The services of a Bay County Property Appraiser are required when there is a property-related valuation done on personal or commercial real property. Real estate is subdivided into four classifications: residential, commercial, industrial, and agricultural. The bay county property appraiser then is responsible for fairly evaluating, identifying, and quite often finding, determining the value of all personal and business property within Bay County for tax consideration. This is also one of the many duties that are performed by the members of the county's Economic Development and Finance Planning (EDFP) committee.

 

The role of the bay county property appraiser primarily falls on the shoulders of the heads of taxation, insurance, licensing, and law enforcement. Appraisers work for the taxing authority in every particular area of the county where they live. These are also the folks who will be making final determinations on anything from property assessments to boat and jet launches. The heads of the various taxing authorities have final authority over the manner in which property assessments are made. In many cases, these are the folks whose decisions are being questioned when property values go up, down, or stay the same.

 

The head of the Panama City branch of the Florida Department of Revenue (FDOT) is responsible for overseeing all property assessments in the state. He or she is also the county's Economic Development Director. If a homestead exemption is being sought by one of the homesteaded owners with an annual adjusted basis in Florida, the head of the homestead office can give the go-ahead to the applicant.

What is the Property Tax Rate for a Bay County Property?

 

While it may seem that the bay county property appraiser must put together a "comparison" between the actual market value of the property and the homestead limit, he or she is not legally required to do so. That job is left to a separate, independent office that is funded by taxes collected from homes and businesses throughout the state. Appraisals of value are based on what is actually being sold in the marketplace. The chairperson of this board is typically an insurance agent who has had experience in commercial property valuation.

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There are two major reasons for the presence of a second office. First, the home or business owners may wish to qualify for a homestead exemption that would relieve them of paying property taxes on their residence in Florida if the residence were located outside of the county. Second, the Panhandle is a very large area. An independent office can make special assessments to reflect the unique concerns involved with each parcel of real estate within the Panhandle.

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One method that the bay county property appraiser uses to determine the market value of property is referred to as "trim notice". Essentially, the appraiser does not offer a full appraisal of the property; rather, he or she determines a "trim" (also called a "list price") that represents the most affordable value of the property based on current market data for comparable homes in the same area. Appraisals based on "trim notice" do not include any allowance for depreciation; however, they do allow for a home or business owner to market the house for sale with the ability to set a reasonable selling price.

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The second method of valuation used by the appraiser in Bay county is known as "appraisal based on list price". In this case, the appraisal is done based on list price for similar homes within the same area that have been recently sold. Because this method does not take into consideration any depreciation, it is actually a better method for setting the personal property tax rate than the traditional method of county property tax valuation. This also allows home and business owners to more accurately determine how much they will ultimately be able to raise their property taxes by.

 

One of the major arguments made by opponents of raising the property tax is the argument that it is unfair and unjustifiable because of the unfairness of paying two different rates for the same property. One of the main reasons that this is considered unfair and unjustifiable is based upon the fact that in some cases, homeowners actually paid more for their homes based upon homestead exemption amounts based upon list price. Basically, the homestead exemption is basically a cap placed on the amount of money that a homeowner can borrow for residential purposes. The problem is that often times it has been found that the cap is so high that it actually ends up costing homeowners more in the long run. For example, a California homestead exemption of ten thousand dollars for one hundred and fifty thousand dollars worth of residential real property could end up costing the resident nearly thirty-five percent of his or her yearly property taxes.

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