Want to know how to save $$$$$$ on your next home in Panama City Florida, Read on!

By
Real Estate Agent with The Payne Group at Keller Williams Success Realty

Looking for the most bang for your buck?  Want the most home for the money?  We have a way that you can buy more home for the money.   It is quite simple.....  choose your neighborhood wisely.  Let me explain.   Recently the City of Cedar Grove Florida dissolved, leaving the city with Bay County.  On the surface, not much has changed but if you are like I am, you will look further to see the monthly savings from living in the county over living in incorporated Panama City or Lynn Haven.

Here is how it works..... First let's assume that the home price in Bay County is $275,000 and the assessed value after the homestead exemption $197,500. $200 per month utilities

By living in Bay County, the millage rate, (the way your taxes are calculated) is lower than living in the "city".   Also, there are no longer city franchise fees on your utilities and telecommunications.  These fees can be up to 20% of your utility or phone bill!

The chart below shows the difference.......
Municipality                    Millage Rate                 Yearly taxes        Monthly taxes  Utility and Tele taxes

Bay County                       10.615                          $2095.17       $174.63               $0
Panama City                     15.1105                         $2984.32       $248.70               $36.44
Lynn Haven                       13.6992                        $2705.60       $225.47               $42.44
Callaway                           12.8605                        $2539.95        $211.67               $42.44

As you can see, living in Bay County can up to $95.00 over living in Lynn Haven Florida, $110.00 over living in Panama City.  With interest rates the way they are today at around 5%, you would pay the same for a lesser home in Panama City since you are paying extra fees in Panama City.   A $275,000 home in Bay County is the same as a home in Panama City for $253,000.

We have two great neighborhoods in Bay County, Cherokee Heights and Bylsma Manor Estates with a great selection of homes.  Visit our website at www.knowpayneknowgain.com to see what we have for sale.

 

Posted by

Jeff Payne, Broker Associate
The Payne Group at Keller Williams Success Realty
www.KnowPayneKnowGain.com
850-392-1770 Office
850-890-0132 Cell

 

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