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Findings of Fact:
<br />The petitioner, Michael Moses, representing the property owner, Goldelm at Baldwin Park, LLC, appeared before the
<br />Special Magistrate and gave testimony. The Property Appraiser's Office (PAO) was represented by Karen Bowling
<br />and Gaylord Wood, appeared before the Special Magistrate and gave testimony.
<br />At the beginning of the hearing the PAO stated a just/market value of $35,259,954, an assessed value of $24,122,995,
<br />and a taxable value of $24,122,995.
<br />The subject property is an apartment project (District on Baldwin Park) built in 1973 (the PAO classifies it as 300 -
<br />Multi -Family I). It has a total of 436 apartment units and a site size of 20.01 acres. It is located at 5590 Baldwin Park
<br />St., Orlando, FL 32807. According to the Charles Wayne report, the apartment distribution is as follow:
<br />• 150 units of efficiency/1 bath and 500 square feet of heated space and a rental rate of $825 to $869 during 2015.
<br />• 44 units of efficiency/1 bath and 570 square feet of heated space and a rental rate of $899 during 2015.
<br />• 74 units of 1 bed/1 bath and 860 square feet of heated space and a rental rate of $1,059 to $1,060 during 2015.
<br />• 48 units of 2 bed/1.5 bath and 1,032 square feet of heated space and a rental rate of $1,299 to 1,379 during 2015.
<br />• 95 units of 2 bed/2 bath and 1,068 square feet of heated space and a rental rate of $1,299 during 2015.
<br />• 25 units of 3 bed/2 bath and 1,358 square feet of heated space and a rental rate of $1,499 to 1,549 during 2015.
<br />Evidence submitted to the VAB by the PAO, includes: summary page and property description, a summary of the
<br />market, assessed and taxable values, CAMA system preview screens, parcel map, aerial map, a property record card
<br />(PRC), property pictures, Charles Wayne Residential Market Report property summary, income pro -forma, a rent
<br />comparable map, a Charles Wayne comparable rental (March of 2016 rentals) analysis of 4 projects used as
<br />comparable and the subject, 2015 Expense Comparables — Class B, 2015 Ancillary Income Chart, a comparable sales
<br />grid with 2015 sales, location map, Costar sale write-ups, summary of value indications, Costar Analytics of 2015
<br />multifamily sales over 100 units, Orlando Business Journal publication, professional publications and newspapers,
<br />OCPA 2016 DR -493 Letter to the Florida Department of Revenue, PAO Statement of compliance with section
<br />193.011, Florida statutes, professionally accepted mas appraisal standards and uniform standards of professional
<br />appraisal practice and The Eight Criterion and the 15% Adjustment. In addition, PAO's testimony was admitted as
<br />evidence.
<br />The evidence presented by the Petitioner to the VAB, includes a profit and loss statement on accrual basis for the term
<br />1/1/2016 to 8/31/2016 (only data from June of 2016 to August of 2016 was included), Goldelm at Baldwin Park — Tax
<br />Valuation (as of 8/31/2016) and Exhibit 1 that includes an explanatory letter that was read by the Petitioner during the
<br />hearing.
<br />Admissibility of Evidence: The evidence submitted by the appraiser and petitioner is deemed relevant and admissible
<br />with no objections raised by either parry. The evidence for both parties was admitted. No expert testimony or evidence
<br />was presented.
<br />The Department of Revenue (DOR) has developed specific evidence rules for presenting relevant and credible
<br />evidence. See Rule 12D-9.025 (1), Florida Administrative Code (F.A.C.). Generally, "relevant evidence" is evidence
<br />that is reasonably related, directly or indirectly, to the statutory criteria that apply to the issue under review. This
<br />description means the evidence meets or exceeds a minimum level of relevance necessary to be admitted for
<br />consideration, although it does not necessarily mean that the evidence has sufficient relevance to legally justify a
<br />particular conclusion. See Rule 12D -9.025(2)(b), F.A.C. All of the evidence noted above is considered relevant,
<br />credible and admissible.
<br />The Legislature has enacted eight factors that a property appraiser must consider when determining just valuation,
<br />which are enumerated in F. S. 193.011. In any administrative or judicial action in which a taxpayer challenges an ad
<br />valorem tax assessment of value, the property appraiser's assessment is presumed correct if the appraiser proves by a
<br />preponderance of the evidence that the assessment was arrived at by complying with s. 193.011, any other applicable
<br />statutory requirements relating to classified use values or assessment caps, and professionally accepted appraisal
<br />practices, including mass appraisal standards, if appropriate. See Section 194.301, F.S., as amended by Chapter
<br />2009-121, Laws of Florida (House Bill 521), and Section 193.011, F.S. A taxpayer who challenges an assessment is
<br />entitled to a determination by the value adjustment board or court of the appropriateness of the appraisal methodology
<br />used in making the assessment.
<br />The PA demonstrated that they properly considered the eight criteria specified in Florida Statute 193.011, as follows:
<br />(1) Present cash value — the DR -493 Form indicates an adjustment.of up to 15% of the sale prices were applied to
<br />reflect costs of sale prior to incorporation of the sales data into property -specific valuation models;
<br />(2) Highest and best use — land use and building codes representing highest and best use of the property were applied
<br />(as identified on the subject's Property Record Card), which were consistent with the current use;
<br />(3) Location — the subject was assigned a "neighborhood code" related to its specific location or market area. Frontage
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