Monroe County Property Taxes
The median property tax rate in Monroe County is 0.65%, which is significantly lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Monroe County at $759,247, the typical annual property tax bill reaches $4,638, which is considerably higher than the national median of $2,690. Property taxes in Monroe County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Monroe County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Key West or another part of Monroe County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monroe County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$4,935
$4,670
Ownwell’s Monroe County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monroe County with just two data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Monroe County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Monroe County, Florida
Property taxes in Monroe County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Monroe County is 0.65%, which is lower than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Monroe County set these rates annually, and they can vary significantly between different areas within the county. Each year, Monroe County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Monroe County's effective property tax rate with other counties in Florida and the national median. For comparison, the city of Grassy Key has one of the higher property tax rates in Florida at 1.02%, while the city of Saddlebunch Key boasts one of the lowest at 0.45%. Analyzing how Monroe County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Monroe County Tax Rate
0.65%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe County, Florida
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Big Coppitt Key | 0.93% | 0.93% | 0.93% | 0.93% | 0.93% |
| Big Pine Key | 0.33% | 0.48% | 0.66% | 0.75% | 0.86% |
| Broad Key | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| Coco Plum Key | 0.29% | 0.29% | 0.29% | 0.29% | 0.29% |
| Cudjoe Key | 0.50% | 0.67% | 0.74% | 0.82% | 0.91% |
| Duck Key | 0.90% | 0.90% | 0.91% | 0.91% | 0.91% |
| Grassy Key | 0.80% | 0.88% | 1.02% | 1.16% | 1.24% |
| Islamorada | 0.36% | 0.57% | 0.69% | 0.77% | 0.85% |
| Key Colony Beach | 0.51% | 0.68% | 0.77% | 0.85% | 0.97% |
| Key Largo | 0.30% | 0.42% | 0.59% | 0.70% | 0.79% |
| Key West | 0.30% | 0.47% | 0.64% | 0.74% | 0.82% |
| Knock Em Down Keys | 0.72% | 0.85% | 0.92% | 1.01% | 1.10% |
| Layton | 0.77% | 0.77% | 0.78% | 0.83% | 0.91% |
| Little Torch Key | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% |
| Long Key | 0.50% | 0.64% | 0.71% | 0.75% | 0.80% |
| Lower Matecumbe Key | 0.38% | 0.61% | 0.68% | 0.73% | 0.82% |
| Maitland | 0.32% | 0.52% | 0.65% | 0.67% | 0.68% |
| Marathon | 0.37% | 0.57% | 0.73% | 0.87% | 1.04% |
| Newfound Harbor Keys | 0.44% | 0.52% | 0.66% | 0.70% | 0.72% |
| Ocean Reef | 0.34% | 0.37% | 0.39% | 0.48% | 0.55% |
| Offshore Islands | 0.67% | 0.74% | 0.86% | 0.88% | 0.89% |
| Plantation Key | 0.25% | 0.38% | 0.53% | 0.65% | 0.74% |
| Ramrod Key | 0.59% | 0.64% | 0.73% | 0.82% | 0.88% |
| Rockland Key | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% |
| Saddlebunch Key | 0.38% | 0.42% | 0.45% | 0.46% | 0.48% |
| Stock Island | 0.37% | 0.55% | 0.77% | 0.94% | 0.95% |
| Sugarloaf Key | 0.29% | 0.50% | 0.71% | 0.83% | 0.85% |
| Summerland Key | 0.32% | 0.46% | 0.61% | 0.72% | 0.82% |
| Tavernier | 0.33% | 0.51% | 0.68% | 0.78% | 0.87% |
| Upper Matecumbe Key | 0.27% | 0.53% | 0.63% | 0.75% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Monroe County, Florida
In Monroe County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Monroe County Appraisal District. The assessed value, however, 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. Assessment notices in Monroe County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. The city with the highest median tax bill in Monroe County is Broad Key at $18,867, while Maitland has the lowest at $282. Being aware of these valuation processes in Monroe County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Monroe County, Florida
Source: Ownwell
$44,206
$2,079,812
$4,115,418
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 Monroe County, Florida
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Big Coppitt Key | $266,438 | $294,000 | $294,000 | $294,000 | $465,892 |
| Big Pine Key | $363,562 | $498,699 | $648,818 | $832,042 | $1,030,934 |
| Broad Key | $2,705,387 | $2,705,387 | $2,705,387 | $2,705,387 | $2,705,387 |
| Coco Plum Key | $545,925 | $545,925 | $545,925 | $545,925 | $545,925 |
| Cudjoe Key | $260,893 | $380,955 | $469,020 | $528,338 | $643,265 |
| Duck Key | $792,851 | $808,104 | $833,525 | $858,946 | $874,199 |
| Grassy Key | $458,051 | $464,165 | $474,356 | $484,546 | $490,660 |
| Islamorada | $456,750 | $676,514 | $1,174,750 | $1,926,760 | $2,972,855 |
