33040 Property Tax Rate

Property owners in ZIP code 33040 (Key West, Florida) pay a median of $4,134/year in property taxes on homes valued at $766,400. This translates to an effective tax rate of 0.54%, which is 29% below the Florida state average of 0.76%.

The monthly property tax burden for a median-valued home in 33040 is approximately $345, which factors into escrow payments on mortgages. This ZIP code is located within Monroe County. This is $1,489 more than the Florida average of $2,645/year.

Compared to similar ZIP codes in Florida, 33040 has lower property taxes. ZIP codes with similar effective rates include 32622 (0.54%) and 32962 (0.54%).

In Key West, property taxes represent approximately 5.2% of the median household income of $79,038, providing context for the relative tax burden on homeowners in this area.

Under Florida's Save Our Homes Act, your homestead property's assessed value is capped at 3% annually, but resets to market value upon sale—even at Monroe County's lower effective rate, expect full reassessment to purchase price. Monroe County offers a $25,000 homestead exemption plus an additional $25,000 exemption for non-school taxes; file with the Monroe County Property Appraiser before or just after closing to lock in maximum relief. Submit your homestead application to the Property Appraiser's office in Key West or visit monroepafl.com to verify processing within 30 days of purchase.