Offshore Islands, Florida Property Taxes
The median property tax rate in Offshore Islands, FL is 0.86%, which is notably lower than both the national median of 0.99% and the Florida state median of 1.14%. With a median home value of $2,435,027 in Offshore Islands, the typical annual property tax bill amounts to $15,042, significantly higher than the national median of $2,690. Property taxes in Offshore Islands are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Offshore Islands' property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Offshore Islands or another part of Monroe County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Offshore Islands, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$20,941
$19,800
Ownwell’s Offshore Islands Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Offshore Islands with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Offshore Islands 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 Offshore Islands, Florida
Property taxes in Offshore Islands, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Offshore Islands is 0.86%, lower than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Offshore Islands set these rates annually, and they can vary significantly across different neighborhoods. Each year, Offshore Islands 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. Understanding how Offshore Islands' effective property tax rate compares to other counties in Florida and the national median 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 Offshore Islands 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 Offshore Islands, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Offshore Islands, Florida
In OFFSHORE ISLANDS, 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 Appraisal District 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 OFFSHORE ISLANDS, 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. For instance, properties in the 25th percentile have tax bills around $14,221, while those in the 75th percentile see bills of about $24,144, and the 90th percentile reaches up to $29,605. 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 OFFSHORE ISLANDS helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Offshore Islands, Florida
Source: Ownwell
$44,206
$2,079,812
$4,115,418
Average Offshore Islands Assessed Value
$2,435,027
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 Offshore Islands, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Offshore Islands, Florida
In the idyllic city of Offshore Islands in Monroe County, FL, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is generally a fraction of the market value, adjusted to reflect the property's condition, location, and other relevant factors. For example, the median home price in Offshore Islands is $2,435,027, making it a significant investment for homeowners. Property tax bills here can vary widely. At the 25th percentile, homeowners can expect to pay around $14,221 annually, while those at the 75th percentile face bills closer to $24,144. For the top 10% of properties, tax bills can soar to $29,605. These figures illustrate how property taxes in Offshore Islands can significantly impact household budgets, especially when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly, ensuring they can maintain their investment in this beautiful coastal community.
Average Offshore Islands Tax Bill
$15,042
Average Monroe County Tax Bill
$4,638
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Offshore Islands, 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 |