The millage rate is the tax rate set by each taxing jurisdiction, such as the county, school district, or municipality. As explained by the South Carolina Revenue and Fiscal Affairs Office, the value of a mill represents the amount of property tax revenue one mill will generate. A mill equals 1/1000 of the assessed value of the property subject to property taxes. For example, if the assessed value of a property totals $100,000 the value of a mill is $100.
For FY 2024, the City of Beaufort’s municipal mill rate is 73.9, which is comprised of 58.3 operating mill and 15.6 debt mill. The operating mill is capped by state law based on the Consumer Price Index and population growth. The debt mill is set based on annual debt service payments. If your residential home is appraised at $350,000, the City of Beaufort will receive approximately $1,035 in property tax revenue.