Property Taxes at Closing: What Sellers Need to Know in Myrtle Beach, SC
If you're preparing to sell your home in Myrtle Beach, one expense that often surprises homeowners is property taxes at closing. Many sellers assume they've already paid everything they owe, but depending on when your home closes, property taxes may still need to be adjusted as part of the transaction.
Understanding how property taxes are handled before you list your home can help you estimate your proceeds more accurately and avoid surprises at the closing table.
Brian Staub is a real estate agent in Myrtle Beach, South Carolina helping homeowners sell with clarity and confidence. As part of Beach Properties Group, one of the top-producing real estate teams in the Myrtle Beach area based on both sales volume and homes sold, Brian brings more than 20 years of local real estate experience and 17 years of experience as a home improvement contractor and new construction agent, helping sellers prepare for a smoother, more informed closing.
Quick Answer
When you sell your home, property taxes are usually prorated between you and the buyer based on the closing date. You are generally responsible for the taxes during the time you owned the home, while the buyer becomes responsible after closing.
Why Property Taxes Matter at Closing
Property taxes are one of several financial items calculated before closing.
Depending on the timing of your sale, you may receive a credit, owe additional taxes, or simply have your share calculated and adjusted on the settlement statement.
Understanding this ahead of time allows you to better estimate your final proceeds.
How Property Taxes Are Prorated
Property taxes are divided according to the date ownership changes.
The closing attorney calculates how much of the year's taxes belong to the seller and how much belongs to the buyer.
For example, if you own the home for the first eight months of the year and close in September, you'll generally be responsible for approximately eight months of property taxes.
The buyer becomes responsible for the remaining portion after closing.
What Determines Your Property Tax Amount?
Several factors affect how much property tax is prorated, including:
your home's assessed value
Horry County tax rates
whether the property is owner-occupied or non-owner occupied
the closing date
any special tax assessments
Every property is different, so the exact amount is calculated specifically for your transaction.
Will Property Taxes Reduce My Net Proceeds?
Yes.
Property taxes are one of several expenses deducted or credited during closing and can affect the amount you ultimately receive.
Other items that affect your proceeds include:
mortgage payoff
real estate commissions
seller concessions
attorney fees
HOA fees
recording costs
Understanding these expenses together gives you a much clearer picture of your bottom line.
Because Brian Staub and Beach Properties Group have helped hundreds of sellers throughout the Myrtle Beach area over the past 20+ years, they help homeowners estimate these expenses before accepting an offer instead of discovering them at closing.
If you'd like a personalized estimate of your expected proceeds, Schedule a seller consultation.
Can Sellers Estimate Property Taxes Before Listing?
Absolutely.
Although the exact amount depends on your closing date, an experienced local agent can provide a very good estimate based on:
current property tax records
your anticipated closing timeline
your home's current tax classification
Having this information early helps you plan your next move with confidence.
If you're also curious about what your home may be worth in today's market, start by getting an accurate estimate of its value.
Why Local Experience Matters
South Carolina property taxes are different from many other states, and local knowledge can make a significant difference when estimating your costs.
Brian Staub's combination of more than two decades of Myrtle Beach real estate experience and 17 years as a home improvement contractor gives sellers practical insight into both the financial and physical aspects of preparing a home for sale.
Working with one of the area's top-producing teams means you'll have guidance long before closing day arrives.
Example: How This Could Affect a Myrtle Beach Seller
Suppose you sell your Myrtle Beach home on August 15.
Your annual property taxes are estimated at $3,600.
Since you owned the home for approximately 227 days of the year, your portion would be roughly:
$3,600 ÷ 365 = about $9.86 per day
$9.86 × 227 days = approximately $2,238
That amount would generally be reflected on your settlement statement as part of the property's tax prorations.
While every transaction is different, this example shows why understanding property taxes before listing can help eliminate surprises.
Planning Your Next Move
Many sellers begin searching for their next home before closing on their current one.
You can search current homes for sale in Myrtle Beach to begin planning your next move.
Common Mistakes Sellers Make
Assuming property taxes have already been fully paid.
Waiting until closing to review the settlement statement.
Forgetting that taxes affect final proceeds.
Not asking questions about how taxes are calculated.
Tips for Sellers
To help your closing go smoothly:
review your current property tax bill
understand your tax classification
estimate your closing timeline
ask for an estimated settlement statement before closing
work with an experienced local real estate professional
Preparation helps reduce surprises and gives you a better understanding of your financial outcome.
If you have questions about selling your home or estimating your proceeds, Schedule a seller consultation.
Frequently Asked Questions
Do sellers pay property taxes at closing?
Yes. In most cases, property taxes are prorated so each party pays for the portion of the year they own the property.
What does prorated property taxes mean?
It means property taxes are divided fairly between the buyer and seller based on the closing date.
Who calculates property tax prorations?
In South Carolina, the closing attorney typically calculates the final prorations.
Can property taxes change my net proceeds?
Yes. Property taxes are one of several adjustments that affect the amount you receive at closing.
Should I estimate my property taxes before listing?
Absolutely. Understanding your estimated taxes helps you better plan your finances and estimate your proceeds.
Final Thoughts
Property taxes are a normal part of selling a home in Myrtle Beach, but they shouldn't be a surprise.
By understanding how taxes are prorated and how they affect your settlement statement, you'll be better prepared for closing and have a clearer picture of your final proceeds.
Next Steps
If you're thinking about selling your home in Myrtle Beach and would like a personalized estimate of your closing costs, property tax adjustments, and expected proceeds, the best first step is to talk with an experienced local professional.
Brian Staub is a real estate agent in Myrtle Beach, South Carolina helping homeowners sell with clarity and confidence.
Brian Staub
Beach Properties Group Keller Williams
601 21st Ave N Myrtle Beach, SC 29577
(843) 385-6630
