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.