Panama City Beach is a top spring break destination with the college crowd, and a great family vacation spot year-round. Here is some pertinent tax information for those considering a move to this sunny area.
There is no state income tax in Florida, and the sales tax is 6%. Gasoline tax is $0.126 per gallon, taxable assets are taxed at a rate of $1 per thousand dollars of value.
The Florida estate tax is the state death tax credit allowable on the Federal income tax return
In Panama City Beach, the property tax rate is $10.06 per $1,000 of property value.
Median home values have depreciated over 13%. Median home age is 17 years. Almost 40% of all homes were built in the 1980s. About 29% of all homes are owned and about 60% of all homes are vacant.
There are many high rise condo towers along Front Beach Road. Some with beach access, others across the road.
Since most property is near water, flood insurance is required.
Florida allows the following property tax exemptions:
$50,000 homestead exemption
$50,000 additional homestead exemption if over 65 and meet elegibility requirements
$500 for widow or widower, disabled, or blind
$5,000 disabled veterans
Total permanent disability is exempt from property tax
Homeowners may transfer their save our homes benefit to a new homestead within 2 years of sale, either if upsizing or downsizing.
There is a recent tangible property tax exemption of $25,000
The largest employer in nearby Panama City is the public school system, followed by health care, with two large hospitals.
The all-new Northwest Florida Beaches International Airport is scheduled to open in May of 2010. This is America's first new airport since 9/11. It will replace the present airport near downtown Panama City, which was built in 1934. Southwest Airlines will be offering service to four cities initially.
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