Florida Property Tax Assessment: Just Value, Millage, TRIM Notices, and VAB Appeals

TL;DR

Florida property tax assessment runs through a constitutional and statutory framework that distinguishes three different values for the same property: just value (the constitutional standard of full fair market value), assessed value (just value reduced by Save Our Homes or other applicable caps), and taxable value (assessed value reduced by homestead and other exemptions). Property taxes are calculated by applying millage rates to taxable value, where one mill equals $1 in tax per $1,000 of taxable value. The Truth in Millage (TRIM) notice in August gives property owners advance warning of proposed taxes and an opportunity to appeal through the county Value Adjustment Board. For licensees, the assessment framework is the foundation under Florida's homestead and Save Our Homes cap regime and the source of the §689.261 disclosure obligation warning buyers that their post-closing tax bills may diverge from the seller's prior year.

Just value — the constitutional standard

Florida Constitution art. VII §4 establishes the constitutional foundation: all property must be assessed at "just value" for tax purposes. "Just value" has been interpreted by Florida courts as fair market value — what a willing buyer would pay a willing seller in an arm's-length transaction, neither under compulsion. The just-value standard applies to every property in Florida regardless of homestead status, ownership form, or use category.

Just value is determined annually by the county property appraiser as of January 1 of each tax year. The appraiser uses mass-appraisal methodology — statistical models calibrated to actual sales, replacement cost, and income approaches — applied to entire neighborhoods and property classes rather than individual property-by-property review. The annual reassessment is the basis for the Save Our Homes cap calculation, the TRIM notice, and ultimately the tax bill.

The §193.011 just-value factors

Fla. Stat. §193.011 enumerates the factors the property appraiser must consider in determining just value. These are: the present cash value of the property; the highest and best use to which the property can be expected to be put in the immediate future; the location of the property; the quantity or size of the property; the cost of the property and the present replacement value of any improvements; the condition of the property; the income from the property; and the net proceeds of the sale, accounting for reasonable fees and costs of sale.

The property appraiser is required to consider each of these factors when determining just value, though the relative weight of each factor varies by property type. Income-producing properties give substantial weight to the income approach; vacant land emphasizes location, size, and highest-and-best-use; specialty properties may emphasize replacement cost. The statutory list is the framework the property appraiser must work within and is the framework on which Value Adjustment Board appeals are built.

Assessed value — where caps apply

Assessed value is just value reduced by any applicable assessment caps. The most significant cap is the Save Our Homes 3% cap under Fla. Stat. §193.155, which limits annual assessed-value growth on homestead property to the lower of 3% or the percentage change in CPI. The cap operates indefinitely as long as homestead status continues — over years of ownership in a rising market, the gap between just value and assessed value can grow to substantial size, producing dramatic property-tax savings for long-term homestead owners.

A separate 10% cap applies to non-homestead residential and commercial property under Fla. Stat. §193.1554 and §193.1555. The non-homestead cap is more limited in scope — it does not apply to school district taxes, can be reset by certain ownership transfers, and is generally less valuable than the Save Our Homes cap. Both caps are reset to just value on transfer to a non-related, non-homestead buyer, which is the structural reason a new buyer's first-year tax bill can be dramatically higher than the seller's prior-year bill — the cap "burns off" at the change of ownership.

Taxable value — where exemptions apply

Taxable value is assessed value reduced by applicable exemptions. The homestead exemption under Fla. Stat. §196.031 is the most common, providing up to $50,000 of exemption (the first $25,000 applies to all taxes; the second $25,000 applies only to non-school taxes on assessed value between $50,000 and $75,000). Additional exemptions exist for surviving spouses of veterans, disabled persons, blind persons, age 65+ low-income homeowners (Fla. Stat. §196.075), totally and permanently disabled veterans (§196.081, §196.091), first responders (§196.102), and others.

Each exemption operates independently and must be applied for separately with the county property appraiser. Most exemptions require application by March 1 of the tax year. Once granted, the exemption continues automatically as long as the qualifying conditions persist, but the property appraiser may require periodic recertification for certain exemptions tied to ongoing status (income limits, disability status, etc.).

Millage rates and how taxes are calculated

Property taxes are calculated by applying millage rates to taxable value. One mill is $1 of tax per $1,000 of taxable value, or 0.001 of taxable value. A property with $200,000 of taxable value and a 20-mill combined rate pays $4,000 in property taxes ($200,000 × 0.020 = $4,000).

Millage rates are set by the various taxing authorities that have jurisdiction over a property — typically including the county, the school district, the municipality (if applicable), the water management district, and various special districts (fire, library, transit, etc.). Each taxing authority adopts its own millage independently within statutory limits, and the property owner pays the combined rate. Total combined millage rates in Florida typically run between 15 and 25 mills, with substantial variation by county and municipality.

The school district levy is typically the largest single component of a Florida property tax bill, often 6 to 8 mills or more. This is the reason the second $25,000 of homestead exemption (which excludes school taxes) provides smaller absolute savings than the first $25,000 — the first $25,000 reduces all levies, while the second $25,000 reduces only the non-school levies.

TRIM notice — Truth in Millage

Fla. Stat. §200.065 requires the Truth in Millage (TRIM) notice — a statutorily-formatted document sent to every Florida property owner in August of each tax year. The TRIM notice discloses the property's just value, assessed value, taxable value, applicable exemptions, the proposed millage rate from each taxing authority, the dollar amount of proposed taxes, and the date, time, and location of each taxing authority's public hearing on its proposed budget and millage.

