beaufort pay for its big capital projects?
9. How does Beaufort decide to prioritize capital projects?
10. What kind of debt service does Beaufort maintain?
11. I heard that the City plans to seek revenue bonds to pay for projects at Southside Park and Washington Street Park. Will this increase my property taxes?
12. What is the City’s bond ratings and how does that impact borrowing rates?
13. Does Beaufort maintain reserves?
14. How does Beaufort decide if its salary structure is competitive?
15. How does Beaufort decide on annual raises?