Taxable value and Fair Market Value are two separate things. Typically, when one is talking about taxable value, they are referring to the value assessed on the property by the local county property tax appraiser, for the sole purpose of determining how much in property taxes the property owner has to pay each year. This value is for the most part, easy to find on the website of your local county's property tax appraiser's website.
Typically, and depending on location, location, and location, the taxable value assessed by the property tax appraiser will be 30% or more below the actual fair market value of the property. Again, that's "typically", not always.
