Data Analysis
The median Florida Keys house for sale showed a $7,870 property tax bill on November 5, 2026, about $5,770 below what Monroe County's average rate implies at its $1,650,000 asking price.
251 of 678 Keys house listings showed a seller's tax bill under half the full-value figure; for condos it was 11 of 160.
On November 5, 2026, the median single-family house for sale in Monroe County asked $1,650,000 and showed a 2025 property tax bill of $7,870, or 0.53 percent of the asking price. At the county's average rate of about 8.82 mills, a bill assessed at that price would be about $14,550 before exemptions, a median gap of $5,770 a year. 251 of 678 houses with a 2025 or 2026 tax line, 37 percent, showed a bill below half of that full-value figure. Condos were different: only 11 of 160, or 7 percent, did. All MLS figures are ours, computed from Florida Keys MLS records.
Monroe's rate is among the lowest of any Florida county, so nearly every Keys listing shows a bill under 1 percent of price. That makes the listed number easy to misread. A buyer's bill is set on a new assessment near the purchase price, and on November 3 voters approved Amendment 3, which changes the homestead side starting in 2027. Recent Keys coverage includes mobile homes, new construction and building rights and the Citizens flood requirement. Monthly figures are on the Florida Keys market data hub.
Why does a Keys listing understate a buyer's tax bill?
Under Florida's Save Our Homes rule, a homesteaded property's assessed value can rise no more than 3 percent a year or the inflation rate, whichever is lower. Section 193.155 of the Florida Statutes resets the assessment to just value on the January 1 after a change of ownership. A long-held Keys house can carry an assessment far below its price. A buyer's first full bill starts from the new assessment.
Our Monroe County property tax calculator uses about 8.82 mills for 2025-26, a Florida TaxWatch county average. The Monroe homestead exemption guide values today's exemption at about $348 a year.
How big is the gap for each type of home?
| Type (active listings with a 2025 or 2026 tax line) | Listings | Median asking price | Median listed tax bill | Bill as share of price | Under half of full-value bill |
|---|---|---|---|---|---|
| Single-family houses | 678 | $1,650,000 | $7,870 | 0.53% | 37% |
| Duplexes | 35 | $1,225,000 | $7,059 | 0.63% | 11% |
| Half duplexes | 29 | $875,000 | $6,601 | 0.70% | 0% |
| Townhomes | 84 | $854,500 | $6,038 | 0.71% | 13% |
| Condos | 160 | $677,000 | $4,801 | 0.72% | 7% |
| Mobile homes | 90 | $422,000 | $2,866 | 0.69% | 8% |
Source: Momentum Research, computed from Florida Keys MLS records, Monroe County active listings, snapshot November 5, 2026. Listed tax bill is the seller's annual amount as reported on the listing. Deemed reliable but not guaranteed.
Condos, townhomes and mobile homes showed bills close to a full-value figure. Many of those are second homes or rentals with no homestead cap, so their assessments already track the market more closely.
Where in the Keys is the gap largest?
| Area (single-family) | Active with tax line | In contract | Median asking price | Median listed tax bill | Under half |
|---|---|---|---|---|---|
| Key Largo | 150 | 19 | $1,225,000 | $5,974 | 39% |
| Key West | 121 | 21 | $1,929,000 | $9,395 | 35% |
| Marathon | 89 | 17 | $2,100,000 | $10,302 | 40% |
| Big Pine Key | 63 | 10 | $899,000 | $6,153 | 19% |
| Plantation Key | 46 | 7 | $2,997,000 | $13,700 | 48% |
| Summerland Key | 22 | 4 | $2,207,500 | $8,308 | 41% |
| Cudjoe Key | 21 | 6 | $1,799,000 | $7,791 | 43% |
Source: Momentum Research, Florida Keys MLS records, snapshot November 5, 2026. Area follows the listing city. In contract counts pending and active under contract houses. Deemed reliable but not guaranteed.
Plantation Key showed the largest share of houses with a bill under half the full-value figure, 48 percent, with a median gap near $13,650. Big Pine Key, where the median ask was under $900,000, showed the smallest, 19 percent.
