WHAT IS MARKET VALUE?
Market value is synonymous with just value, which means the price at which a property is sold in the open market, with a reasonable time for the seller to find a buyer under prevailing market conditions. Both parties must have knowledge of the uses to which the property may be put with both seeking to maximize their gains and neither being in a position to take advantage of the urgencies of the other.
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 market transactions annually to determine fair market value as of January 1, 2008. Fair market value must be determined for every piece of property in Lee County each year. This includes over 530,000 parcels consisting of residential, agricultural, commercial, governmental and industrial properties, as well as over 74,000 tangible personal property accounts. Market value is determined by the three approaches to value as stipulated in the Florida Statutes: 1.) “Direct Sales Comparison”; 2.) “Cost Approach”; and 3.) “Income Approach.” In Lee County, we use a computer assisted mass appraisal system that incorporates elements of all three approaches to value.
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. Can I get a tax exemption? In addition to determining values, the property appraiser accepts applications for and administers property tax exemptions. Several types of exemptions are available. The type of exemption benefiting the largest number of property owners is the HOMESTEAD EXEMPTION. If you own property which you use as your primary residence as of January 1, you may apply for homestead exemption. This will reduce the taxable value of your home by $25,000, resulting in substantial savings on your property taxes. Any new exemption or change in exemption status should
Market value, true value in money and appraised value have the same meaning under Missouri law. A simple definition of market value is the price the property would bring when offered for sale by a person who is willing but not obligated to sell it, and is bought by a person who is willing to purchase it but who is not forced to do so.
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.
