On what basis must all real property tax assessments be made, according to the Florida Supreme Court?

The correct basis for all real property tax assessments in Florida, as established by the Florida Supreme Court, is "just value." This term refers to the fair market value of the property at the time of assessment, reflecting the price that a willing buyer would pay a willing seller in an open market transaction. The concept of just value ensures that property owners are taxed fairly based on the property's worth rather than arbitrary or inflated figures.

The distinct phrasing of "just value" distinguishes it from similar concepts like market value or fair value, as it encompasses the legal and practical standards that govern property assessments. This adherence to just value helps to maintain an equitable taxation system where property is assessed consistently across similar types of properties and within similar market conditions, preventing inequalities in tax burdens among property owners.

Understanding this principle is crucial for realtors and property owners alike because it underscores the need for accurate property valuations that align with current market conditions, ultimately influencing tax outcomes.