What is meant by taxable value?

Taxable value refers to the amount that is subject to taxation after any exemptions have been applied to the property's assessed value. In the context of property taxes, this value is crucial as it determines the portion of the property's worth that will be used to calculate the property tax owed by the owner. Exemptions can come in various forms, such as homestead exemptions or exemptions for certain types of properties, which lower the assessed value before taxes are calculated. Therefore, taxable value is essentially the actual value that will be taxed, emphasizing that it is not just the property's assessed value, but rather that assessed value adjusted for any applicable exemptions. This makes it an essential concept for determining the property tax liability of an owner.