Marco Island, Florida Property Taxes
The median property tax rate in Marco Island, FL is 0.88%, which is lower than both the national median of 0.99% and the Florida state median of 1.14%. With a median home value of $681,051, the typical annual property tax bill in Marco Island reaches $5,308, significantly surpassing the national median of $2,690. Property taxes in Marco Island are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Marco Island'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 Marco Island 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
Marco Island, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$5,993
$5,672
Ownwell’s Marco Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marco Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marco Island 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 Marco Island, Florida
Property taxes in Marco Island, Florida, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Marco Island is 0.88%, which is below the U.S. national median of 0.99%. Local government entities within Marco Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marco Island 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 Marco Island's effective property tax rate to other counties in Florida and the national median. For comparison, the zip code 34145 has both the highest and lowest median property tax rate of 0.88%. Understanding how these cities compare with Marco Island provides valuable insights into the varying tax landscape across Collier County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marco Island Tax Rate
0.88%
Average Collier County Tax Rate
0.90%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marco Island, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34145 | 0.48% | 0.67% | 0.88% | 0.93% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Marco Island, Florida
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Marco Island, 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 Collier 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 Marco Island, 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 example, the median home price in Marco Island is $681,051, with tax bills ranging from $3,182 at the 25th percentile to $14,754 at the 90th percentile. The highest and lowest median tax bills are both $5,319 in zip code 34145. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Marco Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Marco Island Assessed Value
$681,051
Average Collier County Assessed Value
$405,816
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marco Island, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34145 | $256,521 | $425,621 | $682,060 | $1,172,769 | $1,895,240 |
Source: Ownwell
Property Tax Bills Across Marco Island, Florida
In Marco Island, located in Collier County, FL, property tax bills are calculated based on the assessed value of a home, which is determined by the Collier County Property Appraiser. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For Marco Island, the median home price is $681,051. Homeowners in this area can expect a median property tax bill of around $5,319, with the 25th percentile tax bill at approximately $3,182 and the 75th percentile reaching up to $9,217. For those in the 90th percentile, the tax bill can be as high as $14,754. These figures are influenced by various factors including property size, location, and any applicable exemptions. With the national median property tax rate at 0.99%, Marco Island's property tax rates reflect a significant investment for homeowners, impacting their overall financial planning and real estate decisions. The uniformity in zip code 34145 indicates a consistent tax environment within the area.
Average Marco Island Tax Bill
$5,308
Average Collier County Tax Bill
$3,434
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Marco Island, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34145 | $2,003 | $3,193 | $5,319 | $9,236 | $14,771 |
Source: Ownwell
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 13 |
| Tax Bill | |
| Issued | November 1 |
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