08/08/2024 - Laserfiche WebLink

Home Browse Search

The main difference in the two valuations was the rental rate and the estimate of vacancy and collection loss. Based on the data presented by both parties a blended monthly rental rate of $2,200 per unit and the vacancy and collection loss of 7.5%, as of January 1, 2023 is supported. In order to check the reasonableness of the two just value indications, the income approach was remodeled using a rental rate $2,200 per unit per month or $7,497,600 and other income of 3% or $187,440 for a PGI of $7,685,040. A vacancy and collection loss of 7.5% and concessions of 4.5% of PGI were deducted and resulted in an EGI of $6,762,835 or $1,984 per unit per month. Expenses of 28.5% of EGI ($1,927,408) plus reserves of 2.0% ($135,257) and non - ad valorem tax of $7,850 for total expenses of $2,070,515 were deducted from the EGI. This resulted in an NOI of $4,692,320. Capitalizing the NOI at 7.0567% (including the tax load) provided a value of $66,494,544. Deducting the TPP of $1,299,407 results in a preliminary value indication of $65,195,137 or $229,560 per unit. After a 15% COS deduction, a just value of $55,415,866 or $195,126 per unit. This is less than 1% different then the PA's just value of $55,798,866, but substantially above the petitioner's just value of $50,113,000. The presumption of correctness for the assessment was established because the PA proved by the preponderance of the evidence that the PA's just value methodology complied with the eight criteria of Section 193.011 of the Florida Statutes and professionally accepted appraisal practices. The petitioner's evidence did not overcome the presumption of correctness. Conclusions of law for petition 2023-145 The admitted evidence was determined sufficiently relevant and credible to reach the preponderance of the evidence standard of proof, Rule 12D-9.025 and 12D- 9.027. The admitted evidence provides by a preponderance of the evidence that the property appraiser's just valuation methodology complies with section 193.011, F.S. and professionally accepted appraisal practices. Therefore, the petition is denied. 0 -48-