Monroe County, Florida Property Taxes

Name: Property Tax Bills Across Monroe County, Florida
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Monroe County effective property tax rate: 0.65%, significantly lower than the national median of 1.02%.

Median Monroe County home value: $759,247

Median annual Monroe County tax bill: $4,638, $2,238 higher than the national median property tax bill of $2,400.

How are property taxes in Monroe County calculated?

Property taxes in Monroe County are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding your county's property tax system, exemptions, and reduction opportunities can lead to significant savings. Whether you live in Key West or another part of Monroe County, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Monroe County, Florida Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.65%

Estimate Property Tax Bill

$4,935

$4,580

Ownwell’s Monroe County Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Monroe County with just two data points. By entering your property's estimated assessed value, our calculator applies Monroe County’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a more precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Monroe County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Monroe County, Florida

Local government entities in Florida, such as Monroe County, set property tax rates that can vary significantly within the state. Each year, Monroe County estimates the budget needed to provide essential services and divides this by the total value of all taxable property within the county, resulting in the property tax rate. While the process involves votes and laws, this is essentially how the annual property tax rate is determined.

Monroe County's effective property tax rate is 0.65%, which is notably lower than the national median property tax rate of 1.02%. Within Monroe County, the highest median property tax rate is found in Key Colony Beach at 0.77%, while Key Largo enjoys the lowest at 0.59%. This variation within Monroe County highlights the differences in property tax rates not only within the county itself but also when compared to national figures. Understanding these differences can help property owners make informed decisions and potentially save money on property taxes.

Property Tax Rates Across Monroe County, Florida

Source: Ownwell

0.59%

0.68%

0.77%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Monroe County Tax Rate

0.65%

Median Effective Florida Tax Rate

1.14%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Monroe County, Florida

City	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
Big Coppitt Key	N/A	N/A	N/A	N/A	N/A
Big Pine Key	0.33%	0.48%	0.66%	0.75%	0.86%
Broad Key	N/A	N/A	N/A	N/A	N/A
Coco Plum Key	N/A	N/A	N/A	N/A	N/A
Cudjoe Key	0.50%	0.67%	0.74%	0.82%	0.91%
Duck Key	N/A	N/A	N/A	N/A	N/A
Grassy Key	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A
Layton	N/A	N/A	N/A	N/A	N/A
Little Torch Key	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A
Plantation Key	N/A	N/A	N/A	N/A	N/A
Ramrod Key	N/A	N/A	N/A	N/A	N/A
Rockland Key	N/A	N/A	N/A	N/A	N/A
Saddlebunch Key	N/A	N/A	N/A	N/A	N/A
Stock Island	0.37%	0.55%	0.77%	0.94%	0.95%
Sugarloaf Key	N/A	N/A	N/A	N/A	N/A
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

When examining property taxes in Monroe County, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Monroe County Property Appraiser estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

Assessment notices:

In Monroe County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Monroe County.

For example, the median tax bill in Monroe County is $4,752, with tax bills ranging significantly across the county. Ocean Reef has the highest median home price at $2,141,920.

Property Tax Assessment Values Across Monroe County, Florida

Source: Ownwell

$284,170

$969,398

$1,654,626

Median Monroe County Market Value

$759,247

Median Florida Market Value

$276,648

Median United States Market Value

$235,294

Property Tax Assessment Values Across Monroe County, Florida

City	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
Big Coppitt Key	N/A	N/A	N/A	N/A	N/A
Big Pine Key	$363,562	$498,699	$648,818	$832,042	$1,030,934
Broad Key	N/A	N/A	N/A	N/A	N/A
Coco Plum Key	N/A	N/A	N/A	N/A	N/A
Cudjoe Key	$260,893	$380,955	$469,020	$528,338	$643,265
Duck Key	N/A	N/A	N/A	N/A	N/A
Grassy Key	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A
Layton	N/A	N/A	N/A	N/A	N/A
Little Torch Key	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A
Plantation Key	N/A	N/A	N/A	N/A	N/A
Ramrod Key	N/A	N/A	N/A	N/A	N/A
Rockland Key	N/A	N/A	N/A	N/A	N/A
Saddlebunch Key	N/A	N/A	N/A	N/A	N/A
Stock Island	$237,132	$252,619	$284,170	$447,201	$540,826
Sugarloaf Key	N/A	N/A	N/A	N/A	N/A
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 determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is influenced by factors such as location, size, and improvements. Homeowners in Monroe County experience a wide range of tax bills, with the 25th percentile at $3,070 and the 75th percentile reaching $7,151. For those at the 90th percentile, the tax bill can soar to $11,876, indicating significant variation based on property characteristics and location. Lower Matecumbe Key stands out with the highest median tax bill of $10,952, while Stock Island offers the lowest at $2,412. Compared to the national median property tax rate of 1.02% and a median tax bill of $2,400, Monroe County's rates can be notably higher, impacting homeowners' financial planning. This variation underscores the importance of understanding local property tax assessments, as they can significantly affect the overall cost of homeownership.

Property Tax Bills Across Monroe County, Florida

Source: Ownwell

$2,412

$6,682

$10,952

Median Monroe County Tax Bill

$4,638

Median Florida Tax Bill

$2,953

Median United States Tax Bill

$2,400

Property Tax Bills Across Monroe County, Florida

City	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
Big Coppitt Key	N/A	N/A	N/A	N/A	N/A
Big Pine Key	$1,781	$2,661	$3,931	$5,261	$6,711
Broad Key	N/A	N/A	N/A	N/A	N/A
Coco Plum Key	N/A	N/A	N/A	N/A	N/A
Cudjoe Key	$2,091	$2,602	$3,286	$3,932	$4,733
Duck Key	N/A	N/A	N/A	N/A	N/A
Grassy Key	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A
Layton	N/A	N/A	N/A	N/A	N/A
Little Torch Key	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A
Plantation Key	N/A	N/A	N/A	N/A	N/A
Ramrod Key	N/A	N/A	N/A	N/A	N/A
Rockland Key	N/A	N/A	N/A	N/A	N/A
Saddlebunch Key	N/A	N/A	N/A	N/A	N/A
Stock Island	$1,181	$1,763	$2,412	$2,716	$3,766
Sugarloaf Key	N/A	N/A	N/A	N/A	N/A
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

Find your City

Big Pine Key

Cudjoe Key

Islamorada

Key Colony Beach Key Largo Key West

Long Key Lower Matecumbe Key

Marathon

Newfound Harbor Keys

Ocean Reef

Stock Island Summerland Key

Tavernier

Upper Matecumbe Key