Florida property values are significantly influenced by location, property characteristics, and market conditions. Key appraisal methods include the sales comparison approach (most common for residential), the cost approach (useful for new construction or unique properties), and the income capitalization approach (primarily for income-producing properties). Florida law requires licensed appraisers to adhere to Uniform Standards of Professional Appraisal Practice (USPAP). Property tax assessments in Florida are based on market value as of January 1st each year, with annual assessment caps protecting homesteaded properties. Non-homesteaded properties are capped at a 10% increase annually. The median sale price of homes in Florida was approximately $420,000 in late 2023, showcasing a competitive market. Factors impacting appraisal values include recent sales data of comparable properties, condition of the property, square footage, lot size, and upgrades or renovations. Challenging an appraisal requires providing documented evidence of inaccuracies or errors, typically through a formal appeal process with the county property appraiser.