Panama City Beach bed-tax collections increase for third straight month in fiscal year
PANAMA CITY BEACH — Bed taxes collected when people stay in hotels and short-term rentals increased for the month of December, the third straight month this fiscal year there was an increase over last year.
The Bay County Tourist Development Council announced a 3.63 percent increase in tourism development tax collections for Panama City Beach during the month of December over the same month in 2014. Panama City Beach tourist development tax collections are up 11.9 percent for the fiscal year, which began in October.
“Our continued success shows Panama City Beach is increasingly embraced as a year round vacation destination,” shares Visit Panama City Beach President and CEO Dan Rowe in a prepared statement. “With great events throughout every season, including the inaugural Beach Home for the Holidays and annual New Year’s Eve Beach Ball Drop in the winter, visitors will never have trouble finding fun in Panama City Beach.”
The Tourist Development Tax is a 5-percent bed tax that is collected from a special taxing jurisdiction within Bay County and is considered the most accurate gauge to estimate destination visitation numbers.
Tax funds the marketing and promotional activities performed by the Panama City Beach Convention & Visitors Bureau. It is also used for beach cleaning and grooming, product improvement and beach renourishment.
