City

Panama

$2,750 a yearproperty tax on a $200,000 home here, FY27, for every local government ($32.62 per $1,000 of taxable value)¹

$830 a yearof that goes to the city ($9.85 per $1,000)

$101,462property taxes the city levies, FY27

$319,853city budget, FY27, without city-run utilities (not yet reported)²

Who runs it

The city council passes ordinances, adopts the budget and sets the city’s property tax.

Cindy SchweryPanama City Council At-Large · elected November 4, 2025
Larry KeanePanama Mayor · elected November 4, 2025
Marty SchweryPanama City Council At-Large · elected November 4, 2025
Matt SchmitzPanama City Council At-Large · elected November 4, 2025
Kathleen Ann SchaferPanama City Council At-Large · elected November 7, 2023
Linda CogdillPanama City Council At-Large · elected November 7, 2023

Officials are worked out from election results: every member whose four-year term is still running, plus appointments and titles Iowa Funnel has been told about. A resignation may not show yet.

Meetings and agendas

What the council is deciding: each agenda, the resolutions and ordinances on it, and a plain-language summary.

Iowa Funnel doesn’t read this city’s agendas yet. Every council and board posts its agenda at least 24 hours before it meets.

Property taxes

How the bill is collected · What each levy is for

Who gets a property owner’s tax bill in Panama

Homes and businesses in most of Panama pay a combined $32.62 per $1,000 of taxable value (FY27). They pay it all to the Shelby County treasurer, who passes each government its share; the city sets and gets only its own piece, $9.85. Estimate your bill.

Harlan schools$13.4341%
City of Panama$9.8530%
Shelby County$6.3119%
Iowa Western Community College$1.475%
Shelby County Myrtue Memorial Hosp$1.033%
Shelby County Assessor$0.30<1%
Shelby County Extension (ISU Extension and Outreach)$0.23<1%

Rates over time

Per $1,000 of taxable value: the typical combined rate people in Panama pay, and the city government’s own piece of it.

Year	Combined	City’s own
FY20	$27.95	$8.10
FY21	$28.43	$8.10
FY22	$28.51	$8.10
FY23	$27.74	$8.10
FY24	$29.85	$8.10
FY25	$32.65	$9.66
FY26	$33.57	$10.29
FY27	$32.62	$9.85

Show the numbers

Year	Combined	City’s own
FY20	$27.95	$8.10
FY21	$28.43	$8.10
FY22	$28.51	$8.10
FY23	$27.74	$8.10
FY24	$29.85	$8.10
FY25	$32.65	$9.66
FY26	$33.57	$10.29
FY27	$32.62	$9.85

Compared with places this size³

Panama’s city property tax rate of $9.85 per $1,000 is the 55th lowest of 199 Iowa cities with 160–350 people. The middle of the group is $11.72.

