Why are just value, assessed value and taxable value different?
The short answer
Just value is the Property Appraiser's estimate of market value for assessment purposes. Assessment limits can reduce that to assessed value; applicable exemptions then reduce assessed value to taxable value.
What this means for a buyer
A home's market value and the value used to calculate taxes can be different. The seller's assessment benefits do not automatically become yours, and your purchase price is not a guaranteed assessment. Florida law requires the Property Appraiser to consider several valuation factors, including the property's condition and net sale proceeds after usual and reasonable sale costs; just value is therefore not simply your purchase price or a guaranteed percentage of it.
| Value | What it tells you |
|---|---|
| Just value | The Property Appraiser's market-value assessment |
| Assessed value | Value after applicable assessment limits |
| Taxable value | Assessed value minus the exemptions applicable to that levy |
A $400,000 home can have more than one taxable value
Made-up 2026 example: Assume an established, qualifying homestead with just value of $400,000 and assessed value of $300,000 after accumulated Save Our Homes protection. Assume full standard homestead exemptions, no other exemptions, and no special circumstances. This is an existing-owner example, not a post-purchase estimate.
| Step | School levies | Non-school levies |
|---|---|---|
| Just value | $400,000 | $400,000 |
| Assessed value in this example | $300,000 | $300,000 |
| First homestead exemption | −$25,000 | −$25,000 |
| Additional 2026 homestead exemption | $0 | −$26,411 |
| Taxable value | $275,000 | $248,589 |
The $100,000 difference between just and assessed value is an assessment benefit, not a $100,000 tax saving. A millage rate is applied to the taxable value for each levy; non-ad valorem charges are separate.
The rule behind it
- Florida Constitution, Article VII, section 4: property valuation and assessment limitations. Read Article VII, section 4
- Section 193.011, 2026 Florida Statutes: factors the Property Appraiser considers in just valuation. Statute
- DOR homebuyer guide, PT-107: explanation of value types and changes after purchase. Form PT-107
- DOR's 2026 additional-exemption table: current non-school exemption amount. DOR exemption table
Reflects current rules reviewed October 11, 2026. General educational information only; not individualized tax, legal or financial advice. Confirm property-specific values and eligibility with your county Property Appraiser.