Plain-language terms
Glossary
The words on your tax bill, your mortgage statement and the county record, in plain English.
A
- Arm's-Length Sale
- A sale between unrelated parties, each acting in their own interest, at market price. Only these count as valid comparable sales — family transfers and $100 deed changes are filtered out.
- Assessed Value
- The value your property tax bill is actually calculated on — just value minus the Save Our Homes cap. For long-tenured homeowners this can be far below just value.
C
- Code-Enforcement Lien
- A lien a local government records against a property for unresolved code violations. It compounds over time, can attach to every property the owner holds, and can block a sale or a new loan.
D
- DR-486
- The Florida form used to petition your property assessment to the Value Adjustment Board. PaxGuard can prepare the data sheet; you file it yourself.
F
- Folio (Parcel ID)
- The unique number your county assigns to your parcel. It's how records, permits, and liens are anchored to your specific property — more reliable than an address.
- 4-Point Inspection
- A snapshot of a home's roof, electrical, plumbing and HVAC. Carriers often ask for one on older homes; what it means for any policy is your licensed agent's call.
H
- Homestead Exemption
- A break for your permanent residence: up to $50,000 off assessed value, plus activation of the Save Our Homes cap. Filed with your county appraiser by March 1.
J
- Just Value
- The county appraiser's estimate of your home's market value as of January 1, used as the starting point for your assessment. Often different from what your home would actually sell for, and different from your assessed value.
L
- LTV (Loan-to-Value)
- Your loan balance divided by your home's value. It's the number that governs PMI cancellation — 80% of original value under federal law, 75–80% of current value under Fannie/Freddie.
M
- Millage Rate
- The tax rate applied to your taxable value, expressed in mills (dollars per $1,000 of value). Set by the taxing authorities, shown on your TRIM notice.
- MIP (FHA mortgage insurance)
- The FHA equivalent of PMI, under different rules. FHA loans originated after June 2013 with under 10% down generally carry MIP for the life of the loan — it can't be cancelled by request the way PMI can.
P
- PMI (Private Mortgage Insurance)
- Private mortgage insurance on a conventional loan with less than 20% down. It can end once you build enough equity; your loan statement shows when.
- Portability
- The ability to transfer up to $500,000 of your accumulated Save Our Homes benefit from a prior Florida homestead to a new one, via Form DR-501T, within 3 tax years.
S
- Save Our Homes (SOH)
- A Florida constitutional cap that limits how much a homesteaded property's assessed value can rise each year — 3% or the change in CPI, whichever is lower. The gap it creates between just and assessed value is why an appeal often can't lower a long-term owner's bill.
T
- TRIM Notice
- The Truth in Millage notice mailed every August showing your proposed values, exemptions, and taxes — and the printed deadline (25 days out) to petition your assessment.
V
- Value Adjustment Board (VAB)
- The county body that hears property-tax petitions. You file Form DR-486 with the Clerk of the VAB, not with the property appraiser.
W
- Wind Mitigation Inspection
- An inspection documenting a home's storm-resistant features (roof shape, deck attachment, opening protection) on form OIR-B1-1802. Carriers read it directly; what it means for any policy is your licensed agent's call.
Check your home · Free
See these numbers on your own home.
Your just value, assessed value and exemptions, read from the county roll.