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at $6 SF more than the subject. Deducting the additional $6 SF indicates an <br />adjusted sale price of $169 SF. <br />Comparable 4 was a newer home with a pool, built to the current wind code and <br />was not considered a good comparable at $269 SF. Comparable 5 was also a newer <br />home built to the current wind code and was not considered a good comparable at <br />$238 SF. <br />Utilizing the adjusted sale price for Comparables 1, 2 and 3 indicated an average of <br />$167 SF. Applying $167 SF to the subject's living area of 2,007 SF results in a <br />preliminary value of $335,169. Deducting a 15% cost of sale, based on the DR -493 <br />submitted to the DOR by Indian River County for the 2023 Assessment, indicates a <br />just value of $284,894 which is above the subject just value of $281,681. <br />Conclusions of law for petition 2023-139 <br />As part of an administrative review under Chapter 194 Part I and II1, F.S., a revised <br />just value can be established because the record contains competent substantial <br />evidence of just value, that meets the necessary criteria and supports the just value <br />as of January 1. The establishment of the revised just value is authorized by law <br />under section 194.301 F.S. and as a result, it has been applied in this administrative <br />review. <br />Provisions of section 194.301, F.S. require that the just valuation standards of <br />section 193.011, F.S., which includes the eight criteria, must be followed <br />regardless of whether the property was sold, the valuation approaches used, <br />whether single property appraisal techniques or mass appraisal techniques were <br />used. <br />To not apply, when otherwise warranted, the eighth criterion in an administrative <br />review because the property has not sold or based on the valuation approach or <br />technique used, would result in an arbitrary appraisal practice under subparagraph <br />194.301 (2)(a)3 FS. Therefore, it has been applied in this administrative review. <br />As a result of the revised just value applied in this administrative review, the PA <br />estimate of just value is upheld and the petition is denied. <br />2023-139 -73- Page 5 of 5 <br />