| Key Colony Beach | $353,245 | $558,104 | $753,819 | $1,120,687 | $1,724,851 |
| Key Largo | $319,548 | $500,512 | $736,231 | $1,522,184 | $3,290,383 |
| Key West | $368,320 | $544,351 | $764,507 | $1,175,100 | $1,813,524 |
| Knock Em Down Keys | $92,073 | $105,952 | $122,592 | $129,101 | $138,997 |
| Layton | $818,021 | $854,282 | $887,952 | $1,077,348 | $1,393,913 |
| Little Torch Key | $2,087,235 | $2,087,235 | $2,087,235 | $2,087,235 | $2,087,235 |
| Long Key | $269,620 | $324,116 | $586,701 | $812,935 | $982,369 |
| Lower Matecumbe Key | $1,356,624 | $1,508,188 | $1,654,626 | $1,961,648 | $2,252,921 |
| Maitland | $12,012 | $21,052 | $43,803 | $58,055 | $84,167 |
| Marathon | $292,398 | $455,955 | $699,090 | $1,270,611 | $1,886,910 |
| Newfound Harbor Keys | $405,686 | $437,176 | $607,719 | $715,917 | $763,195 |
| Ocean Reef | $1,266,440 | $1,716,468 | $2,141,920 | $2,425,820 | $2,688,502 |
| Offshore Islands | $1,682,552 | $1,964,730 | $2,435,027 | $3,139,278 | $3,561,829 |
| Plantation Key | $951,252 | $1,407,208 | $1,499,203 | $4,115,418 | $4,266,475 |
| Ramrod Key | $808,390 | $1,296,373 | $2,109,676 | $2,922,980 | $3,410,962 |
| Rockland Key | $257,116 | $257,116 | $257,116 | $257,116 | $257,116 |
| Saddlebunch Key | $104,172 | $104,309 | $610,872 | $1,293,922 | $1,611,732 |
| Stock Island | $237,132 | $252,619 | $284,170 | $447,201 | $540,826 |
| Sugarloaf Key | $2,204 | $232,402 | $932,472 | $1,082,610 | $1,861,631 |
| Summerland Key | $485,628 | $680,046 | $874,324 | $1,202,297 | $1,756,892 |
| Tavernier | $364,053 | $515,152 | $695,551 | $1,206,265 | $1,804,922 |
| Upper Matecumbe Key | $185,862 | $1,151,745 | $1,300,780 | $3,186,724 | $4,279,706 |
Source: Ownwell
Property Tax Bills Across Monroe County, Florida
In Monroe County, FL, property tax bills are calculated based on the assessed value of a home, which is determined by the county property appraiser. This assessed value is then multiplied by the local millage rate to calculate the tax bill. Factors such as the home’s market value, exemptions, and assessment limitations play a crucial role in determining the final tax bill. For instance, Monroe County has a median home price of $759,247, which significantly impacts the tax bills. Homeowners in Monroe County can see a wide range in their property tax bills. The 25th percentile tax bill is around $3,070, while the 75th percentile reaches $7,151. At the higher end, the 90th percentile tax bill can be as high as $11,876. The city with the highest median tax bill in the county is Broad Key, with a tax bill of $18,867, contrasting sharply with Maitland, where the lowest median tax bill is just $282. These variations illustrate how location and property values within the county can significantly affect homeowners' tax obligations.
Average Monroe County Tax Bill
$4,638
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe County, Florida
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Big Coppitt Key | $3,096 | $3,571 | $4,363 | $5,155 | $5,631 |
| Big Pine Key | $1,781 | $2,661 | $3,931 | $5,261 | $6,711 |
| Broad Key | $18,867 | $18,867 | $18,867 | $18,867 | $18,867 |
| Coco Plum Key | $1,573 | $1,573 | $1,573 | $1,573 | $1,573 |
| Cudjoe Key | $2,091 | $2,602 | $3,286 | $3,932 | $4,733 |
| Duck Key | $7,217 | $7,341 | $7,549 | $7,757 | $7,882 |
| Grassy Key | $3,883 | $4,217 | $4,774 | $5,330 | $5,664 |
| Islamorada | $2,986 | $4,327 | $7,120 | $11,703 | $18,546 |
| Key Colony Beach | $2,640 | $3,996 | $5,572 | $7,748 | $11,895 |
| Key Largo | $1,837 | $2,761 | $4,251 | $7,202 | $15,354 |
| Key West | $1,821 | $2,976 | $4,533 | $6,746 | $10,590 |
| Knock Em Down Keys | $768 | $883 | $987 | $1,242 | $1,287 |
| Layton | $6,373 | $6,636 | $6,867 | $9,097 | $12,959 |
| Little Torch Key | $18,013 | $18,013 | $18,013 | $18,013 | $18,013 |
| Long Key | $1,925 | $2,277 | $3,610 | $5,356 | $7,489 |
| Lower Matecumbe Key | $6,136 | $9,240 | $10,952 | $12,988 | $15,608 |
| Maitland | $54 | $103 | $282 | $335 | $515 |
| Marathon | $2,187 | $3,171 | $4,838 | $7,663 | $12,038 |
| Newfound Harbor Keys | $2,522 | $2,847 | $3,260 | $4,108 | $4,666 |
| Ocean Reef | $4,345 | $6,027 | $8,809 | $11,615 | $11,906 |
| Offshore Islands | $13,729 | $14,221 | $15,042 | $24,144 | $29,605 |
| Plantation Key | $6,730 | $6,752 | $8,954 | $14,979 | $21,882 |
| Ramrod Key | $6,036 | $8,445 | $12,461 | $16,477 | $18,887 |
| Rockland Key | $2,218 | $2,218 | $2,218 | $2,218 | $2,218 |
| Saddlebunch Key | $468 | $470 | $2,170 | $5,135 | $7,414 |
| Stock Island | $1,181 | $1,763 | $2,412 | $2,716 | $3,766 |
| Sugarloaf Key | $19 | $813 | $3,677 | $6,315 | $7,245 |
| Summerland Key | $2,271 | $3,555 | $5,153 | $6,968 | $9,874 |
| Tavernier | $2,117 | $3,158 | $4,475 | $7,099 | $10,430 |
| Upper Matecumbe Key | $3,075 | $3,332 | $9,156 | $16,913 | $19,222 |
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 |
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