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Findings of Fact -for Petition -2024-067: Findings: of Fact :for:Petition2024-083 :: Axia: includes the Petition and Hearing notice.. List of Property Appraiser's: witnesses and Exhibits: The Property Appraiser'sOffice (PA.) was represented at the Hearing by _Robert Tayler and Kevin Kinel. Mr. Taylor` discussed the submitted. multiple evidence:documents;which includes several key: documents; Information Request Letter; Exchange of evidence 12D-9.020; Methodology and Considerations by :the Property Appraiser, Factors to consider: in deriving just valuation 193:011, Comparable Sates Report;:Comparable Sales Map(s),Aerial Imagery, Property Record Card for the Subject, Property Record Cards for ;all Comparable properties, -Case Law, Copy of Value Adjustment:Board Withdrawal of.Petition: form, and.Copy of Petition filed with the Value Adjustment:B:oard. The assessed just/market value of the:property :is: $676,92:1 List of Petitioner's witnesses and Exhibits:: The Petitioner was represented at the Hearing by the owner,-Arjuan Agerwala, and his Agent, Stephen Boyle: The Petitioner: submitted several evidence: documents; including :a market: value appraisal, property summary, photos, and; an- analysis: of comparable sales. Overview of the- Subject Property: ..... The subject property is a single-family: residence: situated:at:5366 16th:Street: in in Vero:Beach. The -parcel number is:: 33390400001014000002.1. According to the property record; the : SFR, -built in 1995; has 3;005 et :square.feof living space: and sits: on a 0.71 -acre dry lot. It has good quality construction features fourbedrooms, :four bathrooms, central Air conditioning; and'a two -car garage.: PA indicates the home is in good condition. The. property was last purchased on February 15, 2023jor $805;0.00 or $267 psf of Living Area: (LA), and:its current market value is.$6:85,633, or:$228 psf of LA. Summary -of Evidence presented by the Property Appraiser::'; Mr. Taylor: reviews the Property Appraiser's evidence packages and: discusses: general information about the valuation of properties in;Indian-River County, including mass appraisal statements; assumptions, and support for -the cost of sale.:PA has:the Presumption of Correctness:: The property card:is: included:along with an aerial:photo.:He states that the subject improvements have been updated. The LA includes the guest quarters. The evidence presents four comparable sales within or near :the subject's neighborhood;: sold in 2023: These ..: comparables indicate a sale price range of $660,000 to $799,000.:Mr. Kinel discussed the sales and has minimized some.of the:adjustments. fie discusses the:adjustments:and the: Cost of sale: adjustments. MLS was used: to support condition adjustments. The 2024 Market/Just value for Subject property was determined -by using 2023 Market Sales. Three of.the sales are adjusied:upward:$M psf:for`.condition. Living Area is adjusted.at $125 psf:: Aft er:adjustinents, the: sales indicated a value :range id$657,925 AO $707;715 and average $676;921. The PA notes that the subject's assessed value falls within the range of adjusted comparable sales. The Adjusted Price per Sq Ft of Comps 1-4 are:(Comparable- #1 - $207 per sq ft::of living:area. Comparable 42- $218 -per sq ft; of:living area. Comparable #3:-: $266 per sq ft. of living area. Comparable #44419 per sq ft of living area. The subjects Market /Just value is currently on:the tax roll: at a rate:of $228 per sqft of living area. After reviewing the .comparables that are �provided;:PA concludes :the Market/Just_Value of the subject property to be supported by the comparables, a current rate -of $685,626 assessment for the 2.024 Tax Roll year.::: The -PA includes neighborhood sales statistics (2022 present). and a sales location maps. Property record cards and maps are in: for all sales: PA has discussedahe matter previously with the owners and has adjusted the :way the gusthouse was valued. The value was adjusted down from $711,000 to $685,633. Summary -of Evidence presented by the Petitioner:: The Petitioner presented four evidence. packages, including a market:value appraisal, property information and comparable data. Based on the appraiser's -measurements, the living area is calculated at 2,483 SF versus 2,575 -SF used :by the PA. There :are two of the compartable sales: used by :the Petitioner that: match the :PA sales data. PA Sale :1 itsPetitioner sale 4; and PA sale 2 is Petitioner sale'1. Mr. Boyle discusses the gust house: being one of the differences in the analyses. The:guesthouse is broken out separately: from the main house. The finish'is not as good as:the main house: 2024-067::..: Page 2 of 4 =15-