TAX IMPLICATIONS
Personal and property taxes and how they relate to school funding in South Carolina can be confusing, especially if you are new to the area. As our community considers the upcoming bond referendum, it's important to be informed about the financial impact.
Property Taxes & Millage
Only taxes on real property (homes, land, etc.) can be used to pay down school debt. Taxes on personal property (cars, boats, RVs, etc.) support school operational budgets.
York County Property Tax is calculated by the appraised value of your home, multiplied by 4%, multiplied by the millage rate.* The current millage rate for Fort Mill is 74; the new bond will add up to 15 mills.
​
*1 mill = $1 per every $1000 of property value
Example of the Current Tax Calculation
Using the example of the average assessed home in Fort Mill, here is how the tax is currently calculated.
​
$400,000 property value
x 0.04
$ 16,000 assess value
x 0.074 current millage rate
$ 1,184 current yearly tax due
Let's Talk Numbers
The proposed amount for the total bond referendum is $204M, but that's the upper limit, not the immediate reality.
​
If the bond passes, FMSD won't just snag the full $204M in one go. It will borrow only what's needed for each project, one at a time. We will not see an instant debt surge; it's a gradual process. And, if growth continues or even increases, additional impact fees could reduce the actual amount borrowed.
Example of the New Tax Calculation
Using the same example of an average assessed home in Fort Mill, below if how the bond would affect current taxes.
​
$400,000 property value
x 0.04
$ 16,000 assess value
x 0.089 new millage rate (74 + 15 = 89)
$ 1,424 new yearly tax due
(an increase of $240 annually or $20 per month)
Should the bond pass, the debt millage will be comparable to 2020.
