Grassy Key, Florida Property Taxes
The median property tax rate in Grassy Key, FL is 1.02%, slightly higher than the national median of 0.99% yet lower than the Florida state median of 1.14%. With a median home value of $474,356, the typical annual property tax bill in Grassy Key reaches $4,774, significantly surpassing the national median of $2,690. Property taxes in Grassy Key are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Grassy 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 Grassy Key or another part of Monroe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grassy Key, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$4,838
$4,575
Ownwell’s Grassy Key Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grassy Key with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grassy 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 Grassy Key, Florida
Property taxes in Grassy Key, Florida, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Grassy Key is 1.02%, which is higher than the U.S. national median of 0.99%. Local government entities within Grassy Key set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grassy 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 Grassy Key's effective property tax rate to other areas in Monroe County and the national median. For comparison, the 33050 zip code has the highest median property tax rate of 1.02%, while also having the lowest median tax rate of 1.02%. Understanding how these areas compare with Grassy 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 Grassy Key Tax Rate
1.02%
Average Monroe County Tax Rate
0.65%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grassy Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33050 | 0.80% | 0.88% | 1.02% | 1.16% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Grassy Key, Florida
In Grassy 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 Grassy 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 Grassy Key helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 33050 has both the highest and lowest median tax bill at $4,774, reflecting the uniformity in assessed values within the area.
Average Grassy Key Assessed Value
$474,356
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 Grassy Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33050 | $458,051 | $464,165 | $474,356 | $484,546 | $490,660 |
Source: Ownwell
Property Tax Bills Across Grassy Key, Florida
In Grassy Key, located in Monroe County, FL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Grassy Key typically see tax bills that vary significantly, with the 25th percentile at $4,217 and the 75th percentile reaching $5,330. The 90th percentile tax bill is even higher at $5,664. The local tax rate in Monroe County is a crucial factor in determining the final tax bill. This rate is applied to the assessed value of the property, resulting in the annual tax obligation. For comparison, the national median property tax rate is 0.99%, which helps illustrate that property taxes in Grassy Key can be relatively high, especially for homes with higher assessed values. These property taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners.
Average Grassy Key Tax Bill
$4,774
Average Monroe County Tax Bill
$4,638
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Grassy Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33050 | $3,883 | $4,217 | $4,774 | $5,330 | $5,664 |
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 |