Question 1

What is just value for Florida property tax assessment?

Accepted Answer

Just value is the standard used by Florida property appraisers to assess real property for ad valorem (property) tax purposes. Under Section 193.011, Florida Statutes, just value is defined as fair market value: the price at which the property would change hands between a willing buyer and a willing seller, neither being under compulsion. The property appraiser considers eight factors specified by statute: present cash value, the property’s highest and best use (present and future), the property’s location, quantity and size, the cost of the property and replacement value of improvements, the property’s condition, income generated by the property, and the net proceeds of sale.

Question 2

How does just value differ from assessed value and taxable value in Florida?

Accepted Answer

Three distinct values: just value (fair market value as determined by the property appraiser), assessed value (the value used to calculate taxes after applying the Save Our Homes cap or the non-homestead 10% cap; assessed value can be lower than just value if the caps apply), and taxable value (assessed value minus applicable exemptions, such as the homestead exemption of up to $50,000). The tax bill is calculated by multiplying the taxable value by the millage rate. Example: just value $500,000, assessed value $350,000 (Save Our Homes cap applied), taxable value $300,000 ($50,000 homestead exemption), millage rate 18 mills = $5,400 annual tax.

Question 3

How can a Florida property owner challenge a just value assessment?

Accepted Answer

Challenge process: (1) Review the property appraiser’s assessment notice (mailed in August). (2) Contact the property appraiser’s office to discuss the assessment informally. (3) If unresolved, file a petition with the Value Adjustment Board (VAB) by the September deadline (typically 25 days after the assessment notice). (4) Present evidence at the VAB hearing (comparable sales, income data, property condition issues, appraisal reports). (5) The VAB issues a decision. (6) If dissatisfied, file a lawsuit in circuit court within 60 days of the VAB decision. Property owners should bring a recent appraisal, comparable sales data, and documentation of any property defects or conditions that reduce value.

Just Value Assessment: in Florida

Just Value Assessment in Florida

Eight Statutory Factors

Just Value vs. Assessed vs. Taxable

Challenging Assessments

Related Terms

Barnes Walker Property Tax

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