Key West, Monroe County, Florida Property Taxes
Median Key West, FL effective property tax rate: 0.64%, significantly lower than the national median of 1.02%, but lower than the Florida state median of 1.14%.
Median Key West, FL home value: $764,507
Median annual Key West, FL tax bill: $4,533, $2,133 higher than the national median property tax bill of $2,400.
How are property taxes in Monroe County calculated?
Property taxes in Key West, 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 West’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Key West, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Key West, Monroe County, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.64%
Estimate Property Tax Bill
$4,893
$4,540
Property Tax Rates Across Key West, Monroe County, Florida
Local government entities in Florida set property tax rates, which can vary significantly across the state. Each year, Monroe County estimates its necessary budget to deliver essential services, dividing this by the total value of all taxable property within the county. This calculation results in the property tax rate. While setting tax rates and budgets involves votes and laws, this is the annual process in a nutshell.
In Key West, located in Monroe County, the effective property tax rate is 0.64%, which aligns with both the highest and lowest rates within the area, as indicated by the uniform rate in zip code 33040. This rate is notably lower than Florida's median property tax rate and significantly below the national median of 1.02%. For property owners in Key West, this means a more favorable tax situation compared to many parts of the country, where property tax bills can be substantially higher.
Comparing Key West’s effective property tax rate to other cities in Florida and the U.S. highlights the advantages of owning property in this region. The lower tax rate can contribute to reduced annual expenses for homeowners, making Key West an attractive location for property investment.
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 West Tax Rate
0.64%
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 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
When examining property taxes in Key West, 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 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.
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 West. For example, the median home price in Key West is $764,507, with tax bills ranging significantly across the county. Zip code 33040 has the highest median home price at $764,511.
Property Tax Assessment Values Across Key West, Monroe County, Florida
Source: Ownwell
$284,170
$969,398
$1,654,626
Median Key West Market Value
$764,507
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 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, located in Monroe County, FL, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is a percentage of the property's market value, which is influenced by factors such as location, size, and improvements. For homeowners in Key West, the median property tax bill stands at $4,533, which is significantly higher than the national median of $2,400. This higher rate can place a substantial financial burden on homeowners, especially when compared to the national median property tax rate of 1.02%.
Ownwell can assist homeowners in Key West by providing expert property tax appeal and exemption services. By analyzing the assessed value and market conditions, Ownwell identifies opportunities to reduce the tax burden. This not only helps in lowering the annual tax bill but also ensures that homeowners are not overpaying. With Ownwell's support, residents can achieve significant savings, making homeownership more affordable in this picturesque city.
Median Key West Tax Bill
$4,533
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 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 |