Ocean Reef, Monroe County, Florida Property Taxes

Name: Property Tax Bills Across Ocean Reef, Monroe County, Florida
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Ocean Reef, FL effective property tax rate: 0.39%, significantly lower than the national median of 1.02%, but lower than the Florida state median of 1.14%.
Median Ocean Reef, FL home value: $2,141,920
Median annual Ocean Reef, FL tax bill: $8,809, $6,409 higher than the national median property tax bill of $2,400.

How are property taxes in Monroe calculated?

Property taxes in Ocean Reef, FL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Ocean Reef’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Ocean Reef, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Ocean Reef, Monroe County, Florida Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.39%

Estimate Property Tax Bill

$8,353

$7,752

Ownwell’s Ocean Reef Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Ocean Reef with just two data points. By entering your property's estimated assessed value, our calculator applies Ocean Reef’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Monroe. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Ocean Reef, Monroe County, Florida

Local government entities determine tax rates, which can significantly differ across a state. This variation arises because each county annually calculates the budget needed to deliver services and divides it by the total assessed value of all taxable properties within its area. This formula determines the property tax rate. Although the process involves votes and legislation, this is the core methodology used each year.

In Ocean Reef, located in Monroe County, Florida, the effective property tax rate is notably lower than both the national median property tax rate of 1.02% and the Florida state median of 0.83%. This lower rate can result in substantial savings for property owners in the area, especially when compared to the national median property tax bill of $2400. Understanding these differences can be crucial for property owners looking to optimize their tax liabilities and manage their budgets effectively. By being aware of these local tax dynamics, property owners in Ocean Reef can make informed decisions about their investments and financial planning.

Property Tax Rates Across Ocean Reef, Monroe County, Florida

Source: Ownwell

0.59%

0.68%

0.77%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Ocean Reef Tax Rate

0.39%

Median Effective Monroe County Tax Rate

0.65%

Median Effective Florida Tax Rate

1.14%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Ocean Reef, Monroe County, Florida

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile

Source: Ownwell

Property Tax Assessment Values Across Ocean Reef, Monroe County, Florida

When examining property taxes in Ocean Reef, FL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Monroe County Property Appraiser's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Monroe County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Ocean Reef. For example, the median home price in Ocean Reef is $2,141,920, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Ocean Reef, Monroe County, Florida

Source: Ownwell

$284,170

$969,398

$1,654,626

Median Ocean Reef Market Value

$2,141,920

Median Monroe County Market Value

$759,247

Median Florida Market Value

$276,648

Median United States Market Value

$235,294

Property Tax Assessment Values Across Ocean Reef, Monroe County, Florida

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile

Source: Ownwell

Property Tax Bills Across Ocean Reef, Monroe County, Florida

In Ocean Reef, located in Monroe County, FL, property tax bills are calculated based on the assessed value of a home, which is determined by the local property appraiser. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Homeowners in Ocean Reef experience property tax bills that can significantly impact their finances, with the 25th percentile tax bill at $6,027 and the 75th percentile reaching $11,615. These figures are considerably higher than the national median property tax bill of $2,400, reflecting the area's higher median home price of $2,141,920. Factors such as property location, size, and market conditions contribute to the assessed value, thereby affecting the tax bill. Ownwell assists homeowners by offering property tax appeal and exemption services, potentially lowering their tax liabilities. By analyzing property assessments and identifying discrepancies, Ownwell helps ensure homeowners are not overpaying, providing valuable savings on their property tax bills.

Property Tax Bills Across Ocean Reef, Monroe County, Florida

Source: Ownwell

$2,412

$6,682

$10,952

Median Ocean Reef Tax Bill

$8,809

Median Monroe County Tax Bill

$4,638

Median Florida Tax Bill

$2,953

Median United States Tax Bill

$2,400

Property Tax Bills Across Ocean Reef, Monroe County, 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