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i <br />I <br />I <br />The PA established the just value for -the property at, S 037,253 or $44:5:SF. The <br />PA testified that the subject recently sold for $1,307,500 ($561 SF).in July. 2022. j <br />The PA presented: four (4) comparable sales of single-family. residences :in the <br />general area. Two comparables were from within the subject's subdvision.:The <br />other two comparables were from subdivisions: to the north: The comparables. sold <br />ranged from $1,225,000 to $1,600,000 or from. $407 SF to $529 SF. (:The average <br />salerice of the 4 comparable sales was $488 SF. No adjustments were applied to <br />p - p J pp <br />the comparable sales. A preliminary value estimate for.the subject properly was. not <br />established. A 15% .cost of sales (COS) was :not deducted froth the sale: price of <br />each comparable sale.) According to the:FA, based on the average- of the 4:.. <br />comparable sales of $488 SF, the subj.ect's just°value of $1,037,253 or $445 SF { <br />(which includes a COS reduction) was supported. <br />The PA also:presented information on 13 vacant* land sales in the market area. The <br />purpose was to show.that the subject's land assessment- was reasonable <br />Summary of evidence presented by the petitioner:.. <br />The petitioner requested' a market (just) value for the property at $963,125 or. $414 <br />SF. <br />The petitioner testified that they :purchased the property at: the peak of the market, <br />had a very short time to close, and didn't get an appraisal and, as a result; overpaid. <br />The: chart provided by the petitioner included 19 tax comparables. The petitioner <br />testified that based on the CMV of the tax:comparables,-they are ever assessed by <br />7.5% more than the average ofthe .tax comparables. (No comparablesale' were. <br />presented by the petitioner.)' <br />Rebuttal Testimony: <br />i <br />The PA testified that the: property: was purchased for $1,307,500, and the market <br />(just) value is set at -$1,037,253 or 79% of the purchaseprice.: The petitioner <br />testified that their assessment is one of the highest in the Sandpointe:neighborhood. <br />No other new evidence was presented by either:*arty that wasn't discussed :daring <br />the presentation of evidence. .' <br />Special magistrate's analysis and finding of facts: <br />Page 2 <br />{ <br />2023-028 <br />:Page 3 -of 5 <br />i <br />