Knock Em Down Keys, Florida Property Taxes
The median property tax rate in Knock Em Down Keys, FL is 0.92%, which is lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Knock Em Down Keys at $122,592, the typical annual property tax bill is $987, significantly below the national median of $2,690. Property taxes in Knock Em Down Keys are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Knock Em Down Keys' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Knock Em Down Keys 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
Knock Em Down Keys, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$1,128
$1,047
Ownwell’s Knock Em Down Keys Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Knock Em Down Keys with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Knock Em Down Keys 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 Knock Em Down Keys, Florida
Property taxes in Knock Em Down Keys, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Knock Em Down Keys is 0.92%, which is lower than the U.S. national median of 0.99%. Local government entities within Knock Em Down Keys set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knock Em Down Keys 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 Knock Em Down Keys' effective property tax rate to other counties in Florida and the national median. For comparison, the highest median property tax rate in Monroe County is 1.10%, while the lowest median tax rate is 0.85%. Understanding how these cities compare with Knock Em Down Keys 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 Knock Em Down Keys Tax Rate
0.92%
Average Monroe County Tax Rate
0.65%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Knock Em Down Keys, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Knock Em Down Keys, Florida
In Knock Em Down Keys, 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 Monroe County 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. Assessment notices in Knock Em Down Keys 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. For instance, the median home price in Knock Em Down Keys is $122,592, with tax bills ranging from $883 at the 25th percentile to $1,287 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Knock Em Down Keys, Florida
Source: Ownwell
$44,206
$2,079,812
$4,115,418
Average Knock Em Down Keys Assessed Value
$122,592
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 Knock Em Down Keys, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Knock Em Down Keys, Florida
In Knock Em Down Keys, Monroe County, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. The assessed value is typically a percentage of the market value of the property. For example, if the median home price in Knock Em Down Keys is $122,592, the assessed value will be a portion of this amount. The property tax rate in Monroe County is then applied to this assessed value to determine your tax bill. This tax rate is influenced by various factors, including local government budgets and voter-approved measures. Homeowners in Knock Em Down Keys can expect their annual property tax bill to fall within a range, with the 25th percentile at $883 and the 75th percentile at $1242. At the 90th percentile, the tax bill can rise to $1287. Compared to the national median property tax rate of 0.99%, Monroe County's rates are competitive, making it essential for homeowners to understand how these factors affect their annual financial responsibilities.
Average Knock Em Down Keys Tax Bill
$987
Average Monroe County Tax Bill
$4,638
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Knock Em Down Keys, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
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 |