Key Largo, Florida Property Taxes
The median property tax rate in Key Largo, FL is 0.59%, notably lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Key Largo at $736,231, the typical annual property tax bill is $4,251, surpassing the national median of $2,690. Property taxes in Key Largo are determined based on the tax assessed value, which is often below the market value due to various exemptions such as the primary residence exemption. Familiarizing yourself with Key Largo's property tax system, exploring potential exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Key Largo or another part of Monroe County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Key Largo, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$4,344
$4,031
Ownwell’s Key Largo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Key Largo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Key Largo 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 Key Largo, Florida
Property taxes in Key Largo, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Key Largo is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Key Largo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Key Largo 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 Key Largo's effective property tax rate to other counties in Florida and the national median. For comparison, the 33037 zip code has both the highest and lowest median property tax rate of 0.59%. Understanding how these cities compare with Key Largo 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 Key Largo Tax Rate
0.59%
Average Monroe County Tax Rate
0.65%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Key Largo, 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, Florida
In Key Largo, 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 Key Largo, 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 Key Largo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Key Largo, the zip code with the highest median tax bill is 33037, with a tax bill of $4,251. The zip code with the lowest median tax bill is also 33037, with the same value of $4,251.
Average Key Largo Assessed Value
$736,231
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 Key Largo, 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, Florida
In Key Largo, 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 typically reflects the market value but may be adjusted due to exemptions or assessment limitations. Homeowners in Key Largo generally pay a median property tax bill of $4,251, aligning with the rate in the 33037 zip code. This tax bill is influenced by several factors, including the home's assessed value, local tax rates, and applicable exemptions such as those for homestead properties. For example, the 25th percentile tax bill is $2,761, while the 75th percentile tax bill reaches $7,202, indicating significant variation based on property value and exemptions. Compared to the national median property tax rate of 0.99%, the tax rate in Key Largo is relatively moderate. This affects homeowners by ensuring that while they contribute to local services and infrastructure, their tax burden remains within a manageable range.
Average Key Largo Tax Bill
$4,251
Average Monroe County Tax Bill
$4,638
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Key Largo, 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 |