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building and an adjusted base cost from between $157 per SF to $166 per SF was
<br />utilized for the three different buildings.
<br />In the cost summary sheets provided on pages 17, 18 and 19 of the property
<br />appraiser's evidence, the replacement cost new of the improvements was indicated
<br />at $4,303,915 for building 1, $3,569,371 for building 2 and $5,330,948 for building
<br />3, for a total of $13,203,344. Based on the dollar figures shown in each summary,
<br />including the open porches, screen porches, utility area and carports, not all of
<br />these figures summed to the total improvement value correctly. Based on the cost
<br />numbers shown on pages 17-19, the correct total improvement values were as
<br />follows: $4,503,049 for building 1, $3,630,714 for building 2 and $5,336,445 for
<br />building 3, or a total of $13,470,208. Adding land, valued at approximately
<br />$1,840,000, indicates a value by the cost approach of $15,310,000 or
<br />approximately $270,000 higher than shown on page 19 of the property appraiser's
<br />evidence at $15,043,000.
<br />The PA utilized the cost approach at $15,310,000 (corrected) or $157 SF and
<br />concluded the subject's market (just) value of $12,420,270 is reasonably
<br />supported. The admitted evidence was determined sufficiently relevant and
<br />credible to reach the preponderance of the evidence standard of proof, Rule 1213-
<br />9.025 and 12D-9.027.
<br />It is noted that the just value of $12,420,270 is approximately 19% below the
<br />revised indicated value by the cost approach. It appears that the implied market
<br />(just) value of $12,420,270 did consider the eighth criterion per Section 193.011,
<br />FS.
<br />Summary of evidence presented by the petitioner:
<br />An appraisal of the subject property was prepared by John Thigpen, MAI and
<br />Bradford Johnson, MAI from Integra Realty Resources. The appraisal was
<br />submitted and accepted in to evidence. The purpose of the appraisal was to provide
<br />a range of just value of the real estate for ad valorem tax purposes as of January 1,
<br />2020. The appraisal indicated that the facility is an assisted -living, memory care
<br />facility with the original building constructed in 1986 per the property record card
<br />(testified to actually being constructed in 1968 as a hotel), with renovations and
<br />additions added in 2016 and 2019. The buildings contain 115 units and is a total of
<br />106,333 SF of gross building area. (It is noted that the petitioner's estimate of
<br />gross building area included the porches, carports and utility rooms not just A/C
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