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income approach (on the evidence presented), but did discuss that deducting a COS <br />of 15% would result in a just value of $9,435,000. <br />The PA supported the inputs in the income approach with data from the <br />Commercial Market Insight Report dated January 2023 from the National <br />Association of Realtors. <br />Based on the PA's income approach using the 8% cap rate (that provides the <br />lowest preliminary value and just value after a COS deduction of 15%), the PA <br />testified that the just value indication of $9,435,000 supports the subject's just <br />value of $5,927,523. The presumption of correctness was established. <br />Summary of evidence presented by the petitioner: <br />The submitted evidence indicated a fair market value (FMV) for the property at <br />$4,605,523. <br />The petitioner valued the subject with a sales comparison approach to determine <br />the just land value. The petitioner relied on the PA's estimate of the value for the <br />improvement and added the value of the improvements to their estimate of land <br />value. The petitioner presented 8 comparable sales of residential and commercial <br />properties that sold within Indian River County over 2022 and the first part of <br />2023. Only one of the comparable sales sold in 2023. The sales indicated a sale <br />price per acre from a low of $39,990 to a high of $158,833. The petitioner <br />indicated that the two most comparable sales were Comparables 5and 6. <br />Comparable 5 sold in December 2022 for $158,833 per acre. This site is 23.7 <br />acres. The second most comparable sale was Comparable 6, which was partially <br />developed with a mobile home park but had an industrial zoning. This property <br />sold in March of 2022 for $130,000 per acre and is 5 acres. There were no <br />adjustments applied to the comparable sales nor was there any discussion of the <br />comparable sales provided. <br />The average of these two sales, after a 15% cost of sale adjustment, was $122,754. <br />The average sale price per acre of $122,754 was applied to the subjects 27.4 acres <br />and resulted in a land value of $3,370,000 (r). The estimate of just land value was <br />applied to the $1,235,532 of site improvements, as indicated on the PA's property <br />record card for the subject. This resulted in the petitioner's requested fair market <br />value of $4,605,523. <br />3 <br />2023-069 -56- Page 4 of 6 <br />