Ramrod Key, Monroe County, Florida Property Taxes

Local government entities set tax rates, which can vary widely within a state. The reason for this variation is that annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

Below, you can compare Ramrod Key’s effective property tax rate to other cities in Florida and the median property tax rates in Florida and the U.S. Ramrod Key, located in Monroe County, boasts a property tax rate of 0.73%, which is below both the national median property tax rate of 1.02% and the national median property tax bill of $2400. This makes Ramrod Key an attractive location for property owners seeking lower tax obligations compared to other regions. Understanding these differences can be crucial for homeowners and potential buyers looking to make informed decisions about property investments in Florida.

In Ramrod Key, located in Monroe County, Florida, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county property appraiser, who considers factors such as market conditions, property size, and improvements. With a median home price of $2,109,676, property tax bills can be significant. For instance, the 25th percentile tax bill is $8,445, while the 75th percentile reaches $16,477, and the 90th percentile is $18,887. These figures highlight a substantial financial burden compared to the national median property tax bill of $2,400.

Homeowners in Ramrod Key can benefit from Ownwell's services, which specialize in property tax appeals and exemptions. By leveraging expertise and local market knowledge, Ownwell helps homeowners identify potential over-assessments and secure reductions in their tax bills. This can lead to considerable savings, easing the financial strain of high property taxes. With Ownwell's assistance, homeowners can ensure they are not overpaying on their property taxes.