The TRIM notice is the property owner's first formal notification of proposed taxes for the year, delivered before the taxes are finalized and before the bill is issued. It is also the foundation for the appeal process — property owners who disagree with the property appraiser's just-value determination have a limited window after TRIM notice delivery to file a petition with the Value Adjustment Board.

Value Adjustment Board appeals

Fla. Stat. §194.011 governs the Value Adjustment Board (VAB) appeal process. The property owner files a petition with the county clerk within 25 days of TRIM notice mailing (typically by mid-September). The petition challenges the property appraiser's just-value determination, denial of an exemption, denial of homestead, or denial of an agricultural classification.

The VAB consists of two county commissioners, one school board member, and two citizen members. The VAB appoints special magistrates — typically licensed real estate appraisers, attorneys, or other qualified professionals — to hear individual petitions and recommend decisions. The property appraiser's determination is presumed correct under Fla. Stat. §194.301 if statutory appraisal standards are met; the petitioner must overcome that presumption and prove entitlement to the requested adjustment.

The VAB process is the property owner's primary administrative remedy. Following VAB decision, further judicial review is available through circuit court action under Fla. Stat. §194.171, but most disputes resolve at the VAB level.

Cross-state comparison

Florida's property-tax framework with constitutional just-value standards and assessment caps parallels but differs from frameworks in other states. Texas similarly anchors property taxation in constitutional provisions with constitutional homestead protection (Tex. Const. art. XVI §50), but uses different valuation and appeal mechanics. For the comparison of state-constitutional property protection frameworks, see our Texas homestead protection constitutional framework guide.

Tangible personal property tax

Florida also imposes a tangible personal property tax on business equipment, furniture, fixtures, computers, tools, machinery, supplies, and leasehold improvements used in business operations under Fla. Stat. §192.001(11)(d). Inventory held for resale is generally excluded. Businesses must file an annual return (Form DR-405) by April 1 listing all tangible personal property. The first $25,000 of tangible personal property is exempt from taxation, and the tax does not apply to personal residential property (homes, furniture, vehicles for personal use). The tangible personal property tax is a substantial cost for some businesses but is irrelevant to most residential real estate transactions.

Frequently Asked Questions

How can the property's just value go up while the assessed value barely changes?

The Save Our Homes cap (Fla. Stat. §193.155) limits homestead assessed-value increases to the lower of 3% or CPI, even when just value rises faster. Over many years of ownership in a rising market, the gap between just value and assessed value can grow to substantial size — a long-term homestead owner may have just value of $500,000 while assessed value remains around $280,000.

When a homestead owner sells to a non-homestead buyer, what happens to the assessment?

The Save Our Homes cap "burns off" at transfer to a non-related, non-homestead buyer. The buyer's first-year assessed value resets to just value, producing a substantially higher tax bill than the seller's prior year. This is the structural reason §689.261 requires the FAR/BAR contract to warn buyers their post-closing taxes may differ from the seller's prior bill.

Are all properties reassessed every year?

Yes. Just value is determined annually by the property appraiser as of January 1 of each tax year. The assessed-value caps determine whether and how much the assessed value can rise — but the underlying just value is recalculated annually regardless of cap status.

How does a property owner appeal a just-value determination?

By filing a petition with the Value Adjustment Board within 25 days of TRIM notice mailing — typically by mid-September. The VAB appoints special magistrates to hear petitions and recommend decisions. The property appraiser's determination is presumed correct under Fla. Stat. §194.301, and the property owner must demonstrate by preponderance of evidence that the determination is wrong.

What is the difference between the homestead exemption and the Save Our Homes cap?

The homestead exemption (Fla. Stat. §196.031) reduces taxable value by up to $50,000 in two tiers. The Save Our Homes cap (Fla. Stat. §193.155) limits annual assessed-value growth to 3% or CPI. They operate on different stages of the calculation — Save Our Homes affects assessed value, then the homestead exemption is subtracted to reach taxable value. Both apply to homestead property; non-homestead property may benefit from the §193.1554 10% cap but not from Save Our Homes or the homestead exemption.

Can the property appraiser physically inspect a property?

Yes, but mass appraisal practices mean most properties are not physically inspected annually. The property appraiser uses statistical models, recent comparable sales, and aerial imagery to update just-value determinations year-over-year. Physical inspection occurs on a periodic cycle or in response to building permits, sales, or property-owner inquiries. Property owners can request review of the just-value determination through the informal property appraiser process before filing a formal VAB petition.

Bottom Line

Florida property tax assessment runs through three distinct values — just value (constitutional fair market standard), assessed value (after Save Our Homes or other caps), and taxable value (after exemptions) — with millage rates applied to taxable value to produce the annual tax bill. The TRIM notice in August discloses proposed taxes and triggers the Value Adjustment Board appeal window. For licensees, the framework matters because it creates the §689.261 disclosure obligation: buyers purchasing from long-term homestead owners face dramatic first-year tax increases as Save Our Homes burn off and the assessment resets to just value. For the homestead exemption and Save Our Homes framework that sits on top of this assessment process, see our Florida homestead and Save Our Homes guide. For the seller-side disclosure mechanics that warn buyers about the assessment shift, see our guide to Florida seller property disclosure requirements. For the full exam blueprint and the other Florida-specific topics you'll need to know, see our Florida real estate exam complete guide.

Source: Fla. Const. art. VII §4 — Taxation; Just Valuation · Fla. Stat. §200.065 — Method of Fixing Millage; Truth in Millage · FL Department of Revenue — Property Tax Oversight