FLORENCE — Florence residents are about to see property taxes rise.
City council approved a $145 million budget for the 2025-26 fiscal year at its June 9 meeting. The budget includes an increase in property taxes for the first time since 2023.
The increase means that taxes on a $150,000 owner-occupied house will increase by about $45 a year, said Glenn Bodenheimer, city interim finance director.
Taxes increase in about $15 increments for each $50,000 of a home’s value. A $200,000 owner-occupied house would increase by about $60 a year, and a $250,000 house would increase by about $75 a year, Bodenheimer said.
What will help offset that increase, however, is the local option sales tax credit. The tax credit factor is multiplied by the market value of a home, which gives the taxpayer a credit and brings down the overall tax bill, Bodenheimer said.
“That local option sales tax is really reducing taxpayers’ tax bills for the city portion,” Bodenheimer told The Post and Courier.
The city had a shortfall in its budget last year, which is part of the reason for the increase, City Manager Scotty Davis said.
The property tax increase also comes in light of rising inflation, Davis said. He hopes the increase will help the city keep up with inflation by generating a few extra dollars from residents each month.
“Really, what we’re doing is less than the price of a hamburger per month,” Davis said.
Florence was recently ranked the third best city to live in in South Carolina by U.S. News & World Report, falling just behind Mount Pleasant and Greenville. Part of helping Florence climb further up the ranks is continuing to improve the city, Davis said.
