Lower Matecumbe Key, Florida Property Taxes
The median property tax rate in Lower Matecumbe Key, FL is 0.68%, noticeably lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Lower Matecumbe Key, the typical annual property tax bill reaches $10,952, significantly exceeding the national median of $2,690. Property taxes in Lower Matecumbe Key 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 Lower Matecumbe 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 Lower Matecumbe Key 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
Lower Matecumbe Key, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$11,251
$10,648
Ownwell’s Lower Matecumbe Key Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lower Matecumbe Key with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lower Matecumbe 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 Lower Matecumbe Key, Florida
Property taxes in Lower Matecumbe Key, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lower Matecumbe Key is 0.68%, which is lower than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Lower Matecumbe Key set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lower Matecumbe 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 Lower Matecumbe Key's effective property tax rate to other counties in Florida and the national median. For comparison, the 33036 zip code has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Lower Matecumbe 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 Lower Matecumbe Key Tax Rate
0.68%
Average Monroe County Tax Rate
0.65%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lower Matecumbe Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33036 | 0.38% | 0.61% | 0.68% | 0.73% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Lower Matecumbe Key, Florida
In Lower Matecumbe 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 Monroe County 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 Lower Matecumbe 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. Being aware of these valuation processes in Lower Matecumbe Key helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 33036 has the highest and lowest median tax bill at $10,952.
Property Tax Assessment Values Across Lower Matecumbe Key, Florida
Source: Ownwell
$44,206
$2,079,812
$4,115,418
Average Lower Matecumbe Key Assessed Value
$1,654,626
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 Lower Matecumbe Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33036 | $1,356,624 | $1,508,188 | $1,654,626 | $1,961,648 | $2,252,921 |
Source: Ownwell
Property Tax Bills Across Lower Matecumbe Key, Florida
In Lower Matecumbe Key, Monroe County, FL, property tax bills are calculated based on the assessed value of the home, which is determined by the local property appraiser. This assessed value takes into account factors such as the market value of the property, any improvements or renovations, and comparable home sales in the area. The local tax rate, or millage rate, is then applied to this assessed value to calculate the annual tax bill. For homeowners in Lower Matecumbe Key, the median home price stands at $1,654,626. The 25th percentile tax bill is approximately $9,240, while the 75th percentile tax bill is around $12,988. At the 90th percentile, homeowners can expect to pay about $15,608 in property taxes. Comparatively, the national median property tax rate is 0.99%, making the tax burden in this area relatively high. These property tax bills significantly impact homeowners by influencing their overall cost of homeownership and potentially affecting property values in the community. Understanding how these taxes are calculated can help homeowners plan their finances more effectively.
Average Lower Matecumbe Key Tax Bill
$10,952
Average Monroe County Tax Bill
$4,638
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Lower Matecumbe Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33036 | $6,136 | $9,240 | $10,952 | $12,988 | $15,608 |
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 |