[cuba libre]

Insanity, what we let them get away with...

Key West tax hike is 20 percent

[rusty78]

I always thought the Keys received most of their revenue from tourist's......but I guess that extra income is taking a hit as well with this economy......maybe it is time to have another Tea Party...but this time let's make it the entire country...not just one harbor...

[janetvj]

Even with this 20% increase the Key West real property taxes are ridiculously low when compared to the property tax rates in my area. Key West's new rate is $2.7338 per $1,000 of assessed value, and Baltimore City is $2.268 per $100.00 of assessed value (so $22.68 per $1,000).

Baltimore County is $1.10 per $100 ($11.00 per $1,000).

I know the assessed value of a house in KW compared to a similar house in Baltimore would be higher, but still - that rate sounds like a bargain to me. Plus, if you actually live there, you have the Homestead Exemption.

[mango23]

Originally Posted by cuba libre

Insanity, what we let them get away with...

Key West tax hike is 20 percent

I read it kind of quick but am I the only one who thinks the writer of the article has their math wrong?

[janetvj]

Originally Posted by mango23

I read it kind of quick but am I the only one who thinks the writer of the article has their math wrong?

I didn't pick that up - where is the error? (not that I'm any type of math whiz)

[mango23]

Originally Posted by janetvj

I didn't pick that up - where is the error? (not that I'm any type of math whiz)

I think they have a few decimal points off a little . The tax on a $400,000 home would not be around a $1000.00. It would be closer to $11,000.

[janetvj]

Originally Posted by mango23

I think they have a few decimal points off a little . The tax on a $400,000 home would not be around a $1000.00. It would be closer to $11,000.

How so? For a $400,000 assessed value, if the rate is per $1,000, then you would multiply the rate (2.7338) times 400 (400,000 divided by 1,000). That equals 1,093.52.

[hiknapster]

Originally Posted by mango23

I think they have a few decimal points off a little . The tax on a $400,000 home would not be around a $1000.00. It would be closer to $11,000.

I got the same tax figure as the article, but I'm not a math whiz, either.

You have to move the decimal point over two places.

[mango23]

Originally Posted by hiknapster

I got the same tax figure as the article, but I'm not a math whiz, either.

You have to move the decimal point over two places.

I read it as the millage being 2.7%. 2.7% of $1000.00 is not $2.70 but $27.00. Am I wrong, is it too early in the morning for me to be thinking about this?

[janetvj]

I agree - it is pretty early! I don't know if my math is right either, but I found another article that is using the same calculation:

Key West tax rate may increase - Florida Keys - MiamiHerald.com

It would be interesting to know if this is correct. If so, I think it's a real bargain even with the increase.