Summerland Key, Florida Property Taxes
The median property tax rate in Summerland Key, FL is 0.61%, considerably lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Summerland Key at $874,324, the typical annual property tax bill reaches $5,153, exceeding the national median of $2,690. Property taxes in Summerland 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 Summerland 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 Summerland 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
Summerland Key, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$5,333
$5,043
Ownwell’s Summerland Key Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summerland Key with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summerland 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 Summerland Key, Florida
Property taxes in Summerland Key, Florida, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Summerland Key is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Summerland Key set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summerland 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 Summerland Key's effective property tax rate to other counties in Florida and the national median. For comparison, the zip code 33042 has both the highest and lowest median property tax rate of 0.61%. Understanding how these areas compare with Summerland 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 Summerland Key Tax Rate
0.61%
Average Monroe County Tax Rate
0.65%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summerland Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33042 | 0.32% | 0.46% | 0.61% | 0.72% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Summerland Key, Florida
In Summerland 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 Summerland 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. The median home price in Summerland Key is $874,324, with tax bills ranging from $3,555 at the 25th percentile to $9,874 at the 90th percentile. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Summerland Key's highest and lowest median tax bills are both $5,152, found in zip code 33042. 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 Summerland Key, Florida
Source: Ownwell
$44,206
$2,079,812
$4,115,418
Average Summerland Key Assessed Value
$874,324
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 Summerland Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33042 | $485,587 | $679,985 | $874,310 | $1,201,740 | $1,756,078 |
Source: Ownwell
Property Tax Bills Across Summerland Key, Florida
In Summerland Key, 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 typically a percentage of the property's market value, which is influenced by factors such as location, size, and condition. Homeowners in Summerland Key face a range of property tax bills, with the 25th percentile paying around $3,555 and the 75th percentile paying up to $6,968. At the 90th percentile, tax bills can reach as high as $9,874. Interestingly, the highest and lowest median tax bills in the area are both $5,152, highlighting a relatively narrow range of variation in median tax obligations. Compared to the national median property tax rate of 0.99%, property taxes in Summerland Key can be significant, reflecting the area's higher median home price of $874,324. These tax bills can have a substantial impact on homeowners, influencing their overall cost of living and financial planning.
Average Summerland Key Tax Bill
$5,153
Average Monroe County Tax Bill
$4,638
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Summerland Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33042 | $2,271 | $3,555 | $5,152 | $6,965 | $9,866 |
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 |