Lower Matecumbe Key, Monroe County, Florida Property Taxes

Local government entities set tax rates, which can vary widely within a state. This variation arises because each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is the core process.

In Lower Matecumbe Key, located in Monroe County, the effective property tax rate is notably lower than the national median property tax rate of 1.02%. This can be particularly advantageous for property owners, as it results in lower annual tax bills compared to the national median property tax bill of $2,400.

When comparing Lower Matecumbe Key's effective property tax rate to other cities in Florida, it stands out as one of the more favorable rates for property owners. This reflects the broader trend in Florida, where property tax rates are often lower than the national average, making it an attractive location for homeowners seeking to minimize their property tax burden.

In Lower Matecumbe Key, Monroe County, FL, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The tax rate is then applied to this assessed value to calculate the annual tax bill. With a median home price of $1,654,626, the property tax bills in this area can be significant, with the 25th percentile at $9,240 and the 75th percentile reaching $12,988. This is notably higher than the national median property tax bill of $2,400, reflecting the area's high property values and tax rates.

Factors influencing tax bills include the home's market value, local tax rates, and any applicable exemptions. High property taxes can be a financial burden for homeowners, but Ownwell offers a solution. By providing property tax appeal and exemption services, Ownwell helps homeowners potentially reduce their tax bills. Their expertise in navigating the complexities of property tax assessments can lead to significant savings, ensuring homeowners are not overpaying and can better manage their financial obligations.