Property Valuation
In Florida, the county property appraiser determines the 'just value' (market value) of property for tax purposes as of:
AJanuary 1 of each year✓ Correct
BJuly 1 of each year
CThe date the property is sold
DThe date the owner files for homestead exemption
Explanation
Florida law requires county property appraisers to determine the just value (fair market value) of all property as of January 1 of each year. This value is used as the basis for property tax assessments.
People Also Study
Related Florida Questions
- Florida's 'homestead exemption' reduces a property's assessed value for tax purposes by up to how much for a qualifying primary residence?Finance
- A Florida property's assessed value is $280,000. The homestead exemption is $50,000. The school board millage is 6 mills and the county millage is 10 mills. What is the total annual property tax?Property Valuation
- A Florida homestead property has a market value of $350,000. The Save Our Homes (SOH) assessed value is $280,000. After the $50,000 homestead exemption, the taxable value is:Real Estate Math
- A Florida appraiser is asked to determine the 'market value' of a property. Market value is best defined as:Property Valuation
- Florida's county property appraiser establishes 'just value' for ad valorem tax purposes. 'Just value' is closest to:Property Valuation
- A Florida homestead property has a market value of $425,000 and an SOH capped assessed value of $340,000. After the $50,000 homestead exemption, what is the taxable value?Real Estate Math
- A Florida property is assessed at 85% of its $400,000 market value. With a homestead exemption of $50,000 and a millage rate of 22 mills, what is the annual property tax?Real Estate Math
- A Florida property has a market value of $350,000. The county assesses properties at 85% of market value. The millage rate is 18.5 mills. What is the annual property tax?Real Estate Math
Key Terms to Know
Comparable Sales (Comps)
Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
State-Specific Concepts
Homestead Exemption
Study This Topic
Practice More Florida Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Florida Quiz →