Key West, Monroe County, Florida Property Taxes
Property Taxes in Key West, Florida
Median Key West, Florida effective property tax rate: 0.70%, significantly lower than the national median of 1.02%, and lower than the Florida state median of 1.10%.
Median Key West, Florida home value: $820,411
Median annual Key West, Florida tax bill: $5,109, $2,709 higher than the national median property tax bill of $2,400.
How are property taxes in Monroe County calculated?
Property taxes in Key West, Florida are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Key West's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Key West, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
Key West, Monroe County, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.7%
Estimate Property Tax Bill
$5,743
$5,329
How Does the Key West Property Tax Calculator Work?
Use this Key West property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Key West's median effective tax rate of 0.70% — based on actual property records in Monroe County — to generate your estimate.
Enter your property's estimated assessed value — the figure used to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Key West's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Key West: rates range from 0.70% in 33040 to 0.70% in 33040, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Key West.
About Key West Property Taxes
About Property Taxes in Key West, Monroe, Florida
Key West’s median effective property tax rate of 0.70% is lower than the Monroe County median of 1.10% and lower than the national median of 1.02%. This rate reflects the Monroe County levy, local school district levies, and Municipal Service Benefit Units that can vary across the city.
Property tax rates are not uniform across Key West. Homeowners in ZIP code 33040 carry a median effective rate of 0.70%, and the same ZIP code also has the lowest median rate at 0.70%. That means the city’s tax rate is consistent within the available data, but your assessed value still plays a major role in what you owe.
Key West homeowners who believe their assessed value is too high can file a formal appeal with the Monroe County Property Appraiser before the September 15, 2026 deadline each year.
If your estimated bill seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Key West, Monroe County, Florida
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because 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 Key West's effective property tax rate to other cities in Florida and the median property tax rates in Florida and the U.S.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Key West Tax Rate
0.70%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Monroe County Tax Rate
0.72%
Median Effective Florida Tax Rate
1.10%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Key West, Monroe County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33040 | 0.31% | 0.49% | 0.70% | 0.80% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Key West, Monroe County, Florida
When examining property taxes in Key West, Florida, understanding the distinction between "market value" and "assessed value" is crucial.
The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Monroe County property appraiser estimates the market value for tax purposes.
The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices:
In Monroe County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of August.
Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Key West.
For example, the median home price in Key West is $820,411, with tax bills ranging significantly across the county. 33040 has the highest median home price at $820,441.
Property Tax Assessment Values Across Key West, Monroe County, Florida
Source: Ownwell
$365,490
$1,120,322
$1,875,153
Median Key West Market Value
$820,411
Median Monroe County Market Value
$784,940
Median Florida Market Value
$310,033
Median United States Market Value
$235,294
Property Tax Assessment Values Across Key West, Monroe County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33040 | $375,196 | $568,888 | $820,441 | $1,259,724 | $1,905,377 |
Source: Ownwell
Property Tax Bills Across Key West, Monroe County, Florida
Property tax bills in Key West are based on the assessed value of a home, which is then multiplied by the local tax rate. When a property’s market value rises, the assessed value can increase as well, which may lead to a higher tax bill. For homeowners, this means taxes are tied closely to local real estate conditions, not just the size or age of the home.
In Key West, the median home price is $820,411, and the median property tax bill is $5,109 in ZIP code 33040. That figure is above the national median property tax bill of $2,400 and reflects the area’s higher home values. Tax bills can vary widely, with the 25th percentile at $3,243, the 75th percentile at $7,855, and the 90th percentile at $12,358. For homeowners, this can mean a significant annual expense, especially when assessed values climb faster than expected.
Median Key West Tax Bill
$5,109
Median Monroe County Tax Bill
$5,260
Median Florida Tax Bill
$3,263
Median United States Tax Bill
$2,400
Property Tax Bills Across Key West, Monroe County, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33040 | $1,958 | $3,243 | $5,109 | $7,856 | $12,359 |
Source: Ownwell
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 15 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| Monroe Property Appraiser | |
| Website | qpublic.schneidercorp.com |