Broad Key, Monroe County, Florida Property Taxes
Median BROAD KEY, FL effective property tax rate: 0.70%, significantly lower than the national median of 1.02%, but lower than the Florida state median of 1.14%.
Median BROAD KEY, FL home value: $2,705,387
Median annual BROAD KEY, FL tax bill: $18,867, $16,467 higher than the national median property tax bill of $2,400.
How are property taxes in Monroe calculated?
Property taxes in BROAD KEY, FL 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 BROAD KEY’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in BROAD KEY, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Broad Key, Monroe County, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.7%
Estimate Property Tax Bill
$18,938
$17,574
Ownwell’s BROAD KEY Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in BROAD KEY with just two data points.
By entering your property's estimated assessed value, our calculator applies BROAD KEY’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 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 Broad Key, Monroe County, Florida
Local government entities are responsible for setting tax rates, which can vary significantly even within a single state. This is because each county annually estimates the budget required to provide essential services, dividing this amount by the total value of all taxable property within its jurisdiction to determine the property tax rate. While votes and legal frameworks play a role in setting these rates and budgets, this is essentially the annual process.
In BROAD KEY, located in Monroe County, Florida, the effective property tax rate provides an interesting comparison to other cities within the state and the national landscape. The median property tax rate in Monroe County stands at 0.70%, which is notably lower than the national median property tax rate of 1.02%. This lower rate can result in a more favorable property tax bill for homeowners compared to the national median property tax bill of $2400. Understanding these differences can help homeowners in BROAD KEY make informed decisions about property ownership and potential tax savings.
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 Broad Key Tax Rate
0.70%
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 Broad Key, Monroe County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Broad Key, Monroe County, Florida
When examining property taxes in BROAD KEY, FL, 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.
In Monroe County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 BROAD KEY.
For example, the median home price in BROAD KEY is $2,705,387, with tax bills ranging significantly across the county.
Property Tax Assessment Values Across Broad Key, Monroe County, Florida
Source: Ownwell
$284,170
$969,398
$1,654,626
Median Broad Key Market Value
$2,705,387
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 Broad Key, Monroe County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Broad Key, Monroe County, Florida
In the city of Broad Key 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 tax rate to calculate the annual property tax bill. Despite the national median property tax rate being 1.02%, Broad Key homeowners face a significantly higher tax bill with the 25th, 75th, and 90th percentiles all at $18,867. This stark contrast highlights the financial burden on homeowners in this region, especially when compared to the national median property tax bill of $2,400.
Ownwell offers valuable assistance to homeowners in Broad Key by providing property tax appeal and exemption services. By analyzing each property's assessed value and identifying discrepancies or opportunities for exemptions, Ownwell helps ensure homeowners are not overpaying on their property taxes. This can lead to substantial savings, allowing homeowners to better manage their finances and reduce the overall cost of owning property in this high-tax area.
Median Broad Key Tax Bill
$18,867
Median Monroe County Tax Bill
$4,638
Median Florida Tax Bill
$2,953
Median United States Tax Bill
$2,400
Property Tax Bills Across Broad Key, Monroe County, 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 |