Key Largo, Monroe County, Florida Property Taxes
Median Key Largo, FL effective property tax rate: 0.59%, significantly lower than the national median of 1.02%, but lower than the Florida state median of 1.14%.
Median Key Largo, FL home value: $736,231
Median annual Key Largo, FL tax bill: $4,251, $1,851 higher than the national median property tax bill of $2,400.
How are property taxes in Monroe calculated?
Property taxes in Key Largo, 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 Key Largo’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Key Largo, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Key Largo, Monroe County, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.59%
Estimate Property Tax Bill
$4,344
$4,031
Property Tax Rates Across Key Largo, Monroe County, Florida
As noted earlier, local government entities set tax rates, which can vary widely within a state. Why? Because 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 Key Largo’s effective property tax rate to other cities in Florida and the median property tax rates in Florida and the U.S.
In Key Largo, located in Monroe County, the effective property tax rate is notably lower than the national median. This can be a significant advantage for property owners, offering potential savings compared to other regions. Florida's median property tax rate is also below the national average, making it an attractive state for homeowners. With the highest and lowest median tax rates in Key Largo being identical, property owners can expect consistency in their tax obligations. This stability, combined with the relatively low tax rate, enhances the appeal of owning property in Key Largo. For those considering real estate investments or relocation, understanding these tax dynamics is crucial.
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 Key Largo Tax Rate
0.59%
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 Key Largo, Monroe County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33037 | 0.30% | 0.42% | 0.59% | 0.70% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Key Largo, Monroe County, Florida
When examining property taxes in Key Largo, 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's Office 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.
Assessment notices: 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 Key Largo. For example, the median home price in Key Largo is $736,231, with tax bills ranging significantly across the county. Zip code 33037 has the highest median home price at $736,231.
Property Tax Assessment Values Across Key Largo, Monroe County, Florida
Source: Ownwell
$284,170
$969,398
$1,654,626
Median Key Largo Market Value
$736,231
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 Key Largo, Monroe County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33037 | $319,548 | $500,512 | $736,231 | $1,522,184 | $3,290,383 |
Source: Ownwell
Property Tax Bills Across Key Largo, Monroe County, Florida
Median Key Largo Tax Bill
$4,251
Median Monroe County Tax Bill
$4,638
Median Florida Tax Bill
$2,953
Median United States Tax Bill
$2,400
Property Tax Bills Across Key Largo, Monroe County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33037 | $1,837 | $2,761 | $4,251 | $7,202 | $15,354 |
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 |