Average Tax Assessment in Monroe County
Real Estate Values and Property Tax Valuation in Monroe County, Florida
Monroe County has 41,161 properties with a cumulative value of $27.5B, making up 1.32% of all real estate value in Florida. Property taxes in Monroe County totaled $231.3M, with an average homeowner paying $5,622 in property taxes compared to the state average of $3,597. The average property tax rate in Monroe County is 0.84%, lower than the state average of 1.34%. Property taxes are based on the assessed value of the property, which is typically lower than the market value.
In Florida, property values are assessed on January 1st. Property value notices are issued in August and property tax appeal deadlines are typically 25 days from the date of the value notices, which is usually in September. Property tax bills are issued on November 1st.
Updated November 01, 2023
| Important Links | |
|---|---|
| Monroe Clerk | (304) 772-3096 |
| Monroe Recorder of Deeds | (570) 517-3969 |
| Monroe Tax Collector | (305) 295-5010 |
| Monroe Register of Deeds | (608) 269-8716 |
| Important Dates | |
|---|---|
| Property Valuation Date: | January 1st |
| Property Value Notices Issued: | August |
| Property Tax Appeal Deadline: | September or 25 days from date of value notices |
| Property Tax Bills Issued: | November 1st |
| Real Property Tax Bill Due (1st of #): | March 31st |
| Available Exemptions | |
|---|---|
| Early Payment Discount | Available |
| Senior | Available |
| Disabled | Available |
| Homestead | Available |
| Veteran | Available |
| Solar/Wind | Available |
| Charitable | Available |
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Real Estate Statistics in Monroe County
Residential Property Taxes by Cities in Monroe County
Monroe County has an average property tax rate of 0.84%, which is lower than the national average of 1.08%. This rate is applied to the assessed value of a property to calculate the amount of taxes due. Property taxes in Monroe County are collected by the county government and are used to fund public services such as schools, roads, and public safety.
Property tax rates in Monroe County vary across cities, with Cudjoe Key having the highest effective property tax rate at 1.07%, and Key Largo having the lowest effective property tax rate at 0.73%. This means that property owners in Cudjoe Key will pay more in taxes than those in Key Largo. Property taxes in Monroe County are generally lower than the national average, making it an attractive place to live for those looking for a lower tax burden.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each city in Monroe County. The tax assessment value may differ from the potential sale value, and is used to calculate the property tax for each piece of real estate.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Big Pine Key | $218,655 | $297,558 | $377,461 | $488,098 | $631,241 |
| Cudjoe Key | $163,046 | $214,718 | $264,487 | $326,252 | $407,781 |
| Islamorada | $270,302 | $408,058 | $684,771 | $1,079,870 | $1,755,428 |
| Key Colony Beach | $251,411 | $342,768 | $466,090 | $651,902 | $1,014,736 |
| Key Largo | $185,688 | $289,106 | $448,048 | $817,526 | $1,863,333 |
| Key West | $255,408 | $345,529 | $485,017 | $704,544 | $1,139,261 |
| Long Key | $155,301 | $193,809 | $359,034 | $468,642 | $594,275 |
| Marathon | $172,911 | $276,368 | $426,645 | $691,192 | $1,081,449 |
| Summerland Key | $315,115 | $414,241 | $521,852 | $705,373 | $1,025,482 |
| Tavernier | $222,526 | $315,129 | $425,300 | $665,942 | $975,832 |
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each city in Monroe County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Big Pine Key | $1,718 | $2,516 | $3,565 | $4,684 | $5,830 |
| Cudjoe Key | $1,874 | $2,287 | $2,894 | $3,374 | $4,247 |
| Islamorada | $2,759 | $3,714 | $6,358 | $10,028 | $15,955 |
| Key Colony Beach | $2,428 | $3,607 | $4,876 | $6,705 | $10,068 |
| Key Largo | $1,672 | $2,490 | $3,743 | $6,238 | $13,022 |
| Key West | $1,779 | $2,751 | $4,004 | $5,876 | $9,373 |
| Long Key | $1,722 | $1,977 | $3,327 | $4,808 | $6,625 |
| Marathon | $2,065 | $2,889 | $4,394 | $6,786 | $10,588 |
| Summerland Key | $2,165 | $3,420 | $4,672 | $6,208 | $8,801 |
