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Based on the:comparabte sales presented by the PA and after giving 1consideration <br />to the comments and evidence provided by the:petitioner and reviewing the land <br />value and the Improvement Valuation (IV) on the property cards, the following <br />was determined. <br />Comparables 1, 2 and 3 had similar land values and no: adjustment was required: <br />Comparable 4 had a land value that was: approximately $320,400 or $140: SF A/C <br />area higher than the subject's and value and an adjustment is. required. . ..... <br />The subject had :an IV new of $355 SF:of.A/C area. Comparable-1, sold for: $801 : <br />SF, and had an .IV .new of.$260 SF or .$95 SF. less than the subject. Adding $95. SF <br />to $801 SF indicates:an adjusted sale price for Comparable I:4t $896 SF. <br />Comparable 2 is a newer home that was built. to the .current wind code and sold for <br />$1,136 SF. The construction-costs new for the house:was indicated on the IV at <br />$419 SF versus the subject's cost new of $355 SF. Adjusting the sale by $64 SF <br />provides an adjusted sale price of $1,072 SF... ° .... <br />Comparable 3 is an older home and sold for $742: SF. The: construction costs-new <br />for the house was indicated on the IV at $21.7 SF versus the subject's cost new. of <br />$3:55 SF, Adjusting the sale :by $13:8 SF provides an: adjusted sale price of $850: SF. <br />Comparable 4 is an older home and. sold for $1,126 SF due to the more. valuable . <br />lot. Deducting the contributory value-of the:lot:of $1:40 ASF indicates an. adjusted <br />sale price of $986 SF. The construction costs new:t'or the house was indicated on <br />the IV at. $344 SF versus the subject's .cost. neve of $355° SF. Adjusting the sale- by <br />$11 SF provides an adjusted sale price of $997: SF. : <br />Utilizing the adjusted sale price for-four Comparables indicated an average of $961 <br />SF. Applying $961 SF to the subject's living area of 3,306 SF results -in a <br />preliminary value of $3;177,066. Deducting a I50/9=cost of-sale, based on the DR- <br />493 <br />R493 submitted to the DOR by Indian River -County for the 2023 Assessment, <br />indicates a just value of $2;700,506 which is above the subject just value of <br />$2,563,067. <br />Conclusions of law for petition 2023-142 <br />As part of an administrative review under Chapter 194 -Part I and III, F S:, a revised <br />just value can be .established because the recflrd contains competent substantial <br />Page' 4 <br />Page 2023-142 - g0 _ Pa e 5 of 6 <br />