'A way we can help': Panama City approves property tax exemption for qualified seniors

Editor's note: This story has been revised to correct the home value element in the fifth paragraph.

PANAMA CITY − City commissioners last week approved a homestead exemption that waives the city's property taxes for qualified seniors.

According to Commissioner Josh Street, officials had to approve the exemption by Dec. 1 so it would go into effect during the 2024 tax year. He said it's important to help local seniors comfortably "live out the golden years of their lives."

"This new exemption (targets) low-income seniors, who are a lot of the people struggling the most to remain in their homes, not only because of taxes, but because of increases to costs of power, utilities and groceries," he said. "Taxes are just one part of the family budget, and so we're just trying to find a way we can help those who need it the most."

Street said it's the responsibility of local governments to approve the exemption, which was created by the state legislature approximately a decade ago. Lynn Haven and Bay County also offer the same tax break.

In order to take advantage of the exemption, residents must meet a handful of qualifications, including being at least 65 years old, having a home worth less than $250,000 and living in the property for at least 25 years.

"It's very targeted to low-income seniors who are trying to live out the golden years of their lives in a home that they purchased and most likely raised their family in," Street said.

It should be noted the exemption only applies to the city's property tax. Qualified residents still will be responsible for paying other city assessments, including those for fire protection and stormwater.

While the exemption will reduce the amount of property taxes collected by Panama City, Street said he does not believe the cut will be significant enough to negatively impact the city's budget.

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Those interested in the exemption should contact the Bay County Property Appraiser at 850-248-8401. They must apply by March 1 to receive the break during the 2024 tax year.

"It goes right in line with what the commission has communicated unified support toward and that's reducing the tax burden in the city of Panama City," Street said. "It's very difficult to come in and do a fell swoop approach and just cut 50% off the top, or whatever that is.

"We're taking very targeted actions."

This article originally appeared on The News Herald: Panama City eliminates city property tax for seniors who qualify