When you view your property record card or TRIM notice, you will see the just (market) value, assessed value and taxable value listed. Have you ever wondered what the difference is between these values? Here’s the answer.
- The just (market) value is the value of the parcel as of January 1 of the current year that a willing buyer will pay a willing seller in an unforced, arms-length transaction. Our office determines this value through mass appraisal since we have more than 180,000 parcels to appraise every year. For residential properties, this value is determined by reviewing:
- Nearby comparable sales
- Building permits from building department
- Building material, age of home, location and more
- The assessed value is calculated and is the just (market) value adjusted yearly by the assessment limitation cap.
- The assessment limitation cap for homesteaded properties is the change in the Consumer Price Index (CPI) or 3%, whichever is less.
- The assessment limitation cap for non-homesteaded properties is 10%.
- The taxable value is also calculated and is the assessed value minus any exemptions, such as homestead exemption. Your property taxes are calculated using this value.
- To add in additional terms, Save Our Homes, also known as portability, is the difference between the just (market) value and assessed value. Save Our Homes is the amount you can port or transfer from one Florida homesteaded residence to another within three tax years to decrease your new assessed value. You can find this value by looking at your property record or TRIM notice. If your property is in St. Johns County, you can also call our office, and we can provide this value for you.