Most do not know the libertarians or the ones who do may have a very different perspective of them than how they actually are. Libertarians stand for freedom. More freedom than the average person even thinks of. Open borders, less taxes, and less government influence are just a few of their beliefs. You can find a more in depth look at it here.
To put it in easy terms though they value freedom of the person with less government influence. Less government influence means less taxes, and fewer laws. The libertarian party believes that the average person can work out most issues amongst themselves without governmental influence.