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Findings of Fact for Petition 2023-154: At the hearing, the following individuals were present. From the Property Appraiser's Office was Robert Taylor, Alisa Barkett, John Vordermeier, and PAO Attorney Eric Barkett. The Petitioner was represented by their Attorney P.K. Barrie and Stephen M. Boyle with Boyle and Drake, Inc. After both parties were given the opportunity to be heard, special magistrate finds property appraiser's just valuation methodology complies with section 193.011, F.S., and professionally accepted appraisal practices. Property Appraiser established a presumption of correctness for the assessment. The property appraiser (PAO) submitted evidence consisting of a comparative market analysis (CMA) utilizing seven improved sales which closed between July 2020 and August 2022. The subject is a unit located at 2020 S Highway AIA, within Vero Beach. The subject has 11,808 SF of gross living area (GLA) and originally constructed in 2022. The sales utilized ranged in price from $5,300,000 to $27,000,000 (rounded to nearest $1,000). The subject is located on a 5.10 acre lot. The comparable sales are located on lots between 1.03 acres and 5.02 acres. The size of the sales ranged from 7266 SF (GLA) to 28,793 SF (GLA). The just value determination by the PAO of $25,877,648 appears generally supported by the evidence submitted. All of the written evidence and testimony provided by the PAO was reviewed, considered and appropriately weighted by the magistrate in determining the conclusion of law. The petitioner (PET) submitted evidence and testimoney consisting of a Comparative Market Analysis consisting of six sales of improved units from the same general area; the sales closed between July 2020 and September 2022. The sales ranged in price from $8,870,000 to $27,000,000 (rounded to nearest $1,000). The living square foot range of these comparables was stated to be between 6714 SF (GLA) to 28,793 SF (GLA). The site size of the comparables ranged from between 1.41 acres and 15.22 acres. The estimate of value based on PET evidence was $20,000,000. The written evidence and testimony provided by the PET was reviewed, considered and appropriately weighted by the magistrate in determining the conclusion of law. A remarkable amount of rebutal was provided by both PAO and PET. Of note from the exchange was that PET agreed with PAO land portion of the just value and only expressed concern with building value. Petitioner overcame the presumption of correctness established at the hearing by the property appraiser's evidence. Petitioner's evidence proved by a preponderance that property appraiser's valuation does not represent just value or is arbitrarily based on appraisal practices that are different from the appraisal practices generally applied by the property appraiser to comparable property in Indian River. There is competent substantial evidence in the record to establish a revised value. Based on the totality of evidence, there were several considerations. The median of the PET sales was $21,220,000 (rounded). The magistrate is of the opinion that due to similarities in site size and location, the most comparable property used among the PAO and PET (and shared by both) was PAO sale 4 and PET sale 6. Magistrate places most weight on this sale. The adjustments for market condition and GLA made by PET to sale 6 resulted in an indicated adjusted sale price of $22,034,900. A value of $22,034,900 was considered and the just value revised to $22,035,000 (PAO sale 4 and PET sale 6 with adequate market adjustments rounded to nearest $5,000 increment). Conclusions of Law for Petition 2023-154: Petitioner overcame the presumption of correctness established by property appraiser at the hearing [Section 194.301, F.S.]. There is competent substantial evidence in the record to establish a revised just value of $22,035,000 [Rule 1213-9.027, F.A.C.]. The petition is granted and the assessment shall be adjusted according to this decision. 2023-154 -67-