08/17/2022 VAB - Laserfiche WebLink

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Finding. of fact for petition number 2020 -00564 List of Property Appraiser's witnesses and exhibits: Tony James representing the Property Appraiser's Office. Property record card, the request for evidence, photos of the subject, a location map, information regarding the subject property's services and rooms, a brief market analysis, a cost approach with land sales and information from Marshall Valuation Service to support the cost approach inputs, and building permit information for the subject property. List of Petitioner's witnesses and exhibits: Greg Kennedy and John Trewhitt from and John Thigpen, MAI and Brad Johnson, MAI from Integra Realty Resources. An appraisal of the subject property. Summary of evidence presented by the property appraiser: The subject property is an Assisted — Care Living facility known in Indian Harbor Beach. The property record card indicated that the subject property was comprised of three (3) buildings for a total of 97,486 SF of gross building area and located on 4.02 acres. The original building was a hotel, containing 69 units, and built around 1968 per the petitioner, but shown as 1986 on the property record card. In 2016, the original building was renovated plus one building, containing 15 units, was added. In 2019, the 3rd building was added that contains 31 units. The facility contains a total of 115 units. The Property Appraiser established a market (just) value at $12,420,270. The property appraiser's valuation was based on a cost approach only. Because the subject property is a special purpose property just a cost approach was presented. The PA presented four comparable land sales that sold between $3.58 per SF and $9.22 per SF. All of the comparable sales were considered inferior to the subject's beachside location and as a result the property appraiser concluded at the upper end of the range or at $10 per SF. The value conclusion, for the land as vacant, was very similar to the vacant land conclusion by the petitioner at $10.50 per square foot. The property appraiser classified the subject buildings as a "Good Quality Class C Assisted -Living Condominium" and utilized a base rate of $170.65 per SF after adding in for fire sprinklers. The appropriate multipliers were applied for each -73-