|
date is 8/3012021. Appraisal report has (5) Comparable Sates with Contract dates ranging from 0412021 to 0712021 and
<br />Sales dates toI in from 612021 to 812021 .
<br />Comparable Sales have an Unadjusted price range from $800,000 to $959,0/10. Subject's Appraiser Value is $875,000
<br />as of the Effective Date of 813012021, Petitioner's evidence is Admissible, Relevant and Credible.
<br />Per Florida Statutes (F S.)192.042 (1) - All'Real property shall be assessed according to its dust Value on January I of
<br />each year. In arriving at .lust Value, Florida law requires the property appraiser consider eight criteria specified in
<br />Florida Statute 193.011
<br />The purpose of Florida Statute 193.011 is to ensure that the minty property appraiser arrive at the .fain market value of
<br />the 'Chef -Supreme Court in their remark decision of 1965 established, that "...fair marketvalue and "just
<br />valuation" should be declared "Nally synonymous..." Walter v. Sir, 176 So. 2d 86 (Fla. 1965). Farr market value
<br />is defined as "the amount a purchaser willing but not obligated to buy, would pay to one willing but not obliged to sell
<br />Both the Florida constitution and Florida Statute 193.011 require that the county property appraisers : appraise
<br />�operty at its "just value" not fair market value.
<br />lllsborou€x County .Property A Isp icer (HCPA) evidence includes $ Hillsborough County Property Appraiser. Mass
<br />Appraisal Report. This Mass Appraisal Rem is submitted with H.CPA's evidence to establish the presumption of
<br />correctness in Value Adjustment Board hearings, by explaining the process utilized by HCPA in determining value in
<br />the Mass Appraisal context.
<br />1n accordance with Florida Statute 194.301 (1) which states, "The value of property tritest be determined by an
<br />appraisal methodology that complies with tete criteria of Florida Statute 133.011 and professional accepted appraisal
<br />practices." HCPA uses the Mass Appraisal Report to summarize the techniques utilized to comply with, Florla
<br />Statutes and accepted appraisal practiees.
<br />HCPA states they utilize a method known as "Mass Appraisal," which is defined as the process of valuing, a group of
<br />properties as of a given date, using common data, standardized methods,, and statistical testing. (Mass Appraisal
<br />definition source- International Association of Assessing Officers (1AA0). Mass appraisal tnedW used by HCPA is a
<br />computer system called a Compute Assisted Mass Appraisal or "CAMA" system. This CAMA item- incorporates the
<br />(3) recognized approaches to value: Ci t, Sales Comparison, and Income Approaches. CAMA system automates the
<br />(3) approaches by creating valuation models that are designed to reflect how buyers and sellers interact in the market.
<br />The valuation models are designed toprodi+ct mass appraisal, values_ using replacement cost, accrued depreciation, sales
<br />prices and/or projected income.
<br />When developing land value- and there is a scarcity of land sales, themass appraisal system also considers Allocation,
<br />Extraction or Land Residual techniques to establish Land Value. Tli ese land value techniques rely on measuring land
<br />value from an analysis of improved parcels and development casts. Mass Appraisal Report oudities the 4 -step prod
<br />uses in the CAMA system.
<br />Although the Cost, Sales Comparison and Income Approaches are considered, the selection ofthe approach or
<br />approaches that are used depend on the property type being appraised. The type of approach or approaches selected is
<br />typically to mirror the decision-making models ,contemplated by buyers and sellers, when making pricing decisions or
<br />mirror values that are driven sales comparison decision snaking models. Once the models are developed and calibrated,
<br />they .are applied to groups of properties utilizing the CAMA system. This system works to assure properties in a
<br />particular class or subclass are valued equitably. If there arc significant differences in a group, adjustments can be
<br />made.
<br />In at -riving at Just Value, Florida law requires the HCPA consider eight (8) criteria specified in Florida Statute 193.011.
<br />In the case of this petition hearing HCPAg�ve consideration to the eight (8) criteria by bad on the fti�llowing:
<br />(1) ,)sent cash value of the property- DCPA developed the Sales Comparison Approach using (4) Improved
<br />Compamble Sales and applied adjustments for differences in mates of Sales, Lased Value, Heated Arra, Bathroom
<br />count, Garage Value, Porch Value, patio Value, Pool Value, Fireplace Value., Remaining Extra Features and Total Extra
<br />Features. HPCA `s Adjusted Sale Price is $682,264. Petitioner provided an additional Comparable not used in the:
<br />Appraisal Report that sold on 1112020. P cls l"s Stiles Contract and Appraisal keptrrt occurred after the 1111'2021 Bate of
<br />Assessment.
<br />(2) Highest and Best Use- Subject is a sittgto family built in 2001. Subject is located its a PI)- Planned: Developtitent.
<br />No evidence has been provided that would su port an alternate use "As Improved"' other than Subject 'curtent and
<br />continued use as a Single family, which its Highest and Best: use.
<br />(3) Location of property- HCPA and Petitioner's Appraisal identify sub`ect's neighborhood aEs M, andolin Estates.
<br />Comparable Sales in HCPA Sales Comparison are selected based on sw'eet's location. HCPA Sales grid applies an
<br />adjustment of 500/o of the Land Value differences between Subject and C�ompaErables.
<br />(4) Quantity or size of property._- HCPA Sales Comparison Approach applied adjustments for differences in size,
<br />building si:i e, condition, and extra features. IfCPA applied adjustments for in Land Value, Construction Quality,
<br />2021-00418 Page 3 of
<br />IF -11E
<br />
|