Explain millage and how that works.

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.  

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?