Definition: Assessed value is the property value used in the tax assessment process after applicable assessment limitations or classifications and before exemptions are deducted.
Example
An illustrative property has $300,000 just value but $240,000 assessed value because an assessment limitation applies.
Keep the distinction clear
Assessed value, just value, and taxable value can differ. Exemptions reduce the applicable assessed value to determine taxable value; they do not directly subtract that amount from the tax bill.
Related terms
Just Value · Taxable Value · Homestead (Florida)
Keep studying
Homestead Exemptions and Property-Tax Math
References: Florida Department of Revenue: the property tax system
Pronunciation (US): uh-SEST VAL-yoo (capitals show stress)
Pronunciation reference: Merriam-Webster
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