See all 199

#	Place	Rate per $1,000	People
1	Fenton	$22.05	250
2	Soldier	$21.92	176
3	Coulter	$21.80	220
4	Chelsea	$21.61	207
5	Elliott	$21.61	328
6	Smithland	$21.12	184
7	Volga	$20.23	200
8	Alta Vista	$19.88	219
9	Arthur	$19.86	218
10	Coin	$19.59	171
11	Garden Grove	$19.20	173
12	Fort Atkinson	$19.19	300
13	Hastings	$18.95	157
14	Cumberland	$18.42	248
15	Jamaica	$18.24	196
16	Hillsboro	$17.68	158
17	Ringsted	$17.65	346
18	Pierson	$17.12	335
19	Pisgah	$17.09	248
20	Lakota	$16.84	261
21	Marble Rock	$16.78	258
22	Auburn	$16.65	253
23	Prescott	$16.53	186
24	Irwin	$16.46	320
25	Montour	$16.37	199
26	Corwith	$16.22	259
27	Deep River	$16.18	243
28	Waucoma	$16.17	235
29	Granville	$16.00	302
30	Minburn	$15.75	317
31	Little Sioux	$15.74	170
32	Moorhead	$15.68	186
33	Onslow	$15.63	198
34	Linden	$15.62	206
35	Kamrar	$15.47	178
36	Peterson	$15.27	321
37	Greeley	$15.23	216
38	Riverton	$14.94	243
39	Marathon	$14.89	221
40	Ryan	$14.84	348
41	Ladora	$14.74	223
42	Magnolia	$14.68	194
43	Bagley	$14.63	230
44	Davis City	$14.45	178
45	Lucas	$14.40	176
46	Garrison	$14.38	345
47	Halbur	$14.37	268
48	Crystal Lake	$14.36	243
49	Kimballton	$14.27	281
50	Steamboat Rock	$14.19	261
51	Westgate	$14.05	190
52	Mystic	$14.01	318
53	Diagonal	$13.91	331
54	Mondamin	$13.82	335
55	Fertile	$13.70	300
56	Stockport	$13.68	272
57	Kellerton	$13.60	241
58	Quimby	$13.58	245
59	Meservey	$13.43	212
60	Persia	$13.41	292
61	Lacona	$13.38	336
62	Leland	$13.31	240
63	Ute	$13.26	326
64	Harcourt	$13.21	257
65	Bennett	$13.16	330
66	Ridgeway	$13.10	261
67	Farmersburg	$13.09	264
68	Portsmouth	$13.05	187
69	Clutier	$13.03	209
70	Menlo	$12.92	347
71	Templeton	$12.91	337
72	Silver City	$12.87	244
73	Patterson	$12.84	176
74	Martelle	$12.83	250
75	Malcom	$12.82	257
76	Blencoe	$12.57	223
77	Williams	$12.57	299
78	Maurice	$12.56	271
79	Clearfield	$12.50	277
80	Kensett	$12.47	256
81	Mccausland	$12.45	314
82	Aurora	$12.40	165
83	Modale	$12.34	284
84	Mingo	$12.31	314
85	Brandon	$12.29	331
86	Blakesburg	$12.21	273
87	Cushing	$12.18	225
88	Hanlontown	$12.17	200
89	Stout	$12.14	194
90	Macedonia	$12.12	266
91	Paton	$12.09	217
92	Decatur	$12.08	174
93	Kiron	$12.03	262
94	Rembrandt	$12.03	199
95	Shambaugh	$11.98	161
96	Liscomb	$11.96	292
97	New Providence	$11.88	233
98	Parnell	$11.78	190
99	Reasnor	$11.76	157
100	Joice	$11.72	206
101	Atalissa	$11.71	287
102	Cantril	$11.69	224
103	Kelley	$11.69	312
104	Wadena	$11.65	201
105	Exline	$11.60	157
106	Cincinnati	$11.57	280
107	Delta	$11.52	257
108	Terril	$11.48	310
109	Westside	$11.45	283
110	College Springs	$11.44	172
111	Holland	$11.37	261
112	Mallard	$11.28	255
113	Renwick	$11.16	228
114	Dundee	$11.14	193
115	Randolph	$11.08	183
116	Rake	$11.05	179
117	Frederika	$10.99	206
118	Alexander	$10.90	165
119	Goose Lake	$10.89	250
120	Yale	$10.85	265
121	Lambs Grove	$10.78	174
122	Hornick	$10.74	255
123	Woden	$10.68	183
124	Bode	$10.64	304
125	Cleghorn	$10.49	235
126	Calamus	$10.47	348
127	Danbury	$10.43	315
128	Lytton	$10.38	274
129	Stockton	$10.37	171
130	Rhodes	$10.36	269
131	Randall	$10.35	156
132	Dedham	$10.28	221
133	Deloit	$10.28	246
134	Protivin	$10.28	264
135	Meriden	$10.28	175
136	Drakesville	$10.24	170
137	Bronson	$10.14	294
138	Hancock	$10.13	199
139	Rudd	$10.13	339
140	La Motte	$10.09	235
141	Melvin	$10.05	196
142	Defiance	$10.05	248
143	Floyd	$10.02	297
144	Barnum	$9.96	186
145	Panama	$9.85	234
146	Grafton	$9.83	212
147	Ionia	$9.65	220
148	Salix	$9.63	303
149	Van Wert	$9.62	175
150	Kirkville	$9.59	159
151	Luxemburg	$9.58	240
152	Rippey	$9.42	217
153	Elberon	$9.16	178
154	Dixon	$9.03	204
155	Lester	$8.94	309
156	Blairsburg	$8.93	175
157	Prairieburg	$8.91	156
158	Oakville	$8.89	198
159	Harvey	$8.71	242
160	Washta	$8.65	206
161	Moorland	$8.61	169
162	Ollie	$8.44	196
163	Thor	$8.38	182
164	Rowley	$8.31	264
165	South English	$8.27	196
166	Thurman	$8.26	162
167	Boxholm	$8.11	177
168	Fostoria	$8.10	229
169	Low Moor	$8.10	242
170	Bertram	$8.10	267
171	Nichols	$8.10	317
172	Laurel	$8.10	214
173	Lineville	$8.10	194
174	Luana	$7.98	303
175	Lockridge	$7.92	245
176	Mount Auburn	$7.86	162
177	Haverhill	$7.86	164
178	Grand River	$7.86	192
179	Olds	$7.86	174
180	Rose Hill	$7.86	156
181	Lidderdale	$7.68	162
182	Pulaski	$7.58	259
183	Sheldahl	$7.56	312
184	Fredonia	$7.55	227
185	Harpers Ferry	$7.49	273
186	Alvord	$7.41	216
187	Donahue	$6.83	336
188	Packwood	$6.77	186
189	Libertyville	$6.60	278
190	Keswick	$6.49	238
191	Crawfordsville	$6.44	278
192	Holy Cross	$5.91	348
193	Oakland Acres	$5.88	178
194	Conesville	$5.86	350
195	Maharishi Vedic City	$3.87	290
196	Wahpeton	$3.19	337
197	West Okoboji	$2.92	311
198	Sherrill	$2.66	176
199	Rickardsville	$2.27	204

