Panama City tax cuts for seniors: City approves farm exemption

Some seniors in Panama City, Florida, could benefit from an additional tax break after city commissioners approved a property tax exemption. Panama City tax relief for seniors allows eligible seniors to save on property taxes. This tax break is available to homeowners age 65 and older.

Panama City Tax Relief for Seniors: Who Eligible?

Last week, Panama City commissioners unanimously approved a homestead exemption for seniors. The purpose of the relief is to reduce the burden on low-income seniors. As property values ​​in this city continue to increase, this tax relief is desperately needed.

Bay County and Lynn Haven approved similar waivers several years ago. Panama City Tax Relief for Seniors is for residents 65 years of age or older and those who own homes valued at $250,000 or less by the county property appraiser.

Additionally, the occupant must have lived in the property for which relief is being claimed for at least 25 years. Additionally, seniors must fall into a certain income bracket to receive relief.

The exemption applies only to city property taxes. This means that eligible residents are responsible for paying city assessed costs such as fire protection and stormwater. Those who qualify for relief will receive a 100% exemption from property taxes, but the exemption does not apply to school taxes.

Although the exemption will reduce the city’s property tax revenue, officials believe it will not have a significant impact on the city’s budget.

Residents can apply for Panama City Tax Relief for Seniors through the Assessor’s Office. The tax relief takes effect in tax year 2024. The application deadline is March 1.

Get more information about Panama City tax relief for seniors by visiting the Panama City website or calling 850-248-8401.

Other Tax Relief for Seniors

Several cities and counties have recently approved similar tax breaks for seniors. For example, Indiana’s St. Joseph County Council last month approved a tax credit for homeowners 55 and older.

Additionally, lawmakers abolished the income limit. Initially, the tax credit was offered to individual homeowners with incomes of $75,000 or less ($150,000 or less for married couples).

Homeowners can claim the credit next year, which will affect their 2025 bills. This tax credit limits property tax bill increases to no more than 2%. For example, if a resident’s bill last year was $2,500, the most the bill can increase is $50.

Likewise, St. Louis is considering a plan to give senior homeowners some property tax relief. Lawmakers are considering a plan that would allow seniors to freeze the city’s share of property taxes at about 20 percent of the total. If approved, the program will begin implementation in 2024.