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Calculate 2006 Real Estate Taxes
Monroe County, Florida

To calculate Monroe County Property Taxes enter your estimated purchase price, assessed value or taxable value and click Calculate Estimated Taxes button. Scroll down the table to your desired location.

Purchase Price, Appraised Value or Taxable Value of property: 


Do not use $ , . (Example 250000)

Estimated Property Tax by Taxing District
The tax values in this form do not take into account
homestead exemption, save our homes or any non ad valorm assessments
Lower Keys
LOCATION TAXING
DIST
2006
MILLAGE
TAXES
Key West City Limits 10KW, 11KW, 12KW 9.1728
Key Haven 100A 8.4283
Stock Island 110A 8.7083
Boca Chica - Big Coppitt - Geiger Key - Rockland Key 100B 8.7083
Shark Key 110B 8.4283
Pt of Saddlebunch Key- Sugarloaf Key - Park Key - Cudjoe Key 100C 8.7083
Baypoint Key - Saddlebunch Key (So. of US1) 110C 8.5783
Summerland - Ramrod - Tourches - Big Pine - Ohio Key 100H 8.4283
No Name Key 110H 8.4283
Middle Keys
City of Marathon with No Little Venice Waste Water District Service Area 50CM 8.6590
City of Marathon Little Venice Waste Water District Service Area Only 51CM 8.6590
Key Colony 50KC 8.1067
City of Layton 50LA 9.0945
Grassy Key - Tom's Harbor - Duck Key Key
(Less Indies Island Plat)
500D 8.7083
Conch Key 510D 8.7083
Duck Key Indies Island Plat (Hawk's Cay) 520D 8.4283
Long Key 500L 8.7083
Upper Keys
Craig Key 500I 8.4283
Islamorada Village of Islands
(
All of Matecumbe - Windley Key - Plantation Key - Tea Table Key)
50VI 8.8194
Tavernier - Southwest Part of Key Largo from Tavernier Creek Bridge to South Bay Harbor Dr. and Lobster Ln. 500P 8.6895
Pt of Key Largo from South Bay Harbor Dr. and Lobster Ln. to the Southern Boundary of the intersection of the right-of-way of County Roads 905 and 905A, plus Cross Key 500K 8.3181
Ocean Reef 500R 7.3032
Mainland
Big Cypress Basin 500C 7.1327
Pt of Everglades 500F 7.3032
Pt of Everglades 500S 6.6062
Offshore Islands
Offshore Islands - Excluding the City of Marathon Islands 5000 7.3032

The above amounts are estimates only.  The actual amount of property tax to be paid will depend on the
actual millage rates, taxable value of the property, homestead and other exemptions, and
factors which may be utilized by the taxing authority in which the property is located.

 

 

 

 

FLORIDA PROPERTY ASSESSMENT 

HOW THE STATE OF FLORIDA AND MONROE COUNTY
DETERMINES PROPERTY VALUES

       This article is a general synopsis of appraisal techniques used in Monroe County, Florida and does not address each and every detail of appraisal practices.
                                                                               Dated March 22, 2006

                                                                  
Researched and assembled by Bill Cormack, C.F.E.

Disclaimer: This article is written for informational purposes only and should not be relied upon as legal advice. All critical information should be independently verified. The author makes no representation or guarantee as to the correctness or suitability of the information provided. The information provided may change at any time without notice. Specific legal advice should be obtained which will be responsive to the circumstances of the individual requiring it.

All cities and towns in the State of Florida assess the value of real property using a Mass Appraisal system. This system is a broad approach to predicting the value of properties that did not sell using the information collected about the properties that did sell. It is the application of a small database of information (the sold properties) to a large database of properties (the unsold properties).

As defined by the State Department of Revenue (DOR), Mass Appraisal is the use of standardized procedures for collecting data and appraising property to ensure that all properties within a municipality are valued uniformly and equitably. Mass Appraisal is the process of valuing all properties as of a given valuation date (January 1st) using common data, a standardized procedure, and statistical testing. Unlike individual fee appraisal, which is intended to derive the market value of a single property, the goal of Mass Appraisal is to bring all properties to their full and fair market value, whether properties have sold recently or not, and thus to achieve equity among all property values.

