Rockland Key, Florida Property Taxes
The median property tax rate in Rockland Key, FL is 0.86%, which is lower than both the national median of 0.99% and Florida's state median of 1.14%. With the median home value in Rockland Key, the typical annual property tax bill is $2,218, falling below the national median of $2,690. Property taxes in Rockland Key are calculated based on the assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Rockland 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 Rockland 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
Rockland Key, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$2,211
$2,052
Ownwell’s Rockland Key Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockland Key with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockland 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 Rockland Key, Florida
Property taxes in Rockland Key, Florida, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockland Key is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Rockland Key set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockland 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 Rockland Key'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 1.14%, while the lowest median tax rate is 0.52%. Understanding how these cities compare with Rockland 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 Rockland Key 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 Rockland Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Rockland Key, Florida
In Rockland 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 Rockland 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 Rockland Key helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Rockland Key, Florida
Source: Ownwell
$44,206
$2,079,812
$4,115,418
Average Rockland Key Assessed Value
$257,116
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 Rockland Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Rockland Key, Florida
In Rockland Key, Monroe County, FL, property tax bills are determined based on the assessed value of the property. This assessed value is typically a percentage of the property's market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Various factors, such as property type, location, and any applicable exemptions, play a role in determining the final tax amount. For homeowners in Rockland Key, the median home price is $257,116. Despite the variations in property values, the property tax bills for the 25th, 75th, and 90th percentiles all stand at $2,218. This consistency indicates a relatively uniform tax rate across different property values in the area. Compared to the national median property tax rate of 0.99%, the tax rate in Rockland Key results in a tax bill that is more predictable and potentially less burdensome for homeowners. Understanding these factors helps homeowners plan their finances and anticipate their annual property tax obligations.
Average Rockland Key Tax Bill
$2,218
Average Monroe County Tax Bill
$4,638
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockland Key, 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 |