What is taxable value, and how does Florida’s Amendment 3 affect it?
Taxable value is a property’s assessed value minus the exemptions that apply to a particular property tax. Amendment 3 expands the homestead exemption for eligible homeowners on non-school property taxes, which can reduce the taxable value used for those levies.
Why one home can have more than one taxable value
When you pull up a Nassau County property tax notice, start by finding the assessed value. Then look at which exemptions apply to each taxing authority. School and non-school levies can use different taxable values because the exemptions available to them can differ.
Suppose a Fernandina Beach home has an assessed value of $800,000. If $150,000 in exemptions applies to a non-school levy, the taxable value for that levy would be $650,000. The school levy uses the exemptions applicable to school taxes, so its taxable value can be different. The tax rate is applied to the taxable value for each levy. This example illustrates the math for one levy and uses hypothetical figures.
Where Amendment 3 comes in
Florida’s unofficial November 3 election results showed Amendment 3 above the 60% threshold for passage. The measure provides for a larger homestead exemption on non-school property taxes beginning in 2027. For qualifying homeowners who meet the residency provisions, the exemption can reach $150,000 of assessed value in 2027 and $250,000 in 2028. Different timing applies to people who establish Florida permanent residency beginning in 2027. Florida Senate summary
What to ask when buying or selling in Nassau County
If you’re buying a home in Amelia Island or Fernandina Beach, use the seller’s bill to understand the property’s tax history. Then ask for an estimate that reflects your expected ownership, use of the home, and exemptions. This is especially helpful when you’re comparing a primary residence with a second home or planning a move to Florida.
If you’re selling, it’s helpful to have the latest tax notice handy and to identify which exemptions are reflected on it. A buyer can use that information to ask better questions about their own estimated costs.
Frequently asked questions
Is taxable value the same as assessed value?
Assessed value is the starting point. Taxable value is what remains after subtracting the exemptions applicable to a particular levy.
Will the larger homestead exemption change school taxable value?
The expansion under Amendment 3 applies to non-school property taxes. School taxable value is calculated using the exemptions that apply to school levies.
Can I use the seller’s tax bill to budget for my first full year?
Use it as a reference and ask the Nassau County Property Appraiser about an estimate based on your expected ownership and exemptions.
If you’re comparing homes or preparing to sell in Nassau County, I’m happy to help you identify the questions worth asking before you make a decision. Reach me at Colleen@CloseWithColleen.com or (904) 866-1211.
This article is for general education. The Nassau County Property Appraiser can help with parcel-specific assessments and exemption eligibility.
About the Author
Colleen Gerke is the Broker and Owner of Close with Colleen Real Estate, a boutique real estate brokerage serving home buyers and sellers throughout Amelia Island, Fernandina Beach, Yulee and Nassau County, Florida. As an Oyster Bay Harbour resident with a brokerage office located within the community, Colleen combines firsthand local knowledge with more than 20 years of sales and marketing experience to help clients confidently buy and sell coastal, luxury, waterfront and residential properties. To explore Amelia Island–area homes for sale, request a personalized home valuation or visit www.CloseWithColleen.com.