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Findings of Fact for Petition 2023-027: The Appraiser Special Magistrate (SM) conducted a hearing that occurred on Nov 15, 2023 for the correctness of th 2023 Just/Market Value of 466 Date Palm Rd (32-40-21-00007-0040-00007.0) in Vero Beach. The Special Magistra e, clerk (Terri) and representatives from the Indian River County Property Appraisers Office (PAO) were physically 1 present in the hearing room. On a conference call was Stephen Boyle the representative for Michael White the petitioner (PET). Both parties presented evidence in support of their opinions for the subject value. The PAO evidence consisted of a cover page, list of evidence, inf tion request letter, evidence exchange 12D-9.420 document, methodology and consideration page, 193.011 Factors: consider document, case law pages, subject property card, subject photo, comparable grid, location map of subject and comparables, property cards and photos c f the comparables. A 15% cos (cost of sale) adjustment was considered. The PET evidence consisted of an appraisal on a Fannie Mae 1004/Freddie Mac 70 form, property card and MLS fo 356 Date Palm Rd. Upon examination of the evidence submitted, the PET provided an appraisal report with four sales and the PAO grid had four sales with 1 sale in common. The PET provided an additional sale from the subject street that also sold in 2021.Only the property card and MLS sheet were presented on the additional sale. The subject has 1728 sf of GLA per property card and appraisal. The appraisal indicates the subject is in,average maintained condition which is supported with the photos. The subject is not a tear down/full reno in poor condition. The PET commented on condition of comparables which no documented evidence was provided. The PAO stated th� did not have access to MLS for condition. The PAO provided four sales from the market area. Sale 1 as reported in their grid had the incorrect size per the property card that has 1545 sf (grid has 1281 sf) which changes the price per sf to $588. The four sales after correction to sale 1 had a range from $542 to $654 per sf. PAO sale 4 appears to be superior to the other comparables as evident by the much higher sale price/price per sf. The PET four sales alone do not appear credible as they would indicate only a $5,000 increase in value from the i subject sale price in Oct 2021. The PET appraisal addendum stated a 2% monthly increase throughout 2021, hence { they adjusted their sale 2 for contracting in Dec 2021. The PET commented on the increase for only the first few months of 2022 and then values went sideways. The PET provided an additional sale from the subject street which also sold in 2021. The size of this property is 1204 sf in the records with the porch being glass enclosed and not having solid walls, hence the size is calculated on the 1204 sf. This would be $573 per sf which puts it in line with PAO sale 1, shared sale 2 & sale 3. { i The PAO 4 sales return a value of $877,975 after the 15% cos is applied based on the average price per sf. Removing PAO sale 4 being the high outlier is $850,435. The PET 4 sales return a value of $620,935 after the 15% cos is applied based on the average price per sf. Removing PET sale 2 being the low outlier is $686,420. This data would indicate there is probably condition issues on both sides, hence the SM deemed the best valuation to 1 be utilizing the price per sf from PAO sales 1, shared sale 2, 3, PET sale 1 and sale 4. The five combined sales return a} full value of $897,523 and after the 15% cos is $762,895. This value is reasonable allowing for an approx 12% increase in value since their purchase to the effective date of Jan 1, 2023. The subject Just/Market value was $1,084,390 prior to the hearing. The PAO data had a Just/Market value of $804,021 which is higher than the data shows indicating a revision is warranted. In conclusion, it is the magistrate's opinion that the PAO & PET sales provided sufficient credible data to determine a supported Just value for the subject. Factoring all the evidence pr9yided, $762,895 is a supported Just Value for the i subject. The PET request for a value revision is approved based ori the evidence presented. Conclusions of Law for Petition 2023-027: Florida Law allows the Property Appraiser to establish a presumption of correctness. For the Property Appraiser to 's establish a presumption of correctness for the assessment, the admitted evidence must prove by a preponderance of th evidence that the Property Appraiser's just valuation methodology.complies with Section 193.011, Florida Statutes an professionally accepted appraisal practices. In the instant matter, the Property Appraiser failed to establish a presumption of correctness for the assessment because the admitted evidence fails to prove `by a preponderance of the 2023-027 Page 2 of 3 -19-