08/16/2023 VAB - Laserfiche WebLink

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After both parties were given the opportunity to be heard, special magistrate finds property appraiser's just valuation methodology complies with section 193.011, F.S., and professionally accepted appraisal practices. Property Appraiser established a presumption of correctness for the assessment. The property appraiser (PAO) submitted evidence consisting of a comparative market analysis (CMA) utilizing four improved sales closed between January 2021 and September 2021. The subject is a unit located at 1440 HOLLYWOOD BLVD, within HOLLYWOOD. The subject has 3314 SF of gross living area (GLA) and originally constructed in 1997. The sales utilized ranged in price from $880,000 to $1,000,000 (rounded to nearest $1,000). The subject is located on a 9679 SF lot. The comparable sales are located on lots between 6053 SF and 12,130 SF. The size of the sales ranged from 2679 SF to 3316 SF (GLA). After consideration of adjustments, the range of value was between $1,101,000 to $1,235,000 (rounded to nearest $1,000). A time adjustment of 2.1%/month was utilized by the PAO for all sales occurring prior to the date of valuation. The just value determination by the PAO of $850,480 appears generally supported by the evidence submitted. All of the written evidence and testimony provided by the PAO was reviewed, considered and appropriately weighted by the magistrate in determining the conclusion of law. The petitioner (PET) submitted written evidence consisting of a Comparative Market Analysis consisting of three sales of improved units from the same general area; the sales closed between April 2021 and January 2022. The sales ranged in price from $680,000 to $1,165,000 (rounded to nearest $1,000). The comparable sales are located on lots between 10,246 SF and 19,843 SF. The living square foot range of these comparables was stated to be between 2516 SF (GLA) to 4895 SF (GLA). The estimate of value based on PET evidence was the average of their sales less a deduction of 15% for the 1st and 8th factors to arrive at a just value of $825,000. Equal weight was applied to PAO median sale and PET median sale (the subject sale). As a result, the petition is denied and remains unchanged from the PAO just value of $850,480. Petitioner failed to overcome the presumption of correctness established at the hearing by the property appraiser's evidence. Petitioner's evidence did not prove by a preponderance that property appraiser's valuation does not represent just value or is arbitrarily based on appraisal practices that are different from the appraisal practices generally applied by the property appraiser to comparable property in Broward County. -64-