Panama City, Bay County, Florida Property Taxes

Name: Property Tax Bills Across Panama City, Bay County, Florida
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Panama City, FL effective property tax rate: 1.09%, slightly higher than the national median of 1.02%, but lower than the Florida state median of 1.14%.
Median Panama City, FL home value: $195,917
Median annual Panama City, FL tax bill: $2,048, $352 lower than the national median property tax bill of $2,400.

How are property taxes in Bay County calculated?

Property taxes in Panama City, FL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Panama City’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Panama City, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Panama City, Bay County, Florida Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.09%

Estimate Property Tax Bill

$2,135

$1,982

Ownwell’s Panama City Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Panama City with just two data points. By entering your property's estimated assessed value, our calculator applies Panama City’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Bay County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Panama City, Bay County, Florida

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services annually and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

In Panama City, located in Bay County, the effective property tax rate can be compared to other cities in Florida and the median property tax rates in Florida and the U.S. Panama City's rate is influenced by various factors, including local government budgeting and the total assessed property value in the area. Notably, the highest median property tax rate in Panama City is found in the 32401 zip code, while the lowest is in the 32409 zip code. By understanding these variations, homeowners can better navigate their property tax obligations and potentially explore opportunities for appeals or exemptions to reduce their tax burden.

Property Tax Rates Across Panama City, Bay County, Florida

Source: Ownwell

0.83%

1.10%

1.37%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Panama City Tax Rate

1.09%

Median Effective Bay County Tax Rate

1.10%

Median Effective Florida Tax Rate

1.14%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Panama City, Bay County, Florida

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
32401	0.53%	0.86%	1.34%	1.81%	1.96%
32404	0.52%	0.74%	1.01%	1.30%	1.39%
32405	0.54%	0.83%	1.19%	1.53%	1.80%
32408	0.62%	0.93%	1.09%	1.20%	1.27%
32409	0.38%	0.65%	0.90%	1.25%	1.30%

Source: Ownwell

Property Tax Assessment Values Across Panama City, Bay County, Florida

When examining property taxes in Panama City, FL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Bay County Property Appraiser estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Bay County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Panama City. For example, the median home price in Panama City is $195,917, with tax bills ranging significantly across the county. Zip code 32408 has the highest median home price at $314,975.

Property Tax Assessment Values Across Panama City, Bay County, Florida

Source: Ownwell

$49,367

$222,219

$395,070

Median Panama City Market Value

$195,917

Median Bay County Market Value

$235,244

Median Florida Market Value

$276,648

Median United States Market Value

$235,294

Property Tax Assessment Values Across Panama City, Bay County, Florida

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
32401	$46,404	$71,339	$114,310	$172,882	$284,684
32404	$63,037	$109,040	$164,780	$248,932	$305,973
32405	$70,869	$112,304	$175,766	$261,566	$359,028
32408	$153,884	$222,278	$314,975	$441,915	$603,500
32409	$44,729	$76,893	$167,117	$300,328	$400,936

Source: Ownwell

Property Tax Bills Across Panama City, Bay County, Florida

In Panama City, Bay County, FL, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which can fluctuate based on real estate trends. In Panama City, the median home price is $195,917, which can influence the assessed value and, consequently, the tax bill. Homeowners in this region can expect tax bills ranging from the 25th percentile at $1,043 to the 90th percentile at $4,896, with the highest median tax bill in zip code 32408 at $3,319. These figures are relatively low compared to the national median property tax bill of $2,400, offering some relief to local homeowners. However, Ownwell can further assist by identifying potential savings through tax appeals and exemptions. By analyzing each property's assessed value and market trends, Ownwell helps homeowners ensure their tax bills are fair, potentially reducing their financial burden and ensuring they only pay what is necessary.

Property Tax Bills Across Panama City, Bay County, Florida

Source: Ownwell

$405

$3,179

$5,952

Median Panama City Tax Bill

$2,048

Median Bay County Tax Bill

$2,427

Median Florida Tax Bill

$2,953

Median United States Tax Bill

$2,400

Property Tax Bills Across Panama City, Bay County, Florida

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
32401	$437	$737	$1,376	$2,339	$3,846
32404	$442	$851	$1,615	$2,653	$3,536
32405	$522	$1,034	$1,902	$3,103	$4,547
32408	$1,214	$2,120	$3,319	$4,666	$6,500
32409	$281	$544	$1,435	$2,812	$4,101

Source: Ownwell

Don't miss the deadline to petition!

Dates
Property Valuation Date	January 1
Appeal Deadline	September 13
Tax Bill
Issued	November 1

Links
Bay Property Appraiser
Website	qpublic.schneidercorp.com