| Tavernier | $1,980 | $2,865 | $4,026 | $6,259 | $8,818 |
Effective Property Tax Rate
The effective property tax rate is calculated by dividing the property tax bill by the assessed value. For the percentiles below, the calculation is performed using the percentiles for property tax bill and assessed value above. Therefore, each consecutive percentile doesn't necessarily show a larger value.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Big Pine Key | 0.79% | 0.85% | 0.94% | 0.96% | 0.92% |
| Cudjoe Key | 1.15% | 1.07% | 1.09% | 1.03% | 1.04% |
| Islamorada | 1.02% | 0.91% | 0.93% | 0.93% | 0.91% |
| Key Colony Beach | 0.97% | 1.05% | 1.05% | 1.03% | 0.99% |
| Key Largo | 0.90% | 0.86% | 0.84% | 0.76% | 0.70% |
| Key West | 0.70% | 0.80% | 0.83% | 0.83% | 0.82% |
| Long Key | 1.11% | 1.02% | 0.93% | 1.03% | 1.11% |
| Marathon | 1.19% | 1.05% | 1.03% | 0.98% | 0.98% |
| Summerland Key | 0.69% | 0.83% | 0.90% | 0.88% | 0.86% |
| Tavernier | 0.89% | 0.91% | 0.95% | 0.94% | 0.90% |
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Real Estate Values in Monroe County
The data from Redfin shows that home prices in Monroe County, Florida have increased significantly from October 2022 to October 2023. The median home price rose from $820,000 to $1.2 million, representing a 43.29% increase. Additionally, the home inventory in Monroe County increased from 769 in October 2022 to 875 in October 2023, indicating that there is an increased demand for housing in the area. This trend is likely to continue in the future, as the demand for housing in Florida continues to rise.
Average Home Value in Monroe County, Florida
Last updated: November 2023
Percent Change in Total Home Sales in Monroe County
Last updated: November 2023
Percent Change in New Home Listings in Monroe County
Last updated: November 2023
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Mortgage Rates in Monroe County
Mortgages in Monroe County are a significant part of the local economy. According to recent statistics, there is a total of $5.9 billion in outstanding loan amounts across home mortgages in Monroe County. This amounts to 15.3 thousand outstanding loans, representing a significant portion of the total home value in the county.
The median mortgage rate in Monroe County varies across cities, ranging from 4% in Key Colony Beach to 5.05% in Cudjoe Key. This variation in rates can have a significant impact on the affordability of mortgages in the county, and can be an important factor for potential home buyers to consider.
Outstanding Mortgages
The table below shows the percentile distribution of outstanding loans on residential properties in Monroe County by city.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Big Pine Key | $49,270 | $129,387 | $256,574 | $406,424 | $543,007 |
| Cudjoe Key | $17,313 | $34,640 | $115,830 | $193,589 | $290,630 |
| Islamorada | $52,920 | $153,193 | $319,612 | $557,699 | $1,012,816 |
| Key Colony Beach | $75,422 | $166,803 | $311,789 | $486,716 | $713,252 |
| Key Largo | $45,382 | $117,571 | $268,463 | $460,162 | $841,517 |
| Key West | $62,179 | $153,246 | $299,989 | $483,425 | $727,139 |
| Long Key | $27,120 | $75,871 | $168,231 | $300,962 | $444,332 |
| Marathon | $49,936 | $141,180 | $273,840 | $485,821 | $730,790 |
| Summerland Key | $63,739 | $177,386 | $328,774 | $500,259 | $699,565 |
| Tavernier | $42,837 | $112,785 | $247,590 | $431,388 | $641,589 |
Mortgage Rates
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of mortgage rates in cities across Monroe County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Big Pine Key | 2.90% | 3.40% | 4.20% | 5.82% | 7.19% |
| Cudjoe Key | 3.10% | 4.04% | 5.05% | 6.69% | 7.73% |
| Islamorada | 2.87% | 3.40% | 4.16% | 6.00% | 7.18% |
| Key Colony Beach | 2.80% | 3.10% | 4.00% | 5.37% | 6.99% |
| Key Largo | 2.90% | 3.40% | 4.17% | 6.00% | 7.43% |
| Key West | 2.90% | 3.43% | 4.20% | 5.88% | 7.27% |
| Long Key | 2.90% | 3.50% | 4.50% | 6.25% | 7.33% |
| Marathon | 2.85% | 3.20% | 4.06% | 5.66% | 7.03% |
| Summerland Key | 2.90% | 3.40% | 4.04% | 5.72% | 7.14% |
| Tavernier | 2.90% | 3.55% | 4.33% | 6.32% | 7.66% |
Housing Expenses in Monroe County, Florida
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