Islamorada, Monroe County, Florida Property Taxes

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

Below, you can compare Islamorada’s effective property tax rate to other cities in Florida and the median property tax rates in Florida and the U.S. Islamorada, located in Monroe County, has a property tax rate of 0.69%, which is below the national median of 1.02%. This makes it an attractive location for property owners seeking lower tax liabilities. The consistency in the tax rate across the zip code 33036 suggests a stable tax environment for residents. With the national median property tax bill at $2400, homeowners in Islamorada could potentially see savings, enhancing the appeal of investing in property here. Understanding these rates and how they compare to national figures can empower property owners to make informed decisions about property investments and tax appeals.

In Islamorada, located in Monroe County, FL, property tax bills are determined by the assessed value of a home, which is a percentage of the market value. The median home price in Islamorada is $1,174,750, significantly higher than the national median. Property tax rates in this area can lead to substantial tax bills, with the median tax bill reaching $7,120. This is well above the national median property tax bill of $2,400. The tax bill can vary widely, with the 25th percentile at $4,327 and the 90th percentile reaching $18,546, highlighting the potential burden on homeowners.

Factors influencing the tax bill include the property's assessed value and applicable exemptions. High property taxes can strain homeowners, particularly in high-value areas like Islamorada. Ownwell offers property tax appeal services that can help homeowners potentially lower their tax bills. By analyzing property assessments and market conditions, Ownwell can identify opportunities for appeals, ensuring homeowners pay only their fair share. This assistance can lead to significant savings and alleviate the financial pressure of high property taxes.