Buying Key West Real Estate - Property tax

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Florida Keys Property Tax

The residential property tax laws in Florida are written in a way that protects homeowners from increases in their taxes when property values rise rapidly. This means that it is useless, however, to look at past tax records in order to estimate your taxes on a property you are considering buying.

Property taxes in Florida are lower than some states and higher than others.

However, a recent article noted that when you include all forms of tax, on average, Florida takes less than all but about 6 states.

When figuring monthly total payments for housing, the following formula can be used to roughly estimate residential property taxes portion:

Example

Selling Price
$500,000
Multiply by 92%
x .92
 
_______
 
$460,000
Multiply by the Millage rate from below
x .0123
 
_______
Estimated Property Tax
$ 5658

In Florida , add about $500 per year to this calculation if this won't be your "primary" residence.

This is your estimated ANNUAL property tax. For monthly, divide by 12.

Estimated Florida Keys 2006 Millages

Monroe County .0123 (most islands not listed below)
Islamorada .01083
Key West .0131808

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Key West Real Estate Company - Naomi Van Steelandt, Broker
1075 Duval Street, C-19 ~ Key West, FL 33040
305-587-1180 | Email us: nvs@bellsouth.net

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