Duck Key, Florida Property Taxes
The median property tax rate in Duck Key, FL is 0.91%, which is lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Duck Key at $833,525, the typical annual property tax bill reaches $7,549, significantly higher than the national median of $2,690. Property taxes in Duck Key are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Duck 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 Duck Key or another part of Monroe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Duck Key, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$7,585
$7,172
Ownwell’s Duck Key Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Duck Key with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Duck 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 Duck Key, Florida
Property taxes in Duck Key, Florida, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Duck Key is 0.91%, which is lower than the U.S. national median of 0.99%. Local government entities within Duck Key set these rates annually, and they can vary significantly across different neighborhoods. Each year, Duck 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 Duck Key's effective property tax rate to other counties in Florida and the national median. For comparison, the zip code 33050 has both the highest and lowest median property tax rate of 0.91%. Understanding how these cities compare with Duck 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 Duck Key Tax Rate
0.91%
Average Monroe County Tax Rate
0.65%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Duck Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33050 | 0.90% | 0.90% | 0.91% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Duck Key, Florida
In Duck Key, Florida, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 Duck 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the median home price in Duck Key is $833,525, with the 25th percentile tax bill at $7,341 and the 75th percentile at $7,757. Being aware of these valuation processes in Duck Key helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Duck Key Assessed Value
$833,525
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 Duck Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33050 | $792,851 | $808,104 | $833,525 | $858,946 | $874,199 |
Source: Ownwell
Property Tax Bills Across Duck Key, Florida
In Duck Key, property tax bills are calculated based on the assessed value of a property, which is determined by the Monroe County property appraiser. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions are taken into account during the assessment process. For instance, the median home price in Duck Key is $833,525, significantly higher than the national median. Homeowners in Duck Key can expect tax bills that fall within a range, with the 25th percentile at $7,341 and the 75th percentile at $7,757. The highest median tax bill in the area is $7,549, found in the 33050 zip code. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the community's quality of life. Given that the national median property tax rate is 0.99%, Duck Key's property tax rates reflect its higher property values, influencing the overall cost of homeownership in the area.
Average Duck Key Tax Bill
$7,549
Average Monroe County Tax Bill
$4,638
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Duck Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33050 | $7,217 | $7,341 | $7,549 | $7,757 | $7,882 |
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 |