Key Biscayne, Florida Property Taxes
The median property tax rate in Key Biscayne, FL is 1.36%, significantly higher than both the national median of 0.99% and Florida's state median of 1.14%. With the median home value in Key Biscayne at $1,156,200, the typical annual property tax bill soars to $14,235, far surpassing the national median of $2,690. Property taxes in Key Biscayne are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Key Biscayne'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 Key Biscayne 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
Key Biscayne, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.36%
Estimate Property Tax Bill
$15,724
$14,881
$1,148
Average Key Biscayne, Florida Tax Savings
Ownwell’s Key Biscayne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Key Biscayne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Key Biscayne to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Key Biscayne. 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 Key Biscayne, Florida
Property taxes in Key Biscayne, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Key Biscayne is 1.36%, higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Key Biscayne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Key Biscayne 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 Key Biscayne's effective property tax rate to other counties in Florida and the national median. For comparison, the 33149 zip code has the highest median property tax rate of 1.36%, while the 33149 zip code also has the lowest median tax rate of 1.36%. Understanding how these cities compare with Key Biscayne provides valuable insights into the varying tax landscape across Miami-Dade County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Key Biscayne Tax Rate
1.36%
Average Miami-dade County Tax Rate
1.41%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Key Biscayne, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33149 | 0.71% | 1.05% | 1.36% | 1.49% | 1.59% |
Source: Ownwell
$1,148
Average Key Biscayne Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Key Biscayne, Florida
In Key Biscayne, 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 Miami-Dade County Appraisal District 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 Key Biscayne, 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. Being aware of these valuation processes in Key Biscayne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Key Biscayne is $1,156,200, with the median tax bill in zip code 33149 being $14,235.
Property Tax Assessment Values Across Key Biscayne, Florida
Source: Ownwell
$160,056
$16,966,420
$33,772,783
Average Key Biscayne Assessed Value
$1,156,200
Average Miami-dade County Assessed Value
$372,000
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Key Biscayne, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33149 | $470,314 | $828,700 | $1,156,200 | $2,148,926 | $3,302,421 |
Source: Ownwell
$1,148
Average Key Biscayne Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Key Biscayne, Florida
Property tax bills in Key Biscayne, Miami-Dade County, FL are calculated based on the assessed value of the property and the local tax rate. With a median home price of $1,156,200, property taxes can be a significant expense for homeowners. The assessed value is determined by the Miami-Dade County Property Appraiser and is influenced by factors such as property size, location, and market conditions. The tax bill is then calculated by applying the local tax rate to the assessed value. For instance, the 25th percentile tax bill is $8,544, while the 75th percentile tax bill reaches $26,547, and the 90th percentile tax bill can be as high as $44,267. These property tax bills can be much higher than the national median property tax rate of 0.99%. Ownwell helps homeowners in Key Biscayne save on their property tax bills by providing expert property tax appeal and exemption services. Our team reviews your property’s assessed value and identifies opportunities to reduce your tax liability, ensuring you pay only your fair share.
Average Key Biscayne Tax Bill
$14,235
Average Miami-dade County Tax Bill
$4,524
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Key Biscayne, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33149 | $5,682 | $8,544 | $14,235 | $26,547 | $44,267 |
Source: Ownwell
$1,148
Average Key Biscayne Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 17 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| Miami-Dade Property Appraiser | |
| Phone | (305) 375-4050 |
| Website | www.miamidade.gov |
| mdcpa@mdcpa.net | |
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