Long Key, Florida Property Taxes
The median property tax rate in Long Key, FL is 0.71%, considerably lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Long Key, the typical annual property tax bill reaches $3,610, exceeding the national median of $2,690. Property taxes in Long Key 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 Long 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 Long Key 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
Long Key, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$4,166
$3,866
Ownwell’s Long Key Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Long Key with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Long 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 Long Key, Florida
Property taxes in Long 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 Long Key is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Long Key set these rates annually, and they can vary significantly across different neighborhoods. Each year, Long 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 Long Key's effective property tax rate to other counties in Florida and the national median. For comparison, the zip code 33001 has both the highest and lowest median property tax rate of 0.71%. Understanding how these areas compare with Long 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 Long Key Tax Rate
0.71%
Average Monroe County Tax Rate
0.65%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Long Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33001 | 0.50% | 0.64% | 0.71% | 0.75% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Long Key, Florida
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Long Key, Florida. 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. 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 Long Key helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Long Key, the highest and lowest median tax bills are both $3,610, found in zip code 33001.
Average Long Key Assessed Value
$586,701
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 Long Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33001 | $269,620 | $324,116 | $586,701 | $812,935 | $982,369 |
Source: Ownwell
Property Tax Bills Across Long Key, Florida
In Long Key, Monroe County, FL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value takes into account factors such as the property's market value, location, and condition. Homeowners in Long Key experience a range of tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is $2,277, while the 75th percentile tax bill is $5,356, and the 90th percentile tax bill reaches $7,489. To put this into perspective, the national median property tax rate is 0.99%, and the median home price in Long Key is $586,701. This means homeowners in Long Key may face higher property tax bills compared to other regions. The highest median tax bill in the area is reported to be $3,610 in the 33001 zip code. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the community and homeowners.
Average Long Key Tax Bill
$3,610
Average Monroe County Tax Bill
$4,638
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Long Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33001 | $1,925 | $2,277 | $3,610 | $5,356 | $7,489 |
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 |