Broad Key, Florida Property Taxes
The median property tax rate in Broad Key, FL is 0.70%, significantly lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Broad Key at $2,705,387, the typical annual property tax bill reaches $18,867, which still exceeds the national median of $2,690. Property taxes in Broad Key are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Broad Key's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Broad Key or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Broad Key, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$18,938
$17,905
Ownwell’s BROAD KEY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BROAD KEY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BROAD KEY to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Broad Key, Florida
Property taxes in Broad Key, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Broad Key is 0.70%, which is lower than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Broad Key set these rates annually, and they can vary significantly across different neighborhoods. Each year, Broad Key estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Broad Key's effective property tax rate to other counties in Florida and the national median. For comparison, the highest median property tax rate in the region is 1.20%, while the lowest median tax rate is 0.50%. Understanding how these cities compare with Broad Key provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Broad Key Tax Rate
0.70%
Average Monroe County Tax Rate
0.65%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Broad Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Broad Key, Florida
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Broad Key, Florida. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Monroe County Property Appraiser for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Broad Key, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For instance, the median home price in Broad Key stands at $2,705,387, with tax bills at the 25th, 75th, and 90th percentiles all being $18,867. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Awareness of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Broad Key Assessed Value
$2,705,387
Average Monroe County Assessed Value
$759,247
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Broad Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Broad Key, Florida
In Broad Key, located in Monroe County, FL, property tax bills are calculated based on the assessed value of the property. The local tax assessor determines this assessed value, which is a percentage of the property's market value. The assessed value is then multiplied by the local tax rate to calculate the total tax bill. For homeowners in Broad Key, the median home price is $2,705,387. Given the tax rate, homeowners can expect a tax bill around $18,867, which is consistent across the 25th, 75th, and 90th percentiles. Several factors influence the assessed value, including the property's location, size, age, and condition. Additionally, any improvements or renovations can affect the assessed value, potentially increasing the tax bill. Compared to the national median property tax rate of 0.99%, the tax rate in Broad Key results in significantly higher tax bills due to the high property values. This can have a substantial impact on homeowners, influencing their overall cost of living and financial planning.
Average Broad Key Tax Bill
$18,867
Average Monroe County Tax Bill
$4,638
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Broad Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 13 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| Monroe Property Appraiser | |
| Website | qpublic.schneidercorp.com |