This past November, not only did the country vote a new President into office, residents of Myrtle Beach also voted and passed  a one-cent sales tax, to be paid by all consumers, tourists and locals, to fund facilities for education. This one-cent sales tax will provide funding for Horry County schools, Coastal Carolina University, and Horry-Georgetown Technical College over the next 15 years. One cent doesn’t sound like much. But 1 cent on the dollar equates to a 1 percent sales tax increase.

This local option sales tax will offset the property tax levied by the school district for debt service.  The tax will most obviously provide a revenue stream for building needs of local public schools and the two schools of higher education, Coastal Carolina and Horry-Gergetown-Tech, but will also provide opportunities for more collaboration between the public school system and the two  institutions of higher learning.

Specifically the local option sales tax will:

“Add a revenue source for debt service”;

“Rolls back debt service millage on all property including houses, businesses, vehicles, land, and personal property”;

“Generates over $1 billion for school facilities for K-12 public education and the county’s two post secondary schools”;

“Broadens the base of tax payers by allowing everyone, including non-residents, to help pay for school facilities”;

The impetus for this local option sales tax is multi-fold, but one of the main factors for adapting this new tax structure is the the accelerated growth of our local educational community. Of the 85 school districts of South Carolina, Horry County has sen the most rapid growth and is the third largest school district overall. Horry County schools have added 10,000 students in the past decade.  The anticipated growth rate would see 17,000 more students over the next decade and a half.

Coastal Carolina has seen similar growth and is currently the fastest growing four-year university in the state accounting for more than 60 percent of enrollment growth of all state-wide comprehensive  institutions of higher learning. Horry-Georgetown Tech is similarly the fastest growing two-year public university, almost doubling enrollment over the same ten tear span.

As with all tax proposals there are many points to be considered, questions to be answered, and difficult tax language to be understood. Here are a few FAQ’s:

What will this penny do?

The penny will allow an additional revenue stream allowing the school systems to retire existing debt for school construction and emerging building needs for the rapidly growing school system. Property owners will be relieved of some of the tax responsibility to provide for our educational system, allowing the masses of people who visit and vacation here along the Grand Strand the opportunity to contribute to these escalating costs.

How much money will the sales tax generate?

Current conservative estimates have this local option sales tax generating over a billion dollars for our growing educational system over the 15 year life span of the tax.

What will be taxed?

The one cent sales tax would apply to most all taxable goods and services that a consumer currently pays tax on at the time of purchase. Exempt from this sales tax would be groceries, gas, and prescription drugs. As well most weekly or monthly recurring payments like mortgages or rent, childcare and insurance are not subject to current sale taxes. This also means an additional 1 percent tax added to Myrtle Beach vacation rentals as well.

There are a few additional FAQ’s that you might want to explore in further detail in order to educate yourself about the new tax law that will go into effect next month. Please feel free to view the full PDF.

Attention! The Malibu Pointe ocean view condo in North Myrtle Beach is now under foreclosure. Price are up to HALF off what they were two years ago during pre-construction.  That means a perfect Myrtle Beach real estate investment!

Malibu Pointe is one of the most popular vacation rentals in North Myrtle Beach because of its amenities/value.  Because it’s an ocean view condo, the price is lower, but yet, you still get ceramic tile floors, granite countertops, master bath jacuzzi, private balconies, lazy river and all the other amenities of a first class resort.  And because of the value, it’s a hot spot for Myrtle Beach golf packages.

Malibu one-bedroom units, which sold at presale in 2007 for $299,900, are now selling for $150,000 through CondoLux. Three-bedrooms which were $550,000 are going for $295,000; four bedrooms from $689,900 to $349,900. To top it off, these units are fully furnished and ready for rentals as well.   Read the full real estate foreclosure article on PR Web or learn more about other Myrtle Beach condo foreclosures.

The Myrtle Beach area is an excellent choice for investors because of its value as an oceanfront tourist destination and Myrtle Beach golf destination. The area is constantly growing with the millions of yearly visitors converting to the residential population.  Those choosing to live in the area will find an abundance of attractions, shops, entertainment, dining, and golf destinations.

CondoLux received a rather touching letter recently from S.O.S. Health Care, Inc. out of Myrtle Beach, thanking us for our help throughout the years.  Although CondoLux specializes in Myrtle Beach condo rentals and real estate sales, we are a company that does give back to the community in any way we can. Last Christmas was no different.

Last year, CondoLux adopted a family for Christmas, with the staff bringing in loads of wrapped Christmas presents – stuff the family wanted, as well as needed.  We felt good being able to lend a hand and reach out to those in need.

However, the point of this article is not to gloat about CondoLux, but to make aware of the content of the letter written to us, and hopefully it will bring a smile and warm feelings to you.  For almost 20 years, S.O.S. Health Care has been in the “helping hand” business for children. Their Caring-4-Kids program has helped changed lives for years. A part of the letter reads:

“Recently, when perusing the Sun News, a horoscope caught my eye. Mind you, I don’t regularly check my horoscope but here is what it said: ‘You have two hands: One is for helping yourself, the other is for helping others. Think about this in the week ahead, since you may be called upon to assist a friend or achieve a compromise.’”

Thank you S.O.S. for allowing us to help lend our other hand.