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supported the PA's estimate of rent for the subject. Two other charts were provided with information, based on actual data collected over 2022 from 34 apartment complexes from 4 counties, showing operating expenses and occupancy rates. The cap rate support was from a survey by CoStar. This information was provided to support the income approach inputs. The PA presented a sales comparison approach with 6 comparable sales in a chart (including the implied sale price of the subject at $102,937,500 or $362,456 per unit). The sales were from the Stuart, Port St. Lucie and Melbourne markets. The comparables sold between October 2021 to October 2022. The sales ranged from $237,500 to $362,456 per unit. (Excluding the sale of the subject, the range was from $237,500 to $325,500 per unit.) No discussion was provided other than showing the mean of the sales was $286,872 per unit and a concluded (preliminary) value for the subject at $286,000 per unit. A 15% COS deduction was deducted from the preliminary value per unit and resulted in $243,100 per unit. This was applied to the 284 units and resulted in a just value indication of $69,040,400. This supported the subject's assessment. (It is noted that without the sale of the subject, the average sale price was $271,755 per unit and after a COS deduction, $230,992 per unit. This would result in a just value indication of $65,601,705 and would still support the PA's just value.) The PA summarized the two just value indications and stated that most weight was given to the income approach. Summary of evidence presented by the petitioner: The petitioner requested a Just Value of $50,113,000 or $176,453 per unit at the beginning of the hearing. The petitioner valued the subject property with an income approach. The petitioner utilized a blended rental rate of $2,000 per unit per month. The rental rate was applied to the 284 unit and resulted in an estimate of annual rent of $6,816,000. Other income was estimated at 3.0% of total rent or $204,480. This resulted in a PGI of $7,020,480 or $2,060 per unit per month. A 10% vacancy and collection loss and 4.5% for concessions was deducted from the PGI, for an EGI of $6,002,510 or $1,761 per unit per month. Expenses of 29.0% of EGI or $1,740,728 (excluding real estate taxes), $7,850 for non -ad valorem taxes and 1% of EGI or $85,200 for reserves were deducted and resulted in aNOI of $4,168,733 or $1,223 per unit per month. -45-