What is Market Value according to the Tax Collector?
Florida Law requires that the just value of all property be determined each year. The Supreme Court of Florida has declared “just value” to be legally synonymous to “full cash value” and “fair market value.” The fair market value of your property is the amount for which it could sell on the open market. The Property Appraiser analyzes these market transactions annually to determine fair market value as of January 1. It’s no small task, however, since fair market value must be determined for every piece of property in Lee County each year – over 478,000 parcels of land, including thousands of acres of citrus, pasture and farmland, buildings and improvements, and ±60,000 tangible personal property accounts. The Property Appraiser must also oversee ±100,000 homestead exemptions as well as widow, widower and disability exemptions. In addition, exemption eligibility must be determined for certain religious, charitable, educational, and governmental use. Finally, Agricultural classifications
