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The net operating income was capitalized at 5.5%, plus a tax load of 1.47% (r) (16.7 mills X 85%) for a loaded cap rate of 6.92% (r). This indicated a value of $60,255,405 or $212,180 per unit. The TPP of $1,299,407 was deducted. This indicated a preliminary value for the real estate of $58,955,998. A 15% cost of sale deduction was made and indicated a just value of $50,112,598 or $176,453 per unit. The just value was rounded to $50,113,000. This was the petitioner's requested just value. The petitioner presented a Property Analytics report for the subject property from Costar. (The report was as of 1/16/2024.) The report indicated a vacancy rate at the subject of 14.1%, a blended market asking rental rate of $2,094 per unit per month and concessions at 7.5%. For the submarket, the vacancy rate was indicated at 16.2%, the market asking rent was $1,948 per month per unit and concessions of 4.3%. (The report also indicated that the vacancy rate as of January 2023 was just over 6%, market rent for the subject was just over $2,200 per unit per month and rent concessions were approximately 4% at the beginning of 2023 and increase 2 over 7% by the end of 2023.) The report indicated that market effective rent per square foot was just over $2.00 at the beginning of 2023 and drop to approximately $1.90 by the end of 2023 and cap rates for the Stuart market were approximately 5.4% at the beginning of 2023 and had increased to approximately 5.6% by the end of 2023. The petitioner also presented a report for the subject property and the Fort Pierce market area from Moody's Analytics. The data in the report was as of the 3rd Quarter of 2023. The report covered 11 comparable projects from Fort Pierce, Port Saint Lucie, Jensen Beach and Stuart. The report indicated an average asking rent of $1940 per unit per month, a vacancy rate of 8.5%, and an average project size of 274 units. The average year built for the projects was 2009. Of the 11 projects two were in Stuart and two were in Jensen Beach. These four projects indicated a rental range from $1,907 to $2,425 per unit per month. The cap rate support was surveys from Costar, and RERC. Operating expenses, reserves and yield rates were supported from surveys from RealtyRates, PwC and data compiled by Property Tax Alliance Group from client information on apartments. This information was provided to support the income approach inputs. Rebuttal Testimony: The PA testified that their rental data was from the beginning of 2023 and based on asking rents for the subject and other local projects. The petitioner used 4 -46-