Monroe County, FL Property Tax
Monroe County, Florida residents pay .53% of their home’s value in property taxes.
Written by Lynell Spencer
Reviewed by Melanie Reiff
Residents of Monroe County,
Florida
pay 0.53% of their home’s value for property taxes. This tax rate is significantly higher than the national average. As Florida’s property values have increased in the past five years, so have the property taxes. Monroe County is one of the most expensive in Florida. Right next door, Miami-Dade County comes in with the most expensive property tax rates in the state.
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Property tax 101
Property taxes are a type of “
ad-valorem
” tax—which means they’re based on the assessed value of real property (your home and the land it is built on) and some tangible personal property, such as boats or cars.No matter where you live in the United States, owning a home means that you will pay some amount of property tax each year, based on the value of your property and the current tax rate of the county you live in.
Property taxes are levied by local governments and help pay for a variety of needs in your immediate town or county like emergency services, infrastructure, education, and recreation areas.
MORE:Is car insurance tax deductible?
What is the property tax rate in Monroe County?
In Monroe County, residents pay 0.53% of their home’s value for property insurance. This works out to about $2,673 per year for a home at the median value of $503,900.
Based on the average income in Monroe County, residents pay just over 4% of their annual income for their property tax. If this seems like a lot, it is. Monroe County has higer property taxes than 70% of the counties in the country.
How Monroe County property taxes are determined
In Monroe County, property tax is assessed annually in this manner:
- The property assessor determines the value of your property (which includes the land, buildings, fixtures, and improvements to the land) yearly.
- The Board of County Commissioners and other levying bodies set the millage rates, which determine the property tax rate.
- Using these figures, the Property Appraiser prepares the tax roll.
- The tax roll is then certified by the Tax Collector who prints and mails the tax notices to the owner’s last address of record.
Once taxes are assessed, they must be paid between November 1st and March 31st for the prior year. You can save money when paying your poetry tax by submitting them early—a 4% discount if you pay in November, down to a 1% discount if you pay in February.
What do Monroe County property taxes pay for?
In Monroe County, your property taxes are used to:
- Pay salaries and buy equipment for firemen, police officers, and EMTs
- Build, repair, and maintain schools, parks, and cemeteries
- Maintain roads
- Support public libraries
- Fund local education
- Pay local government salaries
How to pay property taxes in Monroe County
The first thing to know is that you should receive your tax bill in the mail by the second week of November. If you do not receive it, you are still liable for the amount due. If you haven’t gotten a bill, contact your tax collector’s office.
Once you have your bill, here are the ways you can pay:
There are options to arrange for split and installment payments, but don’t wait—not only are there fees associated with a payment plan, but you will also pay more if your payment is delinquent or if a check bounces, so make arrangements early.
How to save money on homeowners and car insurance in Monroe County, Florida
Taxes are one of the necessary evils of homeownership. Knowing that your taxes are used to help your community improve and function can help lessen the blow, but it isn’t something people love spending their money on.
The same can be said of homeowners insurance, but fortunately, you have some control over the cost of insuring your property. Some people save money by bundling home and auto insurance, or by shopping around for discounts and incentives.
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When are property taxes due in Monroe County?
Property taxes in Monroe County can be paid from November 1st through March 31st. On April 1st, your payment is considered delinquent and subject to penalties and fees.
How do I get my Monroe County property tax statement?
You can use the
Monroe County website
to find your tax bill if it hasn’t arrived by mail between November 1st and November 15th.Are property taxes high in Monroe County?
While Monroe County does not have the highest property taxes in the state, they are still on the high side. And compared to the national average, they are in the top 1/3 of the country for high property tax.
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