So what is Taxable Value?
Taxable Value is equal to Assessed Value, unless there are exemptions in place which further reduce the Taxable Value, namely the Homestead Exemption. As you can see in the above example, the Homestead Exemption comes in two parts ($25,000 for Homestead and another $25,000 for Second Homestead). The County, City and Regional portions of your property tax bill take entire Homestead Exemption into account, reducing your Taxable Value by a full $50,000 from your Assessed Value. However, the School Board portion of Miami real estate taxes is only reduced by one Homestead Exemption, or $25,000.
Let’s re-visit our first example of the luxury condo with only a Non-Homestead Cap in place. As you can see below, the Taxable Value is equal to the Assessed Value for the County, City and Regional portions of property tax. However, the Taxable Value for the School Board portion of real estate taxes is entirely uncapped, and equal to the Market Value!