08/16/2023 VAB - Laserfiche WebLink

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The Appraiser Special Magistrate (5M) conducted a hearing that occurred on Dec 02, 2016 for the correctness of the 2016 assessed value of 49715W Bimini Cir N in Palm City. At the hearing were two representatives from Martin County Property Appraisers Office (PAO) and Paul Prezzemolo the petitioners (PET). Also present for the PET was Robert Juliano. Both parties presented evidence in support of their opinions for the subject value. The PAO evidence consisted of a comparable grid of sales from the subject market area. The subject data consisted of the property tax card, sketch plan, interior photos and aerial/ground level photos. A sales comparison grid with 5 sales. Map showing the subject and comparables location. Exterior photos of the comparables properties and their views. One line grid of 2015 sales and additional comparable property cards, The PET evidence consisted of a email letter with 8 comparables, property cards for the 8 comparables, grid with 5 comparables, construction contract (12 pages). Upon examination of the evidence submitted, the PET provided a 12 page contract, The contract did not provide any details into the size of the dwelling, quality of interior finish products (kitchen cabinets, counters, bathroom fixtures, flooring etc) or cost breakdowns. The sketch/floor plan dated 11/04/2014 that was included in the PAO evidence package indicated a living area of 2,879 sf and the final size indicated in the records is 3,044 sf. It is not known if there was a change order or any price revisions in the contract. Visual support for the interior finishes were not presented by the PET into evidence and the PAO was not granted access for verification. The interior photos in the construction phase indicate that it was an upper level home consistent with the neighborhood. The bathroom photo shows that the tiles were not low level grade product. The PAO also presented that one of the owners of the construction company was a family member of the PET. The PAO provided a sales comparison grid with 5 sales. These 5 sales were also utilized by the PET. The PET emphasized the comparable assessed values and not the sale prices. The PET did not apply any adjustments for differences in features. The PAO applied reasonable market supported adjustments to the differences in features to the sales in the grid. The average value from all five sates is $576,960 which would equate to $490,416 with a 15% cost of sale (cos) per the county DR493. Both parties agree that sale 1 was the most similar to the subject. This property sold for $575,000 and adjusted to $545,800 after adjustments are applied, This value minus the 15% cos is $463,930. The difference between the current value of $466,670 to $463,930 is approx a 1/2% which would not require an adjustment. The current value of the subject is approx 19% all 5 comparables at $576,960. The PAO presented a value of $560,000 based on the comparable grid which equates to a 16.6% cos of sale adjustment. -89-