Panama City, Ohio Property Taxes
The median property tax rate in Panama City, Ohio is 2.17%, significantly higher than both the national median of 0.99% and the Ohio state median of 1.80%. With a median home value of $29,100 in Panama City, the typical annual property tax bill amounts to $632, which is considerably lower than the national median of $2,690. Property taxes in Panama City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Panama City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Panama City or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Panama City, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.17%
Estimate Property Tax Bill
$631
Ownwell’s Panama City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Panama City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Panama City to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Panama City, Ohio
Property taxes in Panama City, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Panama City is 2.17%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Panama City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Panama City estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Panama City's effective property tax rate to other counties in Ohio and the national median. For comparison, the 32405 zip code has the highest median property tax rate of 2.17%, while the 32405 zip code also has the lowest median tax rate of 2.17%. Understanding how these cities compare with Panama City provides valuable insights into the varying tax landscape across Ashtabula County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Panama City Tax Rate
2.17%
Average Ashtabula County Tax Rate
1.74%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Panama City, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32405 | 2.17% | 2.17% | 2.17% | 2.17% | 2.17% |
Source: Ownwell
Property Tax Assessment Values Across Panama City, Ohio
In Panama City, Ohio, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Ashtabula County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Panama City, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Panama City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 32405, with a tax bill of $632, while the lowest median tax bill is also in 32405, with the same value of $632.
Average Panama City Assessed Value
$29,100
Average Ashtabula County Assessed Value
$74,100
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Panama City, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32405 | $29,100 | $29,100 | $29,100 | $29,100 | $29,100 |
Source: Ownwell
Property Tax Bills Across Panama City, Ohio
In Panama City, located in Ashtabula County, OH, property tax bills are calculated based on the assessed value of a home. The assessed value, which is determined by the local tax assessor, reflects a percentage of the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Panama City, the median home price is $29,100, and the property tax rate is calculated accordingly. Interestingly, the tax bills in this region show little variation, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $632. This consistency indicates a relatively uniform approach to property taxation in this area. Compared to the national median property tax rate of 0.99%, Panama City's tax rate results in a specific tax bill that may seem high relative to the low median home price. For homeowners, this means that even with modest property values, the tax burden remains a significant consideration in their annual financial planning.
Average Panama City Tax Bill
$632
Average Ashtabula County Tax Bill
$1,299
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Panama City, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32405 | $632 | $632 | $632 | $632 | $632 |
Source: Ownwell