• Text Size:
  • A
  • A
  • A

Budget in Brief

Millage Rate

Calendar year 2018 is a property reassessment year. The Town's property values increased by 2.72% between 2013 and 2018 because of reappraisal. In accordance with South Carolina law the Town rolled-back its millage rate by the percentage increase in property values (revenue neutrality). The exception is the disaster recovery millage rate which will remain the same. The Town's rolled-back millage rate was calculated by Beaufort County officials and approved by the State. The table below reflects the millage rates for fiscal years 2018 and 2019.

The table below provides a comparison of the millage rates for fiscal year 2019 and fiscal year 2018:

Millage Rate by Fund
FY 2018
FY2019
General Fund
16.38
15.93
Disaster Recovery*
5.00
5.00
Debt Service Fund
6.14
5.97
Capital Projects Fund
.84
.82
 
28.36
27.72

* A temporary millage rate increase is being imposed in accordance with Section 6-1-320(B)(2) of the South Carolina Code of Laws. The 5 mil increase will be used to pay the debt service costs on bonds issued to replenish Town reserves used as part of the recovery funding associated with Hurricane Matthew in order to be better prepared for the next storm. The millage rate increase will be imposed for a five (5) years period and is expected to generate approximately $21.2 million dollars. Fiscal year 2019 is the second year of five (5) years.

Governmental Funds  ~  General Fund  ~  Debt Service Fund
Capital Improvement Plan  ~  Budget Summary-Proprietary Fund  ~  Summary