Little Torch Key, Florida Property Taxes
The median property tax rate in Little Torch Key, FL is 0.86%, which is lower than both the national median of 0.99% and the Florida state median of 1.14%. With a median home value of $2,087,235 in Little Torch Key, the typical annual property tax bill reaches $18,013, significantly exceeding the national median of $2,690. Property taxes in Little Torch Key are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Little Torch Key'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 Little Torch Key or another part of Monroe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Little Torch Key, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$17,950
$16,657
Ownwell’s Little Torch Key Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Little Torch Key with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Little Torch Key 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 Little Torch Key, Florida
Property taxes in Little Torch Key, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Little Torch Key is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Little Torch Key set these rates annually, and they can vary significantly across different neighborhoods. Each year, Little Torch Key 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 Little Torch Key's effective property tax rate to other counties in Florida and the national median. For comparison, the zip code 33042 has both the highest and lowest median property tax rate of 0.86%, highlighting the uniformity within this region. Understanding how these cities compare with Little Torch Key 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 Little Torch Key Tax Rate
0.86%
Average Monroe County Tax Rate
0.65%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Little Torch Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33042 | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Little Torch Key, Florida
In Little Torch Key, 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 Little Torch Key, 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. The median home price in Little Torch Key is $2,087,235, with the highest median tax bill being $18,013 in zip code 33042. 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 Little Torch Key, Florida
Source: Ownwell
$44,206
$2,079,812
$4,115,418
Average Little Torch Key Assessed Value
$2,087,235
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 Little Torch Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33042 | $2,087,235 | $2,087,235 | $2,087,235 | $2,087,235 | $2,087,235 |
Source: Ownwell
Property Tax Bills Across Little Torch Key, Florida
In Little Torch Key, Monroe County, FL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to arrive at the annual property tax bill. The median home price in Little Torch Key is $2,087,235, and the property tax rate in this region reflects the county's approach to funding local services and infrastructure. Factors that influence the tax bill include the assessed value of the property, any exemptions for which the homeowner may qualify, and the local tax rate. For example, in Little Torch Key, the median property tax bill is $18,013, which significantly exceeds the national median property tax rate of 0.99%. This higher tax bill can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and long-term financial planning. Understanding how these elements interact is crucial for homeowners to anticipate their annual property tax obligations and manage their budgets accordingly.
Average Little Torch Key Tax Bill
$18,013
Average Monroe County Tax Bill
$4,638
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Little Torch Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33042 | $18,013 | $18,013 | $18,013 | $18,013 | $18,013 |
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 |