The DOR requires Property Appraisers to revalue all properties every year for certification according to specific requirements set by the DOR using state stature 193.011 “Factors to consider in deriving just valuation”. The results of the revaluation process must meet statistical standards defined by the DOR, but the methods used to achieve the results are largely within the jurisdiction of the Appraiser’s Office. The DOR requires the Appraiser’s Office to visit every property every three years. Due to rapid changes in the real estate market, the Appraiser’s Office visits every sold property in the year of its sale. Waiting three years between visits leads to large adjustments as experienced in past years, whereas visiting every year results in smaller increments of change.

Mass Appraisal is defined as all properties in the County including single family homes (including mobile homes), multi-family homes, condominiums, apartments, vacant land, commercial properties, industrial properties, and mixed-use properties. The process described in this document mostly addresses the mass appraisal of single family homes, multi-family homes and condominiums.

The valuation date for assessment is January 1st of the tax roll year, and the valuation reflects market values for the year prior to the valuation date. For example, the assessment date for the 2006 tax roll is January 1, 2006, using actual data of properties that sold between January 1, 2005 and December 31, 2005.

The standardized procedure followed for determining full and fair market value involves using a model, defining parameters, and performing iterations of statistical analysis to validate the model results. To accomplish this, a sales database is created each year containing information about the sales that occurred in the year prior to the valuation date. This is the small database of information (the sold properties) which will be applied to the large database of properties (the unsold properties). The sales database is used to establish the criteria for applying the characteristics of sold properties to the unsold properties. The standardized procedure used is the following:

  1. Create the Sales Analysis database: This is the data collection and verification stage. Actual sales of properties for twelve months prior to the valuation date are collected. Deeds for each sale are reviewed from the Clerk of Courts Deeds Division. Attempts are made to gather any information about financing arrangements, types of transactions, and any special circumstances around each sale. A Confidential sales questionnaire is sent to the buyer of the property, the buyer or seller are sometimes contacted in person or by telephone, and third party sources, such as real estate brokers, contribute information about the sale. Sold properties are inspected in the year of the sale. Property card adjustments are made if necessary. At this point, the new assessment value for a sold property is set by the Property Appraiser, The percentage of assessed values of all sale properties should be in the middle of the range of selling prices for similar properties in that data set, and that medium value should be approximately 85% of the sale set.

     
  2. Validate the sales: All sales which are considered and verified. "Qualified sales" are those that conform to specific criteria set forth by the DOR. These sales are called arms-length sales and must be between a willing buyer and a willing seller with no unusual circumstances. Any sales that do not represent the market are not considered valid to use in the model, as they may cause errors in the results. Such sales are disqualified from the analysis. There are numerous non arms-length codes used by the DOR to identify a sale that can not be considered part of the sales database. Some of these include sales between members of the same family, sale of property substantially changed after the assessment date but before the sale, sales resulting from court orders, foreclosure auctions, or bankruptcy, etc.

     
  3. Verify that the sales meet the Department of Revenue requirements: The DOR requires that the sales database contain transactions that represent at least sales in each class (single family, condo, etc.). If there are only a few sales, then more than 12 months of sales should be used, or the use of adjacent neighborhood sales. If such sales are included in the analysis, they may be "time adjusted" to reflect the value of the sale within the 12 month valuation period. For example, in a rising market, a sale which occurred months before the valuation period will be time adjusted UP, and a sales which occurred after the valuation period (within a couple months) will be time adjusted DOWN.

    Begin the statistical analysis by stratifying the sales: The sales data is analyzed by grouping sales into specific categories and computing measures of assessment level and uniformity. There are two calculations required by the DOR called the LOA (which measures the level of assessment or sales ratio)and the COD (Coefficient of Dispersion, which measures assessment uniformity). Each must fall within specified ranges for each class of property.

The LOA is the median assessment of the sales ratio, and it measures actual differences between new assessments and sale prices. For all classes of property, the median assessment to sales ratio must be between 90% and 110%.

The COD is the coefficient of dispersion that occurs around the median assessment to sales ratio, and it measures the deviation between the new assessments and the sale prices. For single family homes and condominiums, the coefficient of dispersion should be less than 15%.

