Panama City Beach, Florida Property Taxes
The median property tax rate in Panama City Beach, FL is 0.90%, which is lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Panama City Beach at $1,370,271, the typical annual property tax bill reaches $10,998, surpassing the national median of $2,690. Property taxes in Panama City Beach 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 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
0.9%
Estimate Property Tax Bill
$12,332
$11,660
Ownwell’s Panama City Beach Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner 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 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 Beach, Florida
Property taxes in Panama City Beach, Florida, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Panama City Beach is 0.90%, slightly lower than 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 32413 zip code has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these cities compare with Panama City Beach provides valuable insights into the varying tax landscape across Walton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Panama City Beach Tax Rate
0.90%
Average Walton County Tax Rate
0.80%
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 |
|---|---|---|---|---|---|
| 32413 | 0.39% | 0.65% | 0.90% | 0.93% | 0.93% |
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 Walton 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 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. Being aware of these valuation processes in Panama City Beach helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 32413 has the highest and lowest median tax bills, both at $10,998, showcasing the range within the area.
Property Tax Assessment Values Across Panama City Beach, Florida
Source: Ownwell
$51,685
$710,978
$1,370,271
Average Panama City Beach Assessed Value
$1,370,271
Average Walton County Assessed Value
$398,232
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 |
|---|---|---|---|---|---|
| 32413 | $152,900 | $156,275 | $1,370,271 | $1,380,414 | $1,380,414 |
Source: Ownwell
Property Tax Bills Across Panama City Beach, Florida
In Panama City Beach, property tax bills are determined based on the assessed value of a homeowner's property. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. Factors such as property location, size, and improvements can influence this assessed value. Once the assessed value is established, it is multiplied by the local property tax rate to calculate the annual tax bill. For Panama City Beach, located in Walton County, property tax rates can vary but are generally influenced by local government budgets and voter-approved levies. Homeowners in this area can expect tax bills that range widely, with the 25th percentile tax bill being around $1,233 and the 90th percentile tax bill reaching up to $12,793. The highest median tax bill in the city is $10,998, which is significantly higher than the national median property tax rate of 0.99%. These tax bills can have a substantial impact on homeowners, influencing their overall cost of living and potentially affecting property values in the long term.
Average Panama City Beach Tax Bill
$10,998
Average Walton County Tax Bill
$2,924
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 |
|---|---|---|---|---|---|
| 32413 | $604 | $1,233 | $10,998 | $12,652 | $12,793 |
Source: Ownwell
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 13 |
| Tax Bill | |
| Issued | November 1 |
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