Key Colony Beach, Florida Property Taxes
The median property tax rate in Key Colony Beach, FL is 0.77%, notably lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Key Colony Beach, the typical annual property tax bill reaches $5,572, which considerably exceeds the national median of $2,690. Property taxes in Key Colony Beach 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 Key Colony Beach'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 Colony Beach 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 Colony Beach, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$5,804
$5,488
Ownwell’s Key Colony Beach Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Key Colony Beach with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Key Colony Beach 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 Key Colony Beach, Florida
Property taxes in Key Colony Beach, Florida, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Key Colony Beach is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Key Colony Beach set these rates annually, and they can vary significantly across different neighborhoods. Each year, Key Colony Beach 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 Colony Beach's effective property tax rate to other counties in Florida and the national median. For comparison, the zip code 33051 has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Key Colony Beach 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 Key Colony Beach Tax Rate
0.77%
Average Monroe County Tax Rate
0.65%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Key Colony Beach, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33051 | 0.51% | 0.68% | 0.77% | 0.85% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Key Colony Beach, Florida
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Key Colony Beach, 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 Key Colony Beach, 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 Key Colony Beach is $753,819, with tax bills ranging from $3,996 at the 25th percentile to $11,895 at the 90th percentile. The highest and lowest median tax bills are both $5,572, found in the 33051 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Key Colony Beach, Florida
Source: Ownwell
$44,206
$2,079,812
$4,115,418
Average Key Colony Beach Assessed Value
$753,819
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 Key Colony Beach, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33051 | $353,245 | $558,104 | $753,819 | $1,120,687 | $1,724,851 |
Source: Ownwell
Property Tax Bills Across Key Colony Beach, Florida
In Key Colony Beach, Monroe County, FL, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local property appraiser and reflects the market value of the home. Homeowners in Key Colony Beach face a median property tax rate that is influenced by various factors, including the property's location, size, and any applicable exemptions. For a median home price of $753,819, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $3,996, while those at the 75th percentile could see bills as high as $7,748. At the 90th percentile, tax bills can soar to $11,895. These figures highlight the variability in property tax bills within the city, which can impact homeowners' finances considerably. Compared to the national median property tax rate of 0.99%, Key Colony Beach's rates can be seen as relatively high, reflecting the area's property values and local tax policies. Homeowners must consider these factors when budgeting for their annual expenses.
Average Key Colony Beach Tax Bill
$5,572
Average Monroe County Tax Bill
$4,638
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Key Colony Beach, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33051 | $2,640 | $3,996 | $5,572 | $7,748 | $11,895 |
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 |