Monroe County commissioners approved a $715.7 million spending plan for the 2025 fiscal year — a $48.7 million increase from the previous year — during a recent budget hearing in Key Largo.
With the finalized budget and countywide average property values, a homesteaded residential property owner with an average appraised taxable value of $500,777.90 will see a $2.54 monthly increase for countywide services in their property tax for the upcoming fiscal year. Of the total taxable value in Monroe County, 20% is from homesteaded properties.
Non-homesteaded residential properties, with an average taxable value of $922,891.20, make up 59% of the taxable value. Non-homesteaded properties would see a $17 per month increase. Commercial property and vacant land represent 17% and 4% of taxable value, respectively.
Property values continue to increase in Monroe County, with a total taxable value of $46.2 billion, another historic high. Property values have doubled in the past eight years, and rose 10.6% percent compared to last year.
Of the total budget, $156 million is ad valorem (or from property taxes); 70.8 percent of the ad valorem tax funds public safety (like law enforcement, fire rescue, detention centers, medical examiner, and the health department), and 22.2 percent funds the constitutional officers’ operating costs.
Some notable increases reflect rises in prices for vendor contracts, fuel, supplies, personnel costs and property insurance.
“The total ad valorem tax levy funds everything it takes to run this county from personnel, police, fire rescue, electric in county buildings, parks and beach improvements, children, senior and Veterans services, trash collection, and more,” said Assistant County Administrator Kevin Wilson. “The rest of the budget is funded by sales tax, state shared revenues, license and permit fees, fines and forfeitures, and service charges.”
Per county officials, 12 full-time vacant staff positions were eliminated from the budget, a savings of $1.3 million. The approved spending plan also includes more than $2.2 million for 30 community-based nonprofit organizations.
County officials say the budget also reflects continued investment in roads and bridges, resilience adaptation, facilities and public safety, including funding for the three new Trauma Star helicopters (spread out over several years). Funds were also included for operational costs of the new Emergency Operations Center, 24 firefighters who have been paid through a Safer Grant for the past three years. The budget also will fund a new Sugarloaf Fire Station, a replacement fire truck, ambulance and the addition of two new fire rescue boats.