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04/11/2024
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04/11/2024
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4/15/2024 10:43:03 AM
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Meetings
Meeting Type
Value Adjustment Board
Document Type
Agenda Packet
Meeting Date
04/11/2024
Meeting Body
Value Adjustment Board
Subject
Value Adjustment Board Final Meeting (VAB) - 2023 Tax Year
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Findings of Fact for Petition 2023-029: <br />The Appraiser Special Magistrate (SM) conducted a hearing that occurred on Nov 15, 2023 for the correctness of <br />2023 Just/Market Value of 705 Hibiscus Ln (32-40-332-00013-0001-00001.0) in Vero Beach, The Special Magist <br />clerk (Terri) and representatives from the Indian River County Property Appraisers Office (PAO) were physically <br />present in the hearing room. On a conference call was Stephen Boyle the representative for Giovanni Mazzeo the <br />petitioner (PET). Both parties presented evidence in support of their opinions for the subject value. <br />The PAO evidence consisted of a cover page, list of evidence, information request letter, evidence exchange 12D-9 <br />document, methodology and consideration page, 193.011 Factors to consider document, case law pages, subject <br />property card, subject photo, comparable grid, location map df subject/comparables ,property cards with photos of <br />comparables, land sales grid, land sale map and a summary page. A 15% cos (cost of sale) adjustment was conside <br />The PET evidence consisted of an appraisal on a Fannie Mae 1004/Freddie Mac 70 form and MLS for three 2023 <br />sales. I <br />Upon examination of the evidence submitted, the PET provided an appraisal report with three sales and the PAO grid <br />had four sales with no sales in common. <br />PET sale 1 has a smaller parcel which was not adjusted as it was not on A 1 A per PET. The PAO commented on this <br />sale having $76,000 worth of permits pulled right after closing. The relisting of this property after renovation is not ` <br />applicable as it would then require significant adjustments for condition as well as the statement from the PAO that t e <br />owner wanted a quick sale. <br />Sale 2 is on AIA, albeit the west side of the street and is mislabeled for distance from the subject in the appraisal <br />report. It is much larger in size and did not have a pool. <br />Sale 3 is mislabeled for distance from the subject and is also north of the subject approx. a mile (0.2 miles S in <br />appraisal). This property has a smaller parcel which was not adjusted as it was not on AIA per PET. This sale did not <br />have a pool. This comparable contracted in 12/21 and sold in 01/22 with no time adjustment as -made in the prior <br />hearing which the PET commented that this sale was utilized in the Mr. White hearing. <br />The PET provided MLS for three additional 2023 sales which were all along AIA; however, on the west side of AIA,, <br />These were all after the effective date of valuation. <br />The PAO had 4 sales in the grid with a price per sf analysis. Sale 1 is similar in size, east of AIA (not directly on Alt!) <br />with a pool. The PET verbally indicated this had some superior updates (millwork, impact windows). <br />Sale 2 is next door to the subject, much larger in size and appears to be in superior condition as indicated by the highJr <br />sale price. I <br />Sale 3 is across the street from the subject, sides AIA like the subject with a pool; However, much larger in size. The <br />PET verbally commented that it is in superior condition to the subject and the PAO rebutted that this property is be;; <br />renovated after the sale. <br />Sale 4 is west ofAIA, smaller in size and does not have a pool. <br />The PAO presented a land analysis grid with 4 sales that were purchased and to be torn down/razed for new <br />construction. Land sale 3 is a higher value from its location on Lady Bug Ln which the SM deemed is a superior parol <br />and did not consider in the valuation. Sale 1 is most similar in size; however, with smaller front footage and longer I <br />depth. This property had a land value of $976,650 after the 15% cos. This sale provides support for the subject value <br />with the PET comments of average condition as the property on this site was razed. The PET commented that this lot 1 <br />could be split which warranted a higher value. This may be. possible; however, the zoning still indicated single family, <br />and at time of sale was 125 x 140 in dimensions. The intent of the buyer was not known and presented as factual j <br />evidence. Sale 2 lends support with its narrower front footage. Sale 4 has smaller front footage and location on the <br />west side ofAlA. <br />The PET commented on condition of comparables which no documented evidence was provided. The PAO stated they, <br />did not have access to MLS for condition. Both sides commented on properties being renovated/updated after the 202 <br />sales. Neither party presented evidence for condition of the comparables. <br />The PAO provided four sales from the market area. The four sales, after had a range from $485 to $696 per sf. The foul <br />sales return a value of $952,237 after the 15% cos is applied based on the average price per sf. PAO Sales 2 & 3 are i <br />much larger than the subject. <br />PAO sale 3 being across the street when adjusted for size using PET $100 per sf amount and the 15% cos still leaves <br />around $100,000 for some superior condition factors. <br />The PET 3 sales return a value of $533,179 after the 15% cos is applied based on the average price per sf. <br />2023-029 <br />-27- <br />Page 2 of 3 <br />
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