The grouped sales, called "stratifications", report the median assessment to sales ratio and the coefficient of dispersion for each sale in each category. The categories are: land use (single family, multi-family, condo, etc.), neighborhood (location in the county), actual year the house was built, lot size, and house size. Two other reports called price quartiles and date quartiles show the median assessment to sales ratio and the coefficient of dispersion grouped by the sale price and the sale date.

Each stratification report is intended to provide a different perspective of the same data, thus revealing discrepancies that require correction. If the LOA and COD values exceed the values required by the DOR, then this must be corrected.

  1. Bring the LOA and the COD into compliance with the DOR: To bring the new assessed values of sold properties closer to the sales prices of those properties, and thus achieve smaller ranges of LOA and COD values, factors are changed in the sales database. There are many factors which can be adjusted to correct the assessments. Some apply to all properties and others are property specific. The most dominant factors are the location of the property and the style or quality of the house.

Location: Neighborhoods have been adapted over time to reflect market changes. Periodically, the neighborhood boundaries are reviewed and modified if necessary. Each neighborhood has assigned land codes that reflect the land value for the basic house lot in that particular neighborhood. Sales in particular neighborhoods, when taken in the context of all characteristics of that neighborhood, contribute to the value of the land. As the stratification reports are run, and median assessment to sales ratios and the coefficients of dispersion are reviewed, the value of the land is evaluated and modified if necessary. In general, in most of Monroe County, land contributes value to the property as follows (excluding Key West). Dry lots 40% – 45%, canal lots 45% - 50%, water front and water view lots 50% - 60%. When changing the value of the land for the sold properties in a particular neighborhood does not improve the LOA and the COD sufficiently, and this factor does not cause the LOA and the COD to vary beyond current ranges in this stratifications, then this means the value for that particular neighborhood has either risen or fallen, and the change to the neighborhood Market Adjustment factor may correct this.

Market Adjustment: Existing Market Adjustment controls only affect residential structures in the current valuation computer system. (Land, Miscellaneous and commercial properties are not affected by Market Adjustments). A Market Adjustment is a percentage factor applied to a neighborhood to adjust the value of all residential properties up or down.

House Style: The style of the house has an associated base rate per square foot assigned to it, which is used to adjust its value. Depending on sales, these base rates can change, and therefore are reviewed and adjusted each year as part of the sales analysis. If the base rate for a particular house style is changed, and all other stratifications maintain median assessment to sales ratios and coefficients of dispersion values within acceptable ranges, then such a change to the base rate can be considered a valid correction to the sales database.

Valuation of land: A property assessment is the sum of the land value, miscellaneous value and the structures value. The land value is determined either by land-only sales or by the "land residual method". The structures value is determined by cost tables adjusted for Monroe County and by weighted measures such as the construction grade of the house or how well it has been maintained, etc.

Land Only Sales: Determining the value of land is straightforward when a sale occurs which had no structures on it. That sale can be considered representative of the land value for properties in the neighborhood in which it is located. Properties where the structures are removed after the sale require additional information and judgment to determine the land value, and this may involve further study of trends and restrictions in the neighborhood in which the sale occurred.

Land Residual Method: In Monroe County, where few land sales occur each year, a method called "land residual" is also used to determine land values. This method extracts the value of the land from the total property value by subtracting the value of the structures and miscellaneous items from the total sale price. The remaining value is considered the land only value.

Land Size or Use: The land sales are used to set the price per square foot, per acre, per lot, etc., for each land use category. Land size also determines the discounts for parcels that are smaller or larger than the average lot size where the property is located.

  1. Use the model iteratively, adjusting factors as necessary: At this stage three principle parameters (neighborhood market adjustments, house style base rate, and land price) are being analyzed and adjusted. Examples of other factors that may be changed are the effective age, the condition factor of the house, and the construction grade of the structures. Even factors such as bedroom and bathroom count, interior wall material, building sub area sizes, outbuilding values, can all be changed to explain why a property sold for a particular price. Each time a new value for a factor is tried, another series of iterations is run. All stratifications must yield the required range values for median assessment to sales ratios and coefficients of dispersion.
     
  2. Run the final stratification: No matter how the data is divided, the adjustment of the selected factors should be arriving at the known sales price. The resulting analysis will show an approximately equal median assessment to sales ratio and coefficient of dispersion through all stratifications of the sales analysis database. At this point, the DOR requirements for certification have been met – the LOA is approximately 85% and the COD is less than 15%.
     
