Assessed Value vs. Market Value — What’s the Difference? 

Two terms cause confusion for many homeowners: assessed value and market value.

• Market Value is the price your property would sell for under normal conditions today. Think of it as the “real-world” value buyers are willing to pay.
  
  

• Assessed Value is what the Highlands County Property Appraiser assigns for tax purposes. It factors in exemptions (like homestead) and caps (3% for homestead, 10% for non-homestead).
  
  

📊 Example:

• Market Value: $250,000
  
  

• Assessed Value: $210,000 (after caps/exemptions)
  
  

• Taxable Value: $160,000 (after homestead exemption applied)
  
  

👉 Key takeaway: Don’t panic if your TRIM notice shows a lower assessed value — it doesn’t mean your property is “worth less,” only that your taxable base is reduced.