Panama City Beach, Florida Property Taxes
The median property tax rate in Panama City Beach, FL is 1.11%, slightly higher than the national median of 0.99% but lower than Florida's state median of 1.14%. With the median home value in Panama City Beach at $335,329, the typical annual property tax bill amounts to $3,482, surpassing the national median of $2,690. Property taxes in Panama City Beach are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Panama City Beach'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 Beach 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 Beach, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$3,722
$3,523
Ownwell’s Panama City Beach Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Panama City Beach with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Panama City Beach to provide an estimate of 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 Beach, Florida
Property taxes in Panama City Beach, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Panama City Beach is 1.11%, higher than both the Florida state median of 0.89% and the U.S. national median of 0.99%. Local government entities within Panama City Beach set these rates annually, and they can vary significantly across different neighborhoods. Each year, Panama City Beach 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 Beach's effective property tax rate to other counties in Florida and the national median. For comparison, the 32408 zip code has the highest median property tax rate of 1.18%, while the 32407 zip code has the lowest median tax rate of 1.10%. Understanding how these cities compare with Panama City Beach 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 Beach Tax Rate
1.11%
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 Beach, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32407 | 0.67% | 0.94% | 1.10% | 1.18% | 1.26% |
| 32408 | 1.07% | 1.11% | 1.18% | 1.36% | 1.36% |
| 32413 | 0.63% | 0.98% | 1.11% | 1.22% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Panama City Beach, Florida
In Panama City Beach, Florida, 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 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 Beach, 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 instance, the highest median tax bill is $3,558 in zip code 32413, while the lowest is $2,699 in zip code 32408. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Panama City Beach, Florida
Source: Ownwell
$49,367
$222,219
$395,070
Average Panama City Beach Assessed Value
$335,329
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 Beach, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32407 | $177,319 | $243,014 | $322,150 | $467,500 | $595,679 |
| 32408 | $36,975 | $36,975 | $243,616 | $299,506 | $362,036 |
| 32413 | $161,710 | $242,250 | $344,250 | $492,150 | $674,475 |
Source: Ownwell
Property Tax Bills Across Panama City Beach, Florida
In Panama City Beach, located in Bay County, FL, property tax bills are calculated based on the assessed value of a home, which is determined by the local property appraiser. This assessed value is then multiplied by the local millage rate to determine the annual tax bill. For homeowners in Panama City Beach, the median home price is $335,329. Factors that influence the tax bill include property characteristics, exemptions, and the millage rate set by local taxing authorities. For example, the 25th percentile tax bill is $2,321, while the 75th percentile tax bill is $5,410, and the 90th percentile tax bill reaches $7,308. The highest median tax bill in the area is $3,558 in the 32413 zip code, whereas the lowest is $2,699 in the 32408 zip code. These variations can significantly affect homeowners' annual expenses, making it essential to understand how property taxes are calculated and what factors might influence them.
Average Panama City Beach Tax Bill
$3,482
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 Beach, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32407 | $1,292 | $2,397 | $3,411 | $5,035 | $6,540 |
| 32408 | $502 | $502 | $2,699 | $3,264 | $4,346 |
| 32413 | $1,319 | $2,268 | $3,558 | $5,585 | $7,643 |
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 |