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Axia Web Home Page 1 of 2 <br />Indian River County <br />Clerk to the Board Office <br />Attn: Value Adjustment Board Clerk <br />Indian River County Administration Building <br />1801 27th Street <br />Magistrate Recommendation Code: <br />Vera Beach, FL 32960 <br />:DENIED: 5 - Denied <br />772-226-1916 <br />axia@clerk.i.ndian-river.org <br />TRIM VALUES <br />BEFORE ACTION <br />Real Propetty Value <br />323,480.00 <br />PETITION: PARCEL: <br />PETITION TYPE: <br />HEARING DATE: <br />2016-046 33392100020000000018.0 <br />Real Property Value <br />11/2/2016 10:30:00 AM <br />OWNER NAME: MAGISTRATE: <br />NOTICE NAME: <br />DOR USE CODE: <br />ROBERT I GINA ABEL Stephen Neill <br />ABEL ROBERT I GINA <br />0100 <br />ABEL ROBERT 3 GINA <br />NOTICE NAME: 480 WINGATE TERRACE BW <br />50,000.00 <br />50,000.00. <br />VERO REACH FL,32968 <br />MAGISTRATE RECOMMENDATION <br />j <br />Magistrate Recommendation Code: <br />:DENIED: 5 - Denied <br />COUNTYVALUES <br />TRIM VALUES <br />BEFORE ACTION <br />AFTER ACTION I(I1 <br />323,480.00 <br />323,480.00 <br />3231480.00' 1 <br />1. MARKET VALUE <br />323,980.00 <br />323,480.00: <br />323,980.00. <br />2. ASSESSED OR CLASSIFIED USE VALUE (if applicable) <br />50,000.00 <br />50,000.00 <br />50,000.00. <br />3. EXEMPT VALUE <br />298,480.00 <br />273,480.00. <br />273,480.00; <br />S. TAXABLE VALUE <br />FINDINGS OF FACT AND CONCLUSION OF LAW <br />Findings of Fact: <br />Lisf of Property Appraiser Exhibit's/14itnesses:. <br />* George Clarke representing the Property Appraisers Office (PAO) _ - - <br />* Request Letter, 8th Criteria, PTO Bulletin - --- - <br />'* Sales Comparison Approach, Summary of Sales, :Sales Map, Supporting Data _ - <br />*' Building Residual - - - - - - <br />List of Petitioners Exhibits/Witnesses: - - - - - <br />* Robert J. Abel - -- <br />* Verbal Testimony - .. . <br />I* Real Estate Appraisal -- -- - - <br />i* Sale to Assessment Ratio Analysis and Supporting Data - .. <br />-'* Construction Contract - .. <br />:Summary of Evidence presented by the Property Appraiser: - <br />-- ,The Subject Property is a single-family residence located at 1480 Wingate Terrace SW. The -residence was built in. <br />2015 and contains 2-,362 square feet. The property has a pool with screen enclosure. The PAO presented a sales <br />comparison approach tovalue with:4 comparable sales. The comparable sales indicated a range from $136 to $205' <br />per square foot. The PAO concluded at $161 per. square foot prior to any cost of sale adjustments. After a cost <br />of sale adjustment the PAO concluded at .$137 per square foot, or $323,480. _ <br />-.. <br />The PAO also presented a building residual analysis based on the same comparables. This analysis Was done by <br />.subtracting the land value and the miscellaneous improvements from the purchase price. The residual indicated a <br />:range from $95.77 to $151.81 per square foot. The PAO concluded at $90.06 per square foot, after a cost of sale <br />:adjustment. The PAO also did this for thecomparablespresented by the petitioner. The petitioners comparables <br />=indicated a similar range from $92.38 to $113.73 per .square foot:. <br />.The PAO concluded below this range at $90.06 per square foot. - <br />Summary of Evidence presented by the Petitioner: <br />The petitioners main item of concern is the.fact that properties along the same street are assessed at 77% to <br />81%- of their purchase price and they he is assessed at 86% of his purchase price. <br />https://vab.indian-river.org/Axia2Ol6/Users/Magistrate/Worksheet.aspx?s=xZyRNbcjLbOnj,:. 6/2/20y, <br />