Panama City, Florida Property Taxes
Real Estate Values and Property Tax Valuation in Panama City, Florida
Panama City has a total of 49,973 properties with a cumulative value of $8.4B, making up 51.39% of all real estate value in Bay County. Property taxes in Panama City are collected across these 49,973 properties, amounting to a total of $90.2M. The average Panama City homeowner pays $1,844 in property taxes, which is lower than the county average of $2,103. The average property tax rate in Panama City is 1.07%, while the county average is 1.08%. Property taxes are based on the assessed value of the property, which is typically lower than the market value.
In Florida, property values are assessed on January 1st. Property value notices are issued in August and property tax appeal deadlines are typically 25 days from the date of the value notices, which is usually in September. Property tax bills are issued on November 1st.
Updated November 01, 2023
| Important Links | |
|---|---|
| Bay Equalization Office | (989) 895-4075 |
| Bay Clerk / Recorder | (850) 747-5104 |
| Bay Treasurer | (989) 895-4285 |
| Bay Property Appraiser | (850) 784-4095 |
| Important Dates | |
|---|---|
| Property Valuation Date: | January 1st |
| Property Value Notices Issued: | August |
| Property Tax Appeal Deadline: | September or 25 days from date of value notices |
| Property Tax Bills Issued: | November 1st |
| Real Property Tax Bill Due (1st of #): | March 31st |
| Available Exemptions | |
|---|---|
| Early Payment Discount | Available |
| Senior | Available |
| Disabled | Available |
| Homestead | Available |
| Veteran | Available |
| Solar/Wind | Available |
| Charitable | Available |
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Real Estate Statistics in Panama City, Florida
Residential Property Tax by ZIP code in Panama City, Florida
Property taxes in Panama City are slightly lower than the average for Bay County, with an average rate of 1.07% compared to 1.08%. However, property tax rates vary significantly across ZIP codes in Panama City. The highest effective property tax rate is 1.33% in ZIP code 32401, while the lowest effective rate is 0.9% in ZIP code 32409. This variation is due to differences in home values across ZIP codes. For example, ZIP code 32401 has a higher median home value than ZIP code 32409, resulting in a higher effective property tax rate.
Overall, Panama City has a slightly lower property tax rate than the rest of Bay County, but there is still significant variation across ZIP codes. Home values are the primary factor in determining the effective property tax rate, so those looking to buy a home in Panama City should research the median home value in the area they are considering to get an idea of what their property taxes will be.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each ZIP code in Panama City, Florida. The tax assessment value may differ from the potential sale value, and is used to calculate the property tax for each piece of real estate.
| ZIP Code | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32401 | $29,246 | $46,822 | $77,350 | $123,292 | $194,720 |
| 32404 | $40,787 | $71,848 | $115,849 | $173,876 | $235,297 |
| 32405 | $51,935 | $80,749 | $130,892 | $203,406 | $280,178 |
| 32408 | $90,525 | $146,979 | $205,700 | $290,034 | $404,924 |
| 32409 | $32,654 | $52,048 | $123,567 | $231,864 | $314,701 |
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each ZIP code in Panama City, Florida.
| ZIP Code | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32401 | $356 | $628 | $1,005 | $1,651 | $2,739 |
| 32404 | $331 | $562 | $1,072 | $1,791 | $2,523 |
| 32405 | $493 | $824 | $1,453 | $2,377 | $3,588 |
| 32408 | $841 | $1,485 | $2,261 | $3,097 | $4,514 |
| 32409 | $189 | $414 | $1,018 | $2,187 | $3,274 |
Effective Property Tax Rate
The effective property tax rate is calculated by dividing the property tax bill by the assessed value. For the percentiles below, the calculation is performed using the percentiles for property tax bill and assessed value above. Therefore, each consecutive percentile doesn't necessarily show a larger value.
| ZIP Code | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32401 | 1.22% | 1.34% | 1.30% | 1.34% | 1.41% |
| 32404 | 0.81% | 0.78% | 0.93% | 1.03% | 1.07% |
| 32405 | 0.95% | 1.02% | 1.11% | 1.17% | 1.28% |
| 32408 | 0.93% | 1.01% | 1.10% | 1.07% | 1.11% |
| 32409 | 0.58% | 0.80% | 0.82% | 0.94% | 1.04% |
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Real Estate Values in Panama City, Florida
Average Home Value in Panama City, Florida
Last updated: November 2023
Average home value over time in Panama City, Florida
Last updated: November 2023
Total unique home listings in Panama City, Florida
Last updated: November 2023
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Housing Expenses in Panama City, Florida
Housing expenses are a major part of the average household budget in the state. In fact, housing expenses account for nearly one-third of total expenses for the average household. As inflation continues, housing expenses continue to rise, eating up an ever-increasing portion of the household budget. Property taxes are the second largest component of housing expenses for the average property owner in the state, making up a significant portion of the total housing expenses. As housing expenses continue to rise, it is important for households to budget carefully and plan for the future to ensure they can afford their housing expenses.
Monthly Consumer Expenses for South region
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