This chart shows the difference between Total Market Value and Total Assessed Value* of all properties with a Homestead Exemption (represented as a disparity gap). This difference results in ad valorem ('based on value') property tax savings. At the height of the real estate boom when market values skyrocketed, the disparity gap was over $14.5 billion, but assessed values were increasing only 3% a year. By 2012, with market values decreasing, the disparity gap closed to within a half-billion dollars. Since the 2012 low point, the chart shows another widening disparity gap. Where capped assessed values increased less than 2.5% per year since 2012, market values have increased much more rapidly due to another robust real estate market.
*Assessed value is the capped market value due to Save Our Homes.