Upper Matecumbe Key, Florida Property Taxes
The median property tax rate in UPPER MATECUMBE KEY, FL is 0.63%, considerably lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in UPPER MATECUMBE KEY, the typical annual property tax bill reaches $9,156, significantly exceeding the national median of $2,690. Property taxes in UPPER MATECUMBE 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 UPPER MATECUMBE 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 UPPER MATECUMBE 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
Upper Matecumbe Key, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$8,195
$7,748
Ownwell’s UPPER MATECUMBE KEY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in UPPER MATECUMBE KEY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in UPPER MATECUMBE 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 Upper Matecumbe Key, Florida
Property taxes in Upper Matecumbe Key, FL, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Upper Matecumbe Key is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Upper Matecumbe Key set these rates annually, and they can vary significantly across different neighborhoods. Each year, Upper Matecumbe 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 Upper Matecumbe Key's effective property tax rate to other counties in Florida and the national median. For comparison, the zip code 33036 has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Upper Matecumbe 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 Upper Matecumbe Key Tax Rate
0.63%
Average Monroe County Tax Rate
0.65%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Upper Matecumbe Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33036 | 0.27% | 0.53% | 0.63% | 0.75% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Upper Matecumbe Key, Florida
In Upper Matecumbe 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 Upper Matecumbe 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 Upper Matecumbe Key helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $9,156, found in the 33036 zip code.
Property Tax Assessment Values Across Upper Matecumbe Key, Florida
Source: Ownwell
$44,206
$2,079,812
$4,115,418
Average Upper Matecumbe Key Assessed Value
$1,300,780
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 Upper Matecumbe Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33036 | $185,862 | $1,151,745 | $1,300,780 | $3,186,724 | $4,279,706 |
Source: Ownwell
Property Tax Bills Across Upper Matecumbe Key, Florida
In Upper Matecumbe Key, Monroe County, FL, property tax bills are calculated based on the assessed value of a home, which differs from its market value. The assessed value is determined by the county assessor and takes into account factors such as property size, location, and condition. The local tax rate is then applied to this assessed value to determine the tax bill. For homeowners in Upper Matecumbe Key, the median home price is $1,300,780, significantly higher than the national median property tax rate of 0.99%. Consequently, property tax bills can vary widely. For instance, the 25th percentile tax bill is $3,332, while the 75th percentile tax bill reaches $16,913. At the upper end, the 90th percentile tax bill is $19,222. These property taxes can have a substantial impact on homeowners, influencing their overall housing affordability and financial planning. The highest and lowest median tax bills in the area are both $9,156, indicating a consistent tax rate across different properties within the same ZIP code, 33036.
Average Upper Matecumbe Key Tax Bill
$9,156
Average Monroe County Tax Bill
$4,638
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Upper Matecumbe Key, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33036 | $3,075 | $3,332 | $9,156 | $16,913 | $19,222 |
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 |