Market value, assessed value and taxable value are not the same number

Just value is the property appraiser's estimate of market value under Florida law.

Assessment limits are applied next. For eligible homesteads, Save Our Homes can keep assessed value below just value by limiting annual increases, subject to existing exceptions.

Amendment 3 leaves Save Our Homes in place.

Exemptions are then subtracted from assessed value. Because exemptions can differ by levy, one house can have more than one taxable value.

Under Amendment 3, covered non-school lines would use a $150,000 homestead exemption in 2027 and $250,000 in 2028 for eligible owners. School levies would keep the existing $25,000 exemption.

That is why the city taxable value and the school taxable value on the same property can be different.

Each taxing authority applies its own millage to the taxable value for its levy. One mill equals $1 of tax for every $1,000 of taxable value. A 6.6500-mill rate equals $6.65 per $1,000.

Orlando's recent history shows why the rate and the amount collected are not interchangeable. The city reported the same 6.6500 millage from 2021 through 2025 while property-tax collections rose overall from about $238.3 million to $342.1 million.

A growing tax base can raise collections even when the millage stays flat. A smaller taxable base can reduce collections at the same rate. A later rate vote can change the result again.

Amendment 3 changes taxable value. It does not decide every later millage vote.