Key West, Monroe County, Florida Property Taxes
The median property tax rate in Key West, FL is 0.64%, considerably lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Key West at $764,507, the typical annual property tax bill reaches $4,533, exceeding the national median of $2,690. Property taxes in Key West are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Key West'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 Key West 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
Key West, Monroe County, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$4,893
$4,540
Ownwell’s Key West Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Key West with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Key West 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 West, Monroe County, Florida
Property taxes in Key West, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Key West is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Key West set these rates annually, and they can vary across different neighborhoods. Each year, Key West 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 West's effective property tax rate to other counties in Florida and the national median. For comparison, the zip code 33040 has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Key West 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 West Tax Rate
0.64%
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 West, Monroe County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33040 | 0.30% | 0.47% | 0.64% | 0.74% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Key West, Monroe County, Florida
In Key West, 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 West, 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 West helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Key West is $764,507, with tax bills ranging from $2,976 at the 25th percentile to $10,590 at the 90th percentile.
Property Tax Assessment Values Across Key West, Monroe County, Florida
Source: Ownwell
$284,170
$969,398
$1,654,626
Average Key West Assessed Value
$764,507
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 West, Monroe County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33040 | $368,298 | $544,352 | $764,511 | $1,175,046 | $1,813,600 |
Source: Ownwell
Property Tax Bills Across Key West, Monroe County, Florida
In Key West, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is based on the market value of the property, which can fluctuate with real estate trends. For homeowners in Monroe County, the median home price stands at $764,507, significantly higher than the national median. This higher home value leads to correspondingly higher tax bills. Several factors influence the tax bill, including property size, location, and any applicable exemptions. In Key West, the tax bill at the 25th percentile is $2,976, while at the 75th percentile, it rises to $6,746. At the 90th percentile, it can reach as high as $10,590. The zip code 33040 consistently shows a median tax bill of $4,533, reflecting the uniformity in property values within that area. These property tax bills can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. Higher property taxes in Key West may affect household budgets, making it crucial for homeowners to understand their tax obligations and seek potential exemptions.
Average Key West Tax Bill
$4,533
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 West, Monroe County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33040 | $1,821 | $2,977 | $4,533 | $6,746 | $10,590 |
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 |