Exploring Panama City and its Tax Regulations
Exploring Panama City and its Tax Regulations
Most people know Panama City, Florida as the spring break destination for thousands of college kids each spring. But it's much more than that and lots of Americans are making the permanent move to this vibrant coastal city. If you are one of those people considering this move, here is a bit of tax information for the area.
Florida residents are fortunate in that there is no state income tax. The state takes in enough money from tourists to offset the revenue needed from residents. Sales tax is currently 6% and gasoline is taxed at a rate of $.126 per gallon.
Any personal assets deemed taxable are taxed at $1 per thousand dollars of value or .1%.
Both Florida's estate tax and death tax credit are allowed on federal income tax returns. If you're not sure what that means, check with your financial advisor.
Specifically, Panama City taxes property at $10.06 per $1000 of property value or 1.006%.
The current trend in home values is one of decline. The average home was built in the 1980s and is 17 years old. The city has a vacancy rate of about 60%, making it quite easy to find a good deal.
If condos are more your thing, PC has many his rise buildings both on and off of the water.
Flood insurance is a must have in this area. It is almost always required when taking out a mortgage.
The state of Florida offers some property exemptions. Among the most notable are:
Homestead exemption$50,000. If you are over 65 and meet certain requirements, you can qualify for a further $50,000 exemption.
Widows and the blind or disabled are given $500 credit.
Disabled vets get a $5000 credit
If you are totally and permanently disabled, you are fully exempt from property tax.
There is also a "tangible property" benefit of $25000 that was recently established.
Other than tourism, the two largest employers in the city are health care and the public school system. The city is also set to open the US's first new airport since 9/11. This facility will replace the current facility and is expected to create several jobs. Southwest Airlines will be the first to offer service.
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