Ocean Reef, Florida Property Taxes
The median property tax rate in Ocean Reef, FL is 0.39%, significantly lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Ocean Reef at $2,141,920, the typical annual property tax bill reaches $8,809, which is notably higher than the national median of $2,690. Property taxes in Ocean Reef 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 Ocean Reef'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 Ocean Reef 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
Ocean Reef, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$8,353
$7,752
Ownwell’s Ocean Reef Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ocean Reef with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ocean Reef 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 Monroe County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Ocean Reef, Florida
Property taxes in Ocean Reef, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ocean Reef is 0.39%, significantly lower than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Ocean Reef set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ocean Reef 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 Ocean Reef's 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 found in ZIP code 33040 with a rate of 0.69%, while the lowest median tax rate is in ZIP code 33036 at 0.21%. Understanding how these cities compare with Ocean Reef 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 Ocean Reef Tax Rate
0.39%
Average Monroe County Tax Rate
0.65%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ocean Reef, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Ocean Reef, Florida
In Ocean Reef, 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 Ocean Reef, 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. Notably, the median home price in Ocean Reef is $2,141,920, reflecting the premium real estate market in the area. Tax bills in the 25th percentile are around $6,027, while those in the 75th percentile can reach up to $11,615. 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 Ocean Reef helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ocean Reef Assessed Value
$2,141,920
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 Ocean Reef, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Ocean Reef, Florida
In Ocean Reef, located in Monroe County, FL, property tax bills are determined based on the assessed value of a property, which is distinct from its market value. The assessed value is calculated by the county's property appraiser and takes into account factors such as the property's location, size, and any improvements made. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For homeowners in Ocean Reef, the median home price is $2,141,920. Property tax bills can vary significantly, with the 25th percentile paying around $6,027 annually, while those in the 75th percentile face bills of approximately $11,615. At the 90th percentile, tax bills reach about $11,906. These figures highlight how property taxes can impact homeowners differently, depending on the value of their property. Compared to the national median property tax rate of 0.99%, Monroe County's tax rates and the resulting bills can be substantial, reflecting the high property values in the area.
Average Ocean Reef Tax Bill
$8,809
Average Monroe County Tax Bill
$4,638
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Ocean Reef, 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 |