Panacea, Wakulla County, Florida Property Taxes

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

Median Panacea, FL effective property tax rate: 1.41%, significantly higher than the national median of 1.02%, but lower than the Florida state median of 1.14%.
Median Panacea, FL home value: $124,445
Median annual Panacea, FL tax bill: $1,394, $1,006 lower than the national median property tax bill of $2,400.

How are property taxes in Wakulla calculated?

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

Last Updated March 1, 2025

Panacea, Wakulla County, Florida Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.41%

Estimate Property Tax Bill

$1,755

$1,628

Ownwell’s Panacea Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Panacea with just two data points. By entering your property's estimated assessed value, our calculator applies Panacea’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 Wakulla County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Panacea, Wakulla County, Florida

Local government entities determine tax rates, which can vary significantly within a state. This variation occurs because each county annually estimates its required budget to provide services 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. Below, you can compare PANACEA’s effective property tax rate to other cities in Florida and the median property tax rates in Florida and the U.S. PANACEA, located in Wakulla County, has a median property tax rate of 1.41%, which is notably higher than the national median of 1.02%. This places PANACEA among areas with higher property tax rates in the state. Despite the higher rate, residents benefit from the services funded by these taxes. The property tax bill in PANACEA reflects the community's commitment to maintaining public services and infrastructure, contributing to the area's overall quality of life.

Property Tax Rates Across Panacea, Wakulla County, Florida

Source: Ownwell

1.04%

1.23%

1.41%

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 Panacea Tax Rate

1.41%

Median Effective Wakulla County Tax Rate

1.08%

Median Effective Florida Tax Rate

1.14%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Panacea, Wakulla County, Florida

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
32346	0.71%	0.98%	1.41%	1.75%	2.40%

Source: Ownwell

Property Tax Assessment Values Across Panacea, Wakulla County, Florida

When examining property taxes in Panacea, 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 Wakulla 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 Wakulla 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 Panacea. For example, the median home price in Panacea is $124,445, with tax bills ranging significantly across the county. Zip code 32346 has the highest median home price at $124,445.

Property Tax Assessment Values Across Panacea, Wakulla County, Florida

Source: Ownwell

$96,771

$114,074

$131,377

Median Panacea Market Value

$124,445

Median Wakulla County Market Value

$127,534

Median Florida Market Value

$276,648

Median United States Market Value

$235,294

Property Tax Assessment Values Across Panacea, Wakulla County, Florida

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
32346	$27,360	$50,552	$124,445	$226,921	$323,795

Source: Ownwell

Property Tax Bills Across Panacea, Wakulla County, Florida

In Panacea, Wakulla County, FL, property tax bills are determined by applying the county's tax rate to the assessed value of a home. The assessed value is typically a percentage of the market value, which is influenced by factors such as location, property size, and local real estate trends. In this area, the median home price is $124,445, and the property tax bill can vary significantly. For instance, the 25th percentile tax bill is $718, while the 75th percentile reaches $2,786, and the 90th percentile goes up to $3,946. Compared to the national median property tax bill of $2,400, homeowners in Panacea may experience lower or higher bills depending on their home's assessed value. Ownwell can assist homeowners by analyzing their property assessments to identify potential inaccuracies or overvaluations. By filing appeals and seeking exemptions, Ownwell helps homeowners reduce their tax liability, ensuring they pay only their fair share. This service can lead to significant savings, particularly for those with higher tax bills.

Property Tax Bills Across Panacea, Wakulla County, Florida

Source: Ownwell

$1,116

$1,268

$1,419

Median Panacea Tax Bill

$1,394

Median Wakulla County Tax Bill

$1,391

Median Florida Tax Bill

$2,953

Median United States Tax Bill

$2,400

Property Tax Bills Across Panacea, Wakulla County, Florida

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
32346	$431	$718	$1,394	$2,786	$3,946

Source: Ownwell