What's the difference between just value, assessed value, and taxable value in Florida?

Florida's TRIM notice shows three different value figures, and understanding the difference is the key to knowing what you can actually appeal. The definitions are in Fla. Stat. §192.001.

Just value (a/k/a market value). This is the property's fair market value as of January 1, what it would sell for in an arm's-length transaction. The property appraiser derives it using the eight statutory factors in Fla. Stat. §193.011 — including the present cash value, highest and best use, location, size, cost, condition, income, and net proceeds of a sale. Just value is the figure most value appeals target.

Assessed value. Section 192.001 defines assessed value as just value as limited by the Constitution — most importantly the Save Our Homes 3%/CPI cap on homestead property and the 10% cap on certain non-homestead property. So in a rising market your assessed value can be far below your just value. The gap is your Save Our Homes benefit.

Taxable value. This is assessed value minus exemptions — the homestead exemption under §196.031 and any others (senior, veteran, widow/widower, disability). Your tax bill is the taxable value × the millage rate, so taxable value is the number that actually drives what you pay.

Why it matters for appeals.

• If your just value exceeds true market value, petition the VAB — this is the classic over-assessment appeal.
• If your assessed value rose more than 3%/CPI in a homestead year, the cap may have been misapplied.
• If an exemption is missing, your taxable value is too high — fix the exemption (often the biggest, easiest win).

Read all three numbers on your TRIM notice, compare them year over year, and identify which one is wrong before you file a DR-486.