08/16/2023 VAB - Laserfiche WebLink

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Effective Year Built, Heated Arca, Bathroom count, Garage Value, Carport Value, Porch Value, Patio Value, Pool Value, Fireplace Value and Remaining Extra Features. (5) Cost and Present Replacement Value of any improvements thereon- HCPA did not develop the Cost Approach. HCPA states Replacement Costs New and accrued depreciation are integrated into the Mass Appraisal model. (6) Condition of property- HCPA uses a 03-Avcrage Condition and a 5 -Good Construction Quality rate for the Subject. Comparables are rated Good , no adjustment is applied. (7) Income from property- Subject is owner -occupied and does not generate income. Income approach is not developed or considered a decision-making model of buyers and sellers of owner -occupied single-family properties. HCPA did not develop a Value based on the income Approach. (8) Net proceeds of the sale of the property- Subject's 2021 Just Value after TRIM change is $572,987. Using the Sale Comparison Approach , Adjusted Sale Price is $682,264. Just Value is 83.9% or ($572,9871$682,264) of the Adjusted Sale Price. This an indication that consideration has been given for Costs of Sale. Further evidence submitted by HCPA includes an article entitled Just Valuation, Costs of Sale and the 85% by Will Shepherd -General Counsel, Hillsborough County Property Appraiser. This article discusses misconception and confusing regarding the application of the Costs of Sale reduction. Attorney Shepherd states HCPA by Florida Statute is required to consider the Florida Statute 193.011 eight criteria but Florida Statute docs require the use of each of the eight factors. Florida Statute requires county property appraisers to appraise property at its "just value." Just Value as previously stated is synonymous with fair market value. Fair market value is defined as "the amount a purchaser willing but not obligated to buy, would pay to one willing but not obliged to sell " source is Walter v. Schuler, 176 So. 2d 86 (Fla. 1965). Article further states County property appraisers use mass appraisal to value for ad valorem tax purposes and within the analysis of sales in the mass appraisal system, the system does make a general assumption that 15% of the sales price is attributable to non -real estate aspects of the sale. As stated in the article this is an attempt to arrive at just value of the property using statistical analysis and is not specifically applicable to an individual property. Attorney Shepherd restates the use of the 8th criterion adjustments in mass appraisal amounts to an exclusion of non - realty aspects of sales prices used in mass appraisal analysis. Reference source for this statement comes from an IAAO article regarding sales that include nonmarket financing, substantial amounts of personal property or atypical conditions of sale. General counsel states HCPA's objective to target about 85% of market value to eliminate non - realty aspects and a percentage of market value . There is a graph illustration (no date, no specific county) that illustrates 99.7% of all properties in a given county (not specific) are assessed below full market value. In Conclusion, Property Appraiser and Petitioner have submitted sufficient evidence to revise Market/Just Value for the Subject. Comparables Sales selected based on the following criteria: 1) Sold in 2020 2) Qualified sales Revised Just Value calculation attached in a separate file. Special Magistrate recommends Market/ Just value revised to $701,000 and Petition Granted. In Conclusion, evidence provided by HCPA's supports subject's Just Value. All eight criteria were considered, as subject is a Single -Family and HCPA has complied with 1 st, 2nd, 3rd, 4th, 6th, and 8th criteria of Florida Statutes 193.011. Criteria considered but not applied are the 5th -Cost Approach and 7th -Income Approach. The Cost and Income Approaches arc not typically used for existing single-family homes. Petition hearing is a Real Property hearing. None of HCPA's evidence identifies a non -realty component attributed to the Subject property's value. There is no non -realty component attributed to the property record card. Special Magistrate recommendation is to Grant the Petition. Conclusions of Law for Petition 2021 -00418 - Florida Law allows the Property Appraiser to establish a presumption of correctness. For the Property Appraiser to establish a presumption of correctness for the assessment, the admitted evidence must prove by a preponderance of the evidence that the Property Appraiser's just valuation methodology complies with Section 193.011, Florida Statutes and professionally accepted appraisal practices. In the instant matter, the Property Appraiser established a presumption of correctness for the assessment because the admitted evidence proves by a preponderance of the evidence that the Property Appraiser's just valuation methodology complies with Section 193.01 1, Florida Statutes and professionally accepted appraisal practices. Since the Property Appraiser established a presumption of correctness, the Petitioner must overcome the established presumption of correctness by proving that the admitted evidence proves by a preponderance of the evidence that: (a) the Property Appraiser's just valuation does not represent just value; or (b) the Property Appraiser's just valuation is arbitrarily based on appraisal practices that arc different from the appraisal practices generally applied by the Property Appraiser to comparable property within the same county. In the instant matter, the Petitioner overcame the Property Appraiser's established presumption of correctness because the admitted 2021-00418 Page 4 of 6 -82-