July tourism numbers are up 50.84% over July 2010. The bed tax revenue numbers just came in and they confirm what we all knew already. This summer was the busiest tourism summer Panama City Beach has ever seen.
True, the 50% compares to last year, a tourism season that was dramatically down due to the Deepwater Horizon Oil Spill that devastated local businesses. But, when comparing July of 2011’s numbers to July of 2009 – we’re still an astounding 29% up!
The numbers
These numbers are derived from actual bed tax collections. Each transient short-term rental is required to register with the local bed taxing authority and pay a 5% tax on all accommodations. The 1st, 2nd and 4th are proportioned for promotion of the beach (it funds the TDC). The 3rd is only for beach renourishment and the 5th was directly tied to bringing a low-cost carrier to Panama City Beach and expires April 2014.
July 2009 – 2,302,863.86
July 2010 – 1,967,020.33
July 2011 – 2,966,961.49
July accommodations
This past July, many beach accommodations reported a completely sold out inventory. Many calls up and down the beach netted no vacancies. Many speculate that this summer’s growth was indicative of a large pent-up demand for our area that stemmed from last year’s environmental disaster. Other’s state that we’re just making up for lost ground. Either way, we’re still expecting to see growth next year, but more along the lines of a normal 10 to 15% growth in bed tax collections.
PCBDaily 
Jason, are these the percentages taken for just July or are they taken for each month of the year? If this is just for July of this year, this is amazing!
I’m not quite sure how to read the “numbers” part, is this the money collected from (bed tax) or is it the number of visitors for PCB in these years?
Either way…. as you say this is wonderful news! 🙂
Thanks,
Cathy/Tennessee
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Yes. All short term vacation rental managers and those that have short term rentals are to pay a tourist tax – that is the 5% tax described above.
The 5% is from the gross rental rate. It’s calculated the same as sales tax.
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Do these numbers back out the 25% tax rate increase from 2009?
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When you say the “25% tax rate increase from 2009”, are you referring to the passing of the 4th and 5th cent bed tax increase that occured first quarter of 2009?
If so, then no, it doesn’t back that out because the 4th and 5th cent was being collected in July of 2009. I don’t remember for sure, but they began collecting that tax either March or April 1 2009.
https://pcbdaily.com/bay-county-commission-passes-5th-cent
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If renters see only 5% tax in this story they may think they are getting ripped off when they are charged 12.62% and not 5%, per night. Please see below for the total tax we owner’s pay.
Here’s the real tax rate us owner’s pay..
“Bay County imposed a new 0.5% sales surtax on 1/1/11. Therefore, effective 1/1/11, the total tax rate you should charge your renters is 12.62% for all rentals less than or equal to six consecutive months. This rate is comprised of the following taxes:”
Florida Sales Tax 6.00%
Bay County Sales Surtax 0.50%
Bay County Tourist Development Tax 5.00%
*Panama City Beach License Fee 1.12%
TOTAL 12.62%
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Larry what is the 1.12% Beach License Fee for?
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*The Panama City Beach License Fee is technically not a tax, and therefore, is subject to the FL and Bay County Sales Taxes and the Bay County Tourist Development Tax. Because of this, the tax rate provided above differs from the tax rate published by Panama City Beach. Its the effective tax rate that compensates for taxability of the PCB license fee.
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I’m still confused?? Just what is this “license Fee”? Does it have a specfic purpose or does it just go into the “tax pot”?
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