Florida property tax has its own vocabulary. These are the terms you'll see on a TRIM notice, a DR-486 petition, and in every statute citation we make.
Just value
The price a willing buyer would pay a willing seller on the open market on January 1 of the tax year, given the property's highest and best use. Codified at § 193.011. This is the number the magistrate ultimately decides.
Assessed value
The taxable value after any applicable caps — Save Our Homes (homestead), the 10% non-homestead cap, agricultural classification, conservation easement, etc. Assessed value can be lower than just value but never higher.
Save Our Homes (SOH)
A constitutional cap (Art. VII § 4) limiting assessed-value growth on a homestead to 3% per year or the CPI, whichever is lower. Codified at § 193.155. The difference between just value and SOH-capped assessed value is the "SOH benefit," which a homeowner can port to a new homestead within Florida.
10% non-homestead cap
A separate cap (§ 193.1554) limiting assessed-value growth on non-homestead residential properties (rentals, second homes) to 10% per year. Resets on qualifying changes (sale, new construction, etc.).
TRIM
Notice of Proposed Property Taxes, mailed in August under § 200.069. The filing window for a VAB petition is 25 days from the TRIM mailing date.
Value Adjustment Board (VAB)
The county-level body that hears assessment appeals. Composed of two county commissioners, one school board member, and two citizen members (one each on the school and homestead sides). Created by § 194.015.
Special magistrate
An appointed appraiser or attorney who hears petitions on behalf of the VAB and issues a written recommendation. The full VAB then votes to adopt or modify the recommendation at a public meeting.
DOR use code
The Florida Department of Revenue's classification of a parcel by its primary use. Three-digit codes for residential (e.g. 0100 = single-family) and four-digit for commercial (e.g. 4810 = light industrial). The use code determines which comparable sales are admissible.