CPA & Accounting Firms in Key West, Florida

Key West

Widely known as the southernmost city in the United States, Key West is a beautiful island community that rests at the very south of Route 1, which nearly runs all the way to the Canadian border near Maine. Key West belongs to the Florida Keys archipelago, which lies at the very southern tip of Florida and is only 90 miles north of Cuba.

With the motto “One Human Family,” Key West is a tourist’s paradise; nearly two and a half million tourists visit Key West each year, made up of 75% of domestic travelers for leisure. Key West itself dedicates 54% of its workforce to the tourism industry alone.

Key West is serviced by the Duval Loop, a form of free public transit that services the central city from 6:00 AM to 10:00 PM. Buses run every 15 minutes to every half hour.

Housing in Key West

Key West is home to fantastic neighborhoods. Some important areas in and around the city include Bahama Village, Big Pine & Lower Keys, Old Town, Marathon, Sunset Key, Key Largo, and Sugarloaf Key.

The average cost of a house in Key West is ~$680,000, with an expected rise to ~$690,000 in the next few years. Buying a home in Key West may be a wise investment at this time, as prices are looking to increase over the next 12 months.

Living in Monroe County is markedly more expensive than some other areas in Florida. If you were living alone, your annual budget would look to be about ~$46,000. Compare this to living in Miami, which comes to ~$37,000, over $10,000 more annually. Key West is a beautiful destination spot for many travelers and leisure-seekers, so it comes as no surprise that amenities and housing could cost more. Add two adults and two children compared with Miami-Dade, and you’ll be paying over $20,000 more in Monroe County. Key West is more affordable if you don’t have a large family.

Taxes in Key West

The average county tax rate, based on Monroe county, is 0.693%. Property taxes come in at $1,733. The property taxes in Monroe County are significantly lower than that of both Florida as a whole and the entire United States. Florida’s tax rate is $2,450, and the nation’s is $2,700.

The sales tax in Key West is 1.5% and combined with Florida’s sales tax of 6%. This totals 7.5%.

Useful Links

• Key West Housing Market
• Florida Income Tax Calculator
• Key West Official Travel Site
• Key West Permits
• Key West Financial Department Showing annual financial rates and records
• Duval Loop