Ramrod Key, Florida Property Taxes
The median property tax rate in Ramrod Key, FL is 0.73%, which is notably lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Ramrod Key at $2,109,676, the typical annual property tax bill reaches $12,461, significantly surpassing the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ramrod 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 Ramrod Key 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
Ramrod Key, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$15,401
$14,575
Ownwell’s Ramrod Key Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ramrod Key with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ramrod 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 Monroe County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Ramrod Key, Florida
Property taxes in Ramrod Key, Florida, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Ramrod Key is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Ramrod Key set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ramrod 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 Ramrod Key's effective property tax rate to other areas in Monroe County and the national median. For comparison, the zip code 33042 has both the highest and lowest median property tax rate of 0.73%, matching Ramrod Key's rate. Understanding how these areas compare with Ramrod 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 Ramrod Key Tax Rate
0.73%
Average Monroe County Tax Rate
0.65%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ramrod Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33042 | 0.59% | 0.64% | 0.73% | 0.82% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Ramrod Key, Florida
In Ramrod Key, 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 Ramrod Key, 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 Ramrod Key helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $2,109,676 with property tax bills ranging from $8,445 to $18,887. The zip code 33042 consistently shows a median tax bill of $12,461.
Average Ramrod Key Assessed Value
$2,109,676
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 Ramrod Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33042 | $808,390 | $1,296,373 | $2,109,676 | $2,922,980 | $3,410,962 |
Source: Ownwell
Property Tax Bills Across Ramrod Key, Florida
In Ramrod Key, Monroe County, FL, property tax bills are calculated based on the assessed value of the home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Ramrod Key, the median home price is $2,109,676, which significantly influences the property tax amount. The tax bill can vary widely, with the 25th percentile paying around $8,445 and the 75th percentile reaching up to $16,477. Several factors contribute to the final tax bill, including property location, home size, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Ramrod Key may find their tax bills to be relatively high due to the elevated property values. This can have a significant impact on homeowners, affecting their overall cost of living and financial planning. The highest and lowest median tax bills in the area both stand at $12,461, specifically in the 33042 zip code.
Average Ramrod Key Tax Bill
$12,461
Average Monroe County Tax Bill
$4,638
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Ramrod Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33042 | $6,036 | $8,445 | $12,461 | $16,477 | $18,887 |
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 |