08/17/2022 VAB - Laserfiche WebLink

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Findings of Fact for Petition 2021-065: List of Property Appraiser Exhibits/Witnesses: * Billy Auton, Wayne Bibeau, representing the Property Appraisers Office (PAO) * Photos, Aerials, Property Card * Comparable Sales Approach, Cost Approach, Supporting Data * Legal Information List of Petitioners Exhibits/Witnesses: * Mr. Tannenbaum Pivotal Tax Solutions, representing property owner * Cost Approach and Supporting Evidence * Land Valuation and Supporting Evidence Summary of Evidence presented by the Property Appraiser: The Subject Property is a 37,794 square foot auto dealership (Dyer Subaru) located at 1000 US Highway 1, Vero Beach, FL. The property was originally developed in 1973. For valuation, the PAO provided two approaches to value and a land value analysis. The first valuation performed by the PAO was the comparable sales approach. The PAO provided three comparables that indicated a range from $115.17 to $250.84 per square foot. The comparables included properties located within close proximity along US Highway 1 in Vero Beach. The average of the comparables was $163.51 per square foot. The PAO also indicated that the Subject Property was purchased in 2008 for $196.07 PSF. The PAO concluded at 53% of the average price at $86.39 per square foot. The PAO indicated that the cost approach was used via the property record card and their CAMA system which is driven my Marshall Valuation. They indicated that they did not do a traditional cost approach because of the differences in the interior build outs. Within the PAO System cost approach they broke the property into many sections depending on the construction type. They included canopies, service garages, offices, storage, mezzanines, and showrooms. The replacement cost new ranged from $4.57 to $88.44 per square foot. For depreciation, the PAO indicated a range from 1% to 63% depreciation. Overall the PAO concluded at a depreciated cost new of $2,118,215 or $56.05 per square foot. The PAO also provided a land value analysis. They provided six comparable land sales that indicated a range from $16.07 to $33.90 per square foot. The PAO concluded at $6.37 PSF for 179,903 SF of land area. Overall the PAO concluded at $3,265,090. The PAO provided rebuttal in regards to the land sales used by the petitioner. The petitioner objected to this evidence. It was deemed admissible as it was rebuttal evidence. The PAO indicated that two comparables are located along Old Dixie Highway and not US Highway 1. They deemed these comparables not comparable. In addition Comp 1 has some right of way issues. The PAO also indicated that their Comparable 2 is not correct as it should be $18 PSF and not $2.86 per square foot. For Comps 3 and 4 they are also not located along US Highway 1. The PAO also indicated that some of the details in the Marshall Valuation were not included such as multipliers and impact fees. Summary of Evidence presented by the Petitioner: The petitioner provided a Cost Approach only analysis. The petitioner broke down the property into Showroom, Service Garages, Service Center, and Storage Warehouse as separate portions of the buildings. For Showrooms (Showroom/Average Class C), the petitioner used an adjusted base cost of $106 PSF, and 37% depreciation. For Service Center (Service Center/Average Class C), the petitioner used an adjusted base cost of $79.50 PSF, and 43% depreciation. For Service Garage (Service Garage/Average Class S), the petitioner used an adjusted base cost of $36.50 PSF, and 3% to 80% depreciation. For Storage Warehouse (Average Class S), the petitioner used an adjusted base cost of $40.50 PSF, and 1% depreciation. For final Storage Warehouse (Low Cost S), the petitioner used an adjusted base cost of $40.50 PSF, and 1% depreciation. The total depreciated cost new is $1,043,206. They then used $354,820 for site improvements. 2021-065 Page 2 of 3 -45-