Panama City, Florida Property Taxes
The median property tax rate in Panama City, FL is 1.09%, slightly higher than the national median of 0.99% but lower than the Florida state median of 1.14%. With a median home value of $195,917, the typical annual property tax bill in Panama City reaches $2,048, which is below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as 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 Bay County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Panama City, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$2,135
$2,021
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, Florida
Property taxes in Panama City, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Panama City is 1.09%, higher than both the Florida 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 Florida and the national median. For comparison, the 32401 zip code has the highest median property tax rate of 1.34%, while the 32409 zip code has the lowest median tax rate of 0.90%. Understanding how these cities compare with Panama City provides valuable insights into the varying tax landscape across Bay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Panama City Tax Rate
1.09%
Average Bay County Tax Rate
1.10%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Panama City, 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, Florida
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Panama City, Florida. 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 Bay County Property Appraiser 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. For example, the highest median tax bill in Panama City is $3,319 in the 32408 zip code, while the lowest is $1,376 in the 32401 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Panama City Assessed Value
$195,917
Average Bay County Assessed Value
$235,244
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Panama City, 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, Florida
Property tax bills in Panama City, located in Bay County, FL, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the market value, which is determined by the county's property appraiser. Factors such as property size, location, and market conditions influence this valuation. For homeowners, this means that a higher market value or improvements to the property can result in higher property taxes. The median home price in Panama City is $195,917, with property tax bills ranging significantly. For example, the 25th percentile tax bill is around $1,043, while the 75th percentile reaches $3,378. The highest median tax bill in the area is $3,319 in the 32408 zip code, whereas the lowest is $1,376 in the 32401 zip code. Compared to the national median property tax rate of 0.99%, Panama City's property tax rates can vary, impacting homeowners' annual expenses based on their property's assessed value and location.
Average Panama City Tax Bill
$2,048
Average Bay County Tax Bill
$2,427
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Panama City, 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 |