08/17/2022 VAB - Laserfiche WebLink

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The land value was generated from four (4) land sales. They indicated a range from $2.08 to $5.31 per square foot. The petitioner concluded at $3.52 PSF or $634,123. Overall the petitioner concluded at $2,032,149 prior to a 1st and 8th adjustment. After a 15% adjustment was $1,727,327 or $45.27 per square foot. The petitioner has issues with the PAO not doing a traditional cost approach. The petitioner also has issues with the PAO using Comparable Sales as they they often include non -realty items in Car Dealerships. The petitioner also indicated that the PAO had land comparables after the date of value. In addition, all of the land comps should be considered. Magistrates Analysis and Findings of Facts: Overall, it is my opinion that given the property type of lack of information provided (verified) with the comparable sales that the cost approach is the most applicable approach to value. While, there are at times good improved comparable sales, often they do include other items, or they are an allocation of the total assets of the business (real estate, inventory, FF&E, and goodwill). However, the PAO did have three local sales that supported their valuation. Both the PAO and petitioner presented a cost approach to value. The PAO cost approach was via the CAMA system. In my opinion, the best data presented for land value was by the PAO. The petitioners land valuation included non - comparable properties and an error on the only common comparable sales. The main difference between the PAO and the petitioner in regard to the improvements was in the depreciation estimate. The petitioner used a general depreciation estimate of 44%. The PAO used a depreciation estimate of 22% for the improvements. Given consideration to the evidence presented at the hearing, overall the best data provided by each side was the land valuation presented by the PAO. This data supported a much higher price per square foot than both the petitioner and PAO estimate. The overall concluded price by the PAO equates to approximately $18 per square foot of land area. The PAO provided data that indicates land value is $16.07 to $33.90 per square foot, including the lone common sale at $18.89 per square foot. Finally, what I would deem the best improved comparable sale supports the PAO conclusion as it indicates a value of $115 per square foot of building area and $21 per square foot of land area. This data also indicates that the PAO has considered a 1st and 8th adjustment in regards to their land valuation. Therefore, it is my that the petition should be denied based on evidence presented at the hearing. Conclusions of Law for Petition 2021-065: Petition to be DENIED and Petitioner did not overcome PA's presumption of correctness: The Petitioner did not produce evidence that the Property Appraiser failed to consider the eight factors and criteria in Fla. Stat. section 193.011, nor did the Petitioner produce evidence that the Property Appraiser's value was arbitrarily based on appraisal practices which are different from the appraisal practices generally applied by the property appraiser to comparable property within the same class and county. Therefore, the Petitioner did not, by a preponderance of the evidence, overcome the Property Appraiser's presumption of correctness. 2021-065 Page 3 of 3 -46-