  3. Apply the sales analysis database to the entire universe of properties: The more carefully the sales data was researched and refined in each of the previous steps of this process, the better the model can predict the new assessment values of the unsold properties. It is time to apply the characteristics defined in the sold properties to the values of the unsold properties.

At this point, the Mass Appraisal process is over and the preliminary assessment data is reviewed by the Appraisal Supervisor. Once approved, the final tax roll is submitted to the Department of Revenue. The proposed property values are mailed to all residents and the public review process begins.

Note: Information presented here can be found in more detail in several publications from the Florida Department of Revenue, Property Tax Administration and Florida Administrative Code index publications. These publications are available from the Department of Revenue.
IAAO (International Association of Assessing Officers) textbook.
Also used was other publications and general public information.

COD - Coefficient of Dispersion
DOR - Department of Revenue
LOA - Level of Assessment


 


 

Truth In Millage (TRIM) - Notice of Proposed Assessment

 

The Truth in Millage (TRIM) Notice, also known as Notice of Proposed Assessment, is a very important notice. It tells you last year's market value, this year's market value as of January 1, and this year's assessed value. The market value column is our office's opinion of what a willing buyer would have paid a willing seller for the property as of last January 1 based on market sales. 

If the property shown on the TRIM notice is not your Homestead, then the columns for "market value" and "assessed value" will be the same. If the property has a classified use value, such as for agriculture, the assessed value column is its classified use value. (Even when the market value shown is higher than your estimate of your property's market value as of January 1, the tax bill for Homestead property will still be based on the CPI increase over last year's assessed value. See Important note below*.) The mailing of the TRIM Notice begins the 25 day appeal period. If no changes are made, your November tax bill will be based on the figure shown in the assessed value box.

All the exemptions granted to your property are shown in the box marked "Exemptions". If you bought this property during the current calendar year, and your seller qualified for exemptions, the exemptions shown are those that your seller was granted. These exemptions and homestead cap, if applicable, will be removed for the next year. You must apply for your own exemption!  If you bought this property during the previous calendar year and you applied for exemptions for the current tax year and none are shown in the "Exemptions" box, you should contact the Property Appraiser's Office immediately to find out whether there is a problem with your exemption(s).

Each county has several taxing bodies. All taxing bodies must hold public hearings before setting their rates. The dates, times and places of these hearings are shown in the fourth column of your TRIM notice, along with the telephone numbers. 

*Important: By the 1992 Amendment to the Florida Constitution, passed by the voters, known as Amendment 10 - Save Our Homes, the assessed value of your Homestead property can increase no more than 3%, (or the consumer price index (CPI) - whichever is less), over last year's assessed value. The Department of Revenue certifies a consumer price index, then notifies the assessor's office of the official rate.

To give you an example: If your Homestead property was assessed at $100,000 last year and it's market value has increased to $125,000 this year, your maximum current year assessed value can only increase by the official CPI rate, (as listed above, 3% or less). The market value indicates a higher rate of increase in value, but the Homestead property's assessed value increase rate is capped. The increase can be no more than 3% over the previous year's assessed value.

There are only a few ways in which a homestead property assessment can increase more than the 3% (or the CPI). One of these is when there are improvements to your property which were not reflected in the previous year's assessment. (Contact the Appraiser's Office if you have a specific question.)

Remember! When there is a change in ownership, the assessed value will be brought up to the market value.

 2007 Consumer Price Index (CPI) - To figure the 2007 Assessed Value of a homesteaded property, multiply the 2006 Assessed Value by the 2007 rate of 2.50%.

The official CPI for 2007, used for calculating the Amendment 10 CAP, is 2.50%
2006 CPI - 3.00%
2005 CPI - 3.00%
2004 CPI - 1.90% 
2003 CPI - 2.40%
2002 CPI - 1.60%
2001 CPI - 3.00%

THE PROPERTY APPRAISER'S OFFICE IS RESPONSIBLE ONLY FOR THE MARKET VALUE OF YOUR PROPERTY.   By the Florida Constitution and Statutes, this is the amount a willing buyer, (one who did not have to buy the property) would pay a willing seller (one who did not have to sell) as of last January 1.
The Property Appraiser does not set the tax rate nor collect the taxes.

 

 

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