Sugarloaf Key, Florida Property Taxes
The median property tax rate in Sugarloaf Key, FL is 0.71%, notably lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Sugarloaf Key at $932,472, the typical annual property tax bill reaches $3,677, which surpasses the national median of $2,690. Property taxes in Sugarloaf Key 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 Sugarloaf 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 Sugarloaf Key or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sugarloaf Key, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$6,621
$6,260
Ownwell’s Sugarloaf Key Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sugarloaf Key with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sugarloaf 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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Sugarloaf Key, Florida
Property taxes in Sugarloaf Key, Florida, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Sugarloaf Key is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Sugarloaf Key set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sugarloaf 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 Sugarloaf Key's effective property tax rate to other areas and the national median. For comparison, the zip code 33042 has both the highest and lowest median property tax rate of 0.71%. Understanding how these rates compare with Sugarloaf 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 Sugarloaf Key Tax Rate
0.71%
Average Monroe County Tax Rate
0.65%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sugarloaf Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33042 | 0.29% | 0.50% | 0.71% | 0.83% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Sugarloaf Key, Florida
In Sugarloaf 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. 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. The median home price in Sugarloaf Key is $932,472, with tax bills ranging from $813 at the 25th percentile to $7,245 at the 90th percentile. The zip code 33042 has both the highest and lowest median tax bill of $3,677. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Sugarloaf Key, Florida
Source: Ownwell
$44,206
$2,079,812
$4,115,418
Average Sugarloaf Key Assessed Value
$932,472
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 Sugarloaf Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33042 | $2,204 | $232,402 | $932,472 | $1,082,610 | $1,861,631 |
Source: Ownwell
Property Tax Bills Across Sugarloaf Key, Florida
In Sugarloaf Key, Monroe County, FL, property tax bills are calculated based on the assessed value of the property. The local tax assessor determines this value, which often reflects the market value of the home. For a median home price of $932,472, the assessed value significantly influences the tax bill. The tax rate is applied to this assessed value to determine the final tax bill. Homeowners in Sugarloaf Key can expect varying tax bills, with the 25th percentile paying around $813, while those in the 75th percentile face bills up to $6,315. At the 90th percentile, tax bills can reach $7,245. This variation is due to differences in property values and the specific exemptions or deductions available to homeowners. Compared to the national median property tax rate of 0.99%, the property taxes in Sugarloaf Key can be significantly higher, impacting homeowners' annual expenses. Understanding these factors is crucial for homeowners to manage their finances effectively and prepare for their property tax obligations.
Average Sugarloaf Key Tax Bill
$3,677
Average Monroe County Tax Bill
$4,638
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Sugarloaf Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33042 | $19 | $813 | $3,677 | $6,315 | $7,245 |
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 |