08/25/2026
🏠 What Are All These Values on My TRIM Notice?
Market Value, Assessed Value, Taxable Value...what does it all mean?Let’s break it down!
In a previous post, we discussed Market Value, which is the most probable price your property would sell for in a competitive, open market. There is **NO statutory limit** on how much Market Value can increase or decrease from year to year. It changes based on the actions of buyers and sellers in the real estate market.
📊 So, what is Assessed Value?
Unlike Market Value, Assessed Value may be capped or limited by Florida law, depending on whether your property is homesteaded or non-homesteaded.
🏡 Homesteaded Property:
If you have been granted Homestead Exemption, your property benefits from the "Save Our Homes" assessment limitation. Your Assessed Value may increase by no more than 3% or the Consumer Price Index (CPI), whichever is less, each year.
In the example below, the property is homesteaded and the applicable Save Our Homes limitation for 2026 is 2.7%.
Last year's Assessed Value: $549,096
$549,096 × 1.027 = $563,921
That makes $563,921 the new Assessed Value.
🏢 Non-Homesteaded Property:
Non-homestead property is generally subject to a 10% assessment limitation. However, this limitation does not apply to the School Board assessment, which is based on 100% of Market Value.
Whether your property is homesteaded or not, Assessed Value cannot exceed Market Value.
💰 What is Taxable Value?
Taxable Value is the value used to calculate your property taxes. It is determined by subtracting applicable exemptions from the Assessed Value.
In our example:
Assessed Value: $563,921
Homestead Exemptions: $51,411
Taxable Value: $512,510
You may notice that the Public Schools exemption is only $25,000. That's because the additional homestead exemption does not apply to School Board taxes.
📌 **The important takeaway:**
Market Value reflects the real estate market.
Assessed Value reflects applicable assessment limitations.
Taxable Value is the value used to calculate your property taxes.
We know this can be confusing, and we're here to help! If you have questions about the values shown on your TRIM Notice, give us a call and we'll be happy to review them with you.
📞 Key West: 305-292-3420
📞 Marathon: 305-289-2550
📞 Plantation Key: 305-853-7353
