What is meant by the term “taxable value”?

Taxable value is a term used in Florida property tax law to refer to the assessed value of a property that is used to calculate the amount of taxes owed. Taxable value is determined by the Florida Department of Revenue, and is based on factors such as the property’s market value, its current state of disrepair, or any improvements made to the property. For instance, if a home in Florida has a market value of $200,000, the taxable value may be calculated to be $100,000. This means that when property tax is calculated, it will be based on the lower, taxable value of $100,000 rather than the higher market value of $200,000. Taxable value is important because it is used to calculate how much taxes are owed on a property in Florida. The taxable value for each property is assessed by the Florida Department of Revenue, and is reevaluated each year.

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What is meant by the term “taxable value”?

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