Posted in Politics

Panama City makes tax cut

   July 25, 2007

money

On Tuesday Panama City voted to drop its property tax rates from 4.1722 mills to 3.761 for fiscal year 2007-08, which begins Oct. 1. Panama City has a $66 million annual budget. The $8.6 million from property taxes represents about 27 percent of the city’s general fund revenue.

For this current year, the City of Pensacola’s general fund budget is $57 million – 28.3% of the city’s general fund revenue. The property tax rate is 4.95 mils. City Manager Tom Bonfield the city will need to cut $1,137,800.

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