The $8.10 limit

Panama’s general levy is $7.86 per $1,000 of taxable value in FY27, $0.24 below the limit.⁴ 606 of 934 Iowa cities have a higher general levy. All cities.

$8.10

FY23 $8.10 · FY24 $8.10 · FY25 $7.86 · FY26 $8.10 · FY27 $7.86 (before FY25, the general levy alone)

Outside the limit: $1.98 more⁵

Debt Service Levy$1.98 · $24,770

Tax increment financing (TIF)

$2.8M of taxable value in Panama is in TIF districts’ increment (22% of the city’s taxable value), 2025 valuations, taxed in FY27.⁶

The city’s levies, FY27

What the city raises from each levy. The general levy is capped by state law; the others are set aside for one purpose.

Consolidate General Fund$76,34276%
Debt Service Levy$24,77024%

Budget and spending

Reading a local budget

Where each dollar of Panama’s budget goes, FY26

Planned spending from all funds, including city-run utilities like water and sewer (“business type”), which some cities run and others don’t. Transfers between funds are left out. “Cities this size” is the average for the 197 Iowa cities closest in size (160–350 people).

Where it goes	Of each dollar	Cities this size (197)
Public Works	30¢	21¢
Business Type / Enterprise	29¢	35¢
Community and Economic Development	19¢	2¢
General Government	10¢	20¢
Debt Service	6¢	3¢
Everything else	5¢	17¢

Planned spending, FY27

All funds: property taxes, utility and other fees, state and federal money. “Business type” is city-run utilities and enterprises like water or sewer.

Public Works$108,38634%
Capital Projects$78,60025%
Culture and Recreation$50,69216%
General Government$33,30010%
Debt Service$25,0008%
Public Safety$21,3757%
Community and Economic Development$2,5001%

The state’s FY27 file doesn’t include business type / enterprise yet ($120,797 in FY26), so this total is low.

Budget compared with what it spent, FY23

Function	Budget	Spent
Public Works	$212,500	$59,256
Public Safety	$22,400	$21,393
Health and Social Services	$0	$0
General Government	$29,100	$46,132
Debt Service	$0	$0
Culture and Recreation	$8,600	$7,620
Community and Economic Development	$10,000	$21,633
Capital Projects	$0	$0
Business Type / Enterprise	$116,862	$110,917

What it spent each year

FY24 left out⁷

$1.3M

State money

What the State of Iowa pays the city each year, and whether it has kept up with prices. Does state money keep pace? ⁸

What the state pays the city every year

Road Use Tax for streets, the commercial and industrial tax “backfill”, and ambulance reimbursement, paid every year by formula: $38,726 in FY25, up 36% since FY19 while prices rose 25%, so it buys 8% more. Grants are below.

Show the numbers

Source	FY22	FY23	FY24	FY25
Road Use Tax (streets)	$32,136	$32,339	$33,194	$33,375
Commercial and industrial tax replacement (“backfill”)	–	–	$5,276	$5,351

Grants and project money

State grants and money for specific projects (roads, development, natural resources) vary with what the city applies for and wins, so they aren’t counted as the state’s regular support.

