Why doesn't my purchase price match the property appraiser's market value?

Florida property appraisers estimate just value as of January 1 each year using mass appraisal of the prior year's qualified sales, with a statutory deduction for costs of sale, so their figure lags the market and is not a price opinion on your specific home. Your assessed and taxable values can be lower still because of assessment caps and exemptions. Florida assesses real property as of January 1 each year, based largely on the prior year's qualified sales. Just value includes a deduction for costs of sale, so it often sits below actual sale prices. Broward's Property Appraiser says it values property at roughly 90% of market prices for 2026 assessments. Assessed value is just value minus caps, and taxable value is assessed value minus exemptions. For pricing a home, use comparable sales, a CMA or an appraisal rather than the tax roll.

Why Property Appraiser Value Differs From Market Value

Just value is a tax-roll estimate as of January 1

Broward County's Property Appraiser explains that the Florida Constitution requires property to be valued at just value, and that the Florida Supreme Court has held just value is the same as market value. Section 192.042 of the Florida Statutes sets January 1 of each year as the assessment date for real property.

Section 193.011 lists the factors the property appraiser must consider, including present cash value, the property's expected use, location, size, replacement cost, condition, income and the net proceeds of sale after deducting the usual and reasonable costs of sale.[1][3][4]

Why the number usually differs from a sale price

Several features of the assessment process explain the gap between a recent sale price and the figure on the property appraiser's website:

Timing: Broward says its 2026 assessment is based on qualified sales from January 2, 2025 through January 1, 2026, so a 2026 purchase is part of the 2027 assessment instead.
Cost of sale: after adjusting for reasonable costs of sale and other statutory factors, Broward says it roughly values property at 90% of actual market prices for assessment purposes (as of its 2026 FAQ).
Mass appraisal: Palm Beach County values residential property with a computer-assisted mass appraisal (CAMA) system calibrated to local market conditions.
Qualified sales only: Palm Beach County uses only sales that meet the definition of market value, and Broward excludes non-arm's-length transactions.
Records: Broward says bed and bath counts are largely informational; it values buildings by adjusted square footage.[1][2]

Market, assessed and taxable value are different numbers

Palm Beach County's Property Appraiser defines just value as the property's market value, assessed value as just value minus assessment limitations such as the 3% homestead or 10% non-homestead cap, and taxable value as assessed value minus exemptions. The caps apply to assessed value, not market value.

After a sale, Florida law requires exemptions to be removed and the property reassessed, effective the January 1 after the purchase, which is one reason a new owner's taxes can differ from the previous owner's.[2][1]

Which value should you use?

Tax-roll values are built for assessment, not for setting a list price or an offer. To estimate what a specific home may sell for, look at recent comparable sales or ask a licensee for a comparative market analysis; a lender relies on an appraisal. If you disagree with your assessment, Palm Beach County suggests contacting the Property Appraiser's office first and then petitioning the Value Adjustment Board if needed. Broward lists September 18, 2026 as the petition deadline for 2026 appeals. For tax questions about your situation, consult a CPA or Florida tax professional.[2][1]

Key takeaways

Florida assesses real property as of January 1 each year, based largely on the prior year's qualified sales.
Just value includes a deduction for costs of sale, so it often sits below actual sale prices.
Broward's Property Appraiser says it values property at roughly 90% of market prices for 2026 assessments.
Assessed value is just value minus caps, and taxable value is assessed value minus exemptions.
For pricing a home, use comparable sales, a CMA or an appraisal rather than the tax roll.

Sources

Reviewed October 11, 2026. General real-estate information for Florida, not legal, tax, lending or insurance advice. Laws, rates and deadlines change — confirm property-specific facts with the agency cited, a Florida real-estate attorney, CPA or licensed insurance agent.