Big Coppitt Key, Florida Property Taxes
The median property tax rate in Big Coppitt Key, FL is 0.93%, which is lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Big Coppitt Key at $294,000, the typical annual property tax bill is $4,363, significantly higher than the national median of $2,690. Property taxes in Big Coppitt 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 Big Coppitt 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 Big Coppitt 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
Big Coppitt Key, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$2,734
$2,537
Ownwell’s Big Coppitt Key Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Big Coppitt Key with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Big Coppitt 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 Monroe County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Big Coppitt Key, Florida
Property taxes in Big Coppitt 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 Big Coppitt Key is 0.93%, which is lower than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Big Coppitt Key set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Coppitt 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 Big Coppitt Key's effective property tax rate to other counties in Florida and the national median. For comparison, the highest median property tax rate in Monroe County is 1.20%, while the lowest median tax rate is 0.75%. Understanding how these cities compare with Big Coppitt 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 Big Coppitt Key Tax Rate
0.93%
Average Monroe County Tax Rate
0.65%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Coppitt Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Big Coppitt Key, Florida
In Big Coppitt 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 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 Big Coppitt 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 Big Coppitt Key helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Big Coppitt Key is $294,000, with tax bills ranging from $3,571 at the 25th percentile to $5,631 at the 90th percentile.
Property Tax Assessment Values Across Big Coppitt Key, Florida
Source: Ownwell
$44,206
$2,079,812
$4,115,418
Average Big Coppitt Key Assessed Value
$294,000
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 Big Coppitt Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Big Coppitt Key, Florida
In Big Coppitt Key, Monroe County, FL, property tax bills are calculated based on the assessed value of a home, which is determined by the local property appraiser. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Big Coppitt Key is $294,000. Homeowners in this area experience property tax bills that vary significantly. For instance, at the 25th percentile, the tax bill is approximately $3,571, while at the 75th percentile, it rises to around $5,155. At the 90th percentile, the tax bill can reach up to $5,631. These figures indicate that property taxes can be a substantial expense for homeowners, particularly when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Big Coppitt Key Tax Bill
$4,363
Average Monroe County Tax Bill
$4,638
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Coppitt Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
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 |