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Local millage rates explained

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BAY COUNTY, Fla. (WMBB) – As homeowners are acutely aware, it is property tax season among the local taxing authorities.

That means, the school system, the county and every local city is trying to determine if they will raise taxes. During a normal year, taxes usually stay the same or are sometimes even decrease in The Panhandle.

However, this is not a normal year. Hurricane Michael caused billions in damages to local property which sent lifelong residents and members of the military out of the area.

Given these realities, local government agencies either have to cut spending or raise taxes.

The Bay County Property Appraisers Office includes a tax estimator on their website.

Currently, a Panama City resident has to pay taxes to the city, Bay County, Bay District Schools, Bay County Mosquito Control and the Northwest Florida Water Management District. This resident currently pays 4.35 mills to the city, 4.4362 to the county, 6.122 to the school district, 0.2 to mosquito control and 0.0338 to the water management district.

For someone with a home valued at $100,000 that translates to $435 to the city, $443.62 to the county, $612.20 to the school district, $20 to mosquito control, and $3.38 to the water management district for a total of $1,514.20.

One mill equals about $100 per $100,000 in value, with the current value at 4.35 mills. So if the city raises its millage rate by 1 mill (to 5.35 mills) the city resident with a $100,000 home will go from paying $435 to paying $535 next year.

For a $200,000 home a Panama City resident currently pays the city $870. If the millage raise is raised by one mill they will pay $1,070 next year.

Home ValueCurrent City Rate of 4.35 millsRate increase to 5.35 mills
$100,000$435$535
$200,000$870$1,070
$300,000$1,305$1,605
$400,000$1,740$2,140
$500,000$2,175$2,675

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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