Coco Plum Key, Florida Property Taxes
The median property tax rate in COCO PLUM KEY, FL is 0.29%, significantly lower than both the national median of 0.99% and the Florida state median of 1.14%. With a median home value of $545,925, the typical annual property tax bill in COCO PLUM KEY amounts to $1,573, which is well below the national median of $2,690. Property taxes in COCO PLUM KEY are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding COCO PLUM 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 COCO PLUM 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
Coco Plum Key, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.29%
Estimate Property Tax Bill
$1,583
$1,469
Ownwell’s Coco Plum Key Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Coco Plum Key with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coco Plum 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 Coco Plum Key, Florida
Property taxes in COCO PLUM KEY, Florida, are critical in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in COCO PLUM KEY is 0.29%, significantly lower than both the Florida state median and the U.S. national median of 0.99%. Local government entities within COCO PLUM KEY set these rates annually, and they can vary significantly across different neighborhoods. Each year, COCO PLUM 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 COCO PLUM KEY's effective property tax rate to other counties in Florida and the national median. For comparison, the highest median property tax rate in Florida is found in ZIP code 33109 at 1.24%, while the lowest median tax rate is in ZIP code 32004 at 0.52%. Understanding how these cities compare with COCO PLUM 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 Coco Plum Key Tax Rate
0.29%
Average Monroe County Tax Rate
0.65%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coco Plum Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Coco Plum Key, Florida
In COCO PLUM 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 COCO PLUM 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 COCO PLUM KEY helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $545,925, with tax bills at the 25th, 75th, and 90th percentiles all being $1,573.
Property Tax Assessment Values Across Coco Plum Key, Florida
Source: Ownwell
$44,206
$2,079,812
$4,115,418
Average Coco Plum Key Assessed Value
$545,925
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 Coco Plum Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Coco Plum Key, Florida
In Coco Plum Key, Monroe County, FL, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. For instance, if the median home price in Coco Plum Key is $545,925, the assessed value will be a portion of this price, influenced by factors such as property condition, location, and market trends. Homeowners in Coco Plum Key typically see property tax bills around $1,573, which is consistent across the 25th, 75th, and 90th percentiles. This indicates a relatively stable property tax environment in the area. Compared to the national median property tax rate of 0.99%, the property tax rate in Monroe County may seem favorable, making Coco Plum Key an attractive place for homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Coco Plum Key Tax Bill
$1,573
Average Monroe County Tax Bill
$4,638
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Coco Plum 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 |