Cudjoe Key, Monroe County, Florida Property Taxes
The median property tax rate in Cudjoe Key, FL is 0.74%, 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 Cudjoe Key at $469,020, the typical annual property tax bill reaches $3,286, surpassing the national median of $2,690. Property taxes in Cudjoe Key are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Cudjoe 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 Cudjoe 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
Cudjoe Key, Monroe County, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$3,471
$3,221
Ownwell’s Cudjoe Key Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cudjoe Key with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cudjoe 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 Cudjoe Key, Monroe County, Florida
Property taxes in Cudjoe Key, Florida, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Cudjoe Key is 0.74%, which is below the U.S. national median of 0.99%. Local government entities within Cudjoe Key set these rates annually, and they can vary across different neighborhoods. Each year, Cudjoe 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 Cudjoe Key's effective property tax rate to other areas in Monroe County and the national median. For comparison, the zip code 33042 has the same median property tax rate of 0.74%, reflecting a uniform tax landscape within the region. Understanding how these areas compare with Cudjoe 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 Cudjoe Key Tax Rate
0.74%
Average Monroe County Tax Rate
0.65%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cudjoe Key, Monroe County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33042 | 0.50% | 0.67% | 0.74% | 0.82% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Cudjoe Key, Monroe County, Florida
In Cudjoe 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 Appraisal District 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 Cudjoe 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 Cudjoe Key helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,286 in the 33042 zip code, which also has the lowest median tax bill at the same value.
Property Tax Assessment Values Across Cudjoe Key, Monroe County, Florida
Source: Ownwell
$284,170
$969,398
$1,654,626
Average Cudjoe Key Assessed Value
$469,020
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 Cudjoe Key, Monroe County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33042 | $260,893 | $380,955 | $469,020 | $528,338 | $643,265 |
Source: Ownwell
Property Tax Bills Across Cudjoe Key, Monroe County, Florida
In Cudjoe Key, property tax bills are calculated based on the assessed value of a home, which is determined by the Monroe County Property Appraiser. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Cudjoe Key, the median home price stands at $469,020. The property tax rate in Monroe County is 0.99%, aligning with the national median. Homeowners in Cudjoe Key can expect their property tax bills to vary significantly. For example, the 25th percentile tax bill is $2,602, while the 75th percentile tax bill is $3,932. Those at the 90th percentile face a tax bill of $4,733. The highest and lowest median tax bills in the area are both recorded at $3,286 in the 33042 zip code, indicating a consistent tax environment within that locality. These property taxes fund essential public services, including schools, emergency services, and infrastructure, directly impacting homeowners by contributing to the quality of life and community resources.
Average Cudjoe Key Tax Bill
$3,286
Average Monroe County Tax Bill
$4,638
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Cudjoe Key, Monroe County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33042 | $2,091 | $2,602 | $3,286 | $3,932 | $4,733 |
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 |