$7,024

$810

Rollback$810100%

Year	Grants and projects
FY19	$2,152
FY20	$2,089
FY21	$2,073
FY22	$7,024
FY23	$1,619
FY24	$1,215
FY25	$810

Show the numbers

Year	Grants and projects
FY19	$2,152
FY20	$2,089
FY21	$2,073
FY22	$7,024
FY23	$1,619
FY24	$1,215
FY25	$810

Has it kept up with prices?

Each source from FY19 to FY25, after inflation.

Road Use Tax (streets)−7%$28,550 → $33,375, up 17% since FY19 while prices rose 25%, so it buys 7% less

Collected by the state for the city

The local option sales tax is a city tax voters approved; the state collects it with the state sales tax and sends it back. It isn’t state aid. It’s up 56% since FY19 while prices rose 25%, so it buys 24% more.

$30,439

Federal grants, for comparison: $2,162 in FY21.

Elections

Most recent: November 4, 2025

City · 2

Panama City Council At-Large

3 seats: the top 3 win.

Cindy Schwery Winner2546.3%
Matt Schmitz Winner1935.2%
Marty Schwery Winner1018.5%

Panama Mayor

Larry Keane Unopposed22100.0%

Local races from civicAPI and county auditors for Panama; official results are on each county auditor’s site.

Related places

At the Statehouse and in Congress⁹

Jason Schultz (Sen. 6)Steven C. Holt (Rep. 12)

U.S. House:District 4

Shelby County Harlan schools

Notes

For a $200,000 home with the homestead credit, at the combined rate in most of the city. Some parts of the city pay a different rate (special districts, tax increment financing districts). ↩
Cities adopt their budgets each spring for the year starting July 1. ↩
FY27 rates from the Department of Management. A higher rate isn’t always a bigger bill: it depends on how much property there is to tax. Sizes: Census Bureau 2024 estimates. ↩
Iowa Code section 384.1, as changed by House File 718 (2023). Until FY25 a city’s regular general levy was capped at $8.10 by itself, and a city at the cap could add an emergency levy of up to $0.27. From FY25 the general levy and several smaller levies were combined into one “consolidated” general levy with an $8.10 limit; a city whose combined rate was above $8.10 lowers it in steps, in years its taxable value grows by more than the law allows, until it reaches $8.10. So years before FY25 aren’t directly comparable with later ones. ↩
Levies outside the limit are each set aside for one purpose and have their own rules: debt service pays back bonds voters or the council approved, employee benefits cover pensions and insurance, and some (transit, an airport, insurance costs) have their own caps in state law. ↩
Tax increment financing: when a city sets up a TIF district, the taxable value there is frozen at a “base”. Taxes on the base go to every government as usual; taxes on the growth in value since (the “increment”) go to the city’s TIF fund to pay for the project, such as roads, utilities or a developer rebate, until the district ends. From the state’s valuation file (Iowa Data Hub), valuation year 2025. ↩
The state’s FY24 spending file repeats the year before for nearly every Iowa city, so that year isn’t shown. ↩
From the city’s annual financial reports to the state (Iowa Data Hub, city actual revenues). “Today’s dollars” adjusts each year by the consumer price index for the Midwest, so a flat line in today’s dollars means the money buys the same as before. ↩
Legislative and congressional districts that cover Panama; percentages are rough shares of its area. These lawmakers write the state laws and budget Panama works within. ↩

Sources: City budgets and levies from the Department of Management; tax rates from the Iowa Data Hub; state payments from the Department of Revenue; prices from the consumer price index; legislative districts from Census Bureau maps.

Panama

Who runs it

Meetings and agendas

Property taxes

Who gets a property owner’s tax bill in Panama

Rates over time

Compared with places this size3

The $8.10 limit

Outside the limit: $1.98 more5

Tax increment financing (TIF)

The city’s levies, FY27

Budget and spending

Where each dollar of Panama’s budget goes, FY26

Planned spending, FY27

What it spent each year

State money

What the state pays the city every year

Grants and project money

Has it kept up with prices?

Collected by the state for the city

Elections

Most recent: November 4, 2025

Related places

At the Statehouse and in Congress9

Compared with places this size³

Outside the limit: $1.98 more⁵

At the Statehouse and in Congress⁹