Does the gap grow with price?
| House asking price | Active | In contract | Listings per contract | Bill as share of price | Under half |
|---|---|---|---|---|---|
| $400,000 to $599,999 | 26 | 4 | 6.5 | 0.76% | 12% |
| $600,000 to $999,999 | 201 | 35 | 5.7 | 0.67% | 26% |
| $1 million to $1,999,999 | 204 | 32 | 6.4 | 0.54% | 26% |
| $2 million and up | 311 | 43 | 7.2 | 0.43% | 54% |
Source: Momentum Research, Florida Keys MLS records, snapshot November 5, 2026. Only two houses were listed under $400,000. Share columns use listings with a 2025 or 2026 tax line. Deemed reliable but not guaranteed.
At $2 million and up, more than half the houses showed a bill under half the full-value figure, with a median gap near $15,800. New construction needs its own check: the 103 houses flagged as new showed a median bill of 0.33 percent of a $2,950,000 median ask, because a new house is often taxed on the lot until the January 1 after it is finished.
What does Amendment 3 change for a Keys buyer?
Amendment 3 raises the homestead exemption from non-school taxes from $50,000 to $150,000 on January 1, 2027, and to $250,000 in 2028. School taxes keep the $25,000 exemption. Because Monroe's rate is low, the dollar effect is smaller than in most counties. Using our calculator's estimated school and non-school split, a homesteaded buyer at the $1,650,000 median house price would owe about $14,200 on 2026 rules, about $13,700 on 2027 rules and about $13,200 on 2028 rules, all well above the median seller's listed $7,870. Second homes get no homestead exemption, though the amendment lowers their yearly non-school assessment cap from 10 percent to 5 percent. Buyers who become Florida residents after December 31, 2026 wait five years for the larger exemption. Details are in our Amendment 3 passed guide and Amendment 3 calculator.
What does this mean for buyers and sellers?
For buyers, budget taxes from the price you expect to pay, then add insurance and flood coverage, which in the Keys often cost more than the tax bill. Our Florida property tax calculator handles the tax side. For sellers, a buyer's lender escrows taxes on the new assessment, so your own bill is a poor guide to the next owner's monthly cost. Monthly pace is in our Florida Keys Market Pulse.
People also ask
What is the property tax rate in Monroe County?
About 8.82 mills for 2025-26, or 0.88 percent of taxable value, based on the Florida TaxWatch county average used in our Monroe calculator. Levies vary by city and special district.
Why are taxes on Florida Keys listings so low?
The county rate is low, and many sellers have owned for years under the Save Our Homes cap. On November 5, 2026, 37 percent of Keys house listings showed a bill under half the full-value figure at the asking price.
How much are property taxes on a $1.65 million house in the Keys?
At the county average rate, about $14,550 a year before exemptions, or about $14,200 with today's homestead exemption. The median listing at that price showed $7,870.
Limitations
Tax amounts are entered on each listing and can be incomplete or out of date; listings without a 2025 or 2026 tax amount, listings under $50,000 and amounts above 6 percent of price are excluded. The full-value estimate uses one county average rate, and the school and non-school split behind the Amendment 3 figures is our estimate, not the adopted school rate. Non-ad valorem assessments and city levies are not included. Amendment 3 results are unofficial until certified, and the estimates hold rates unchanged. This is a live snapshot of Florida Keys MLS records. Nothing here is tax or legal advice; the Monroe County Property Appraiser and Tax Collector set actual bills.
Sources
- Momentum Research, computed from Florida Keys MLS records, Monroe County active and in-contract listings, snapshot November 5, 2026. Information is deemed reliable but is not guaranteed by the MLS to be accurate.
- Florida Statutes, section 193.155 (homestead assessment limit and change of ownership).
- Florida TaxWatch 2025 county average millage, as used in our Monroe County property tax calculator.
- Amendment 3 (CS/HJR 1F) terms and unofficial result, as summarized in our Amendment 3 passed guide.
Disclosure: Jon Brooks is a co-founder of Momentum Realty, a Florida real estate brokerage that owns and funds Florida Housing Intelligence. Momentum has a financial interest in Florida real estate transactions, including in markets named here. See our editorial standards.
Market statistics in this article are computed from MLS data licensed by Momentum Realty, and are current as of the date shown. Data may be preliminary and subject to revision by its source. This article is general information, not advice about any specific property, transaction, or financial decision, and is not a representation about any specific property, community, builder, or association.
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