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04/29/2025
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04/29/2025
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Last modified
6/30/2025 12:01:39 PM
Creation date
5/1/2025 1:25:18 PM
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Meetings
Meeting Type
Value Adjustment Board
Document Type
Agenda Packet
Meeting Date
04/29/2025
Meeting Body
Value Adjustment Board
Subject
Final Meeting for the 2024 Tax Season
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Findings of Fact -for Petition -2024-067: <br />Findings: of Fact :for:Petition2024-083 :: <br />Axia: includes the Petition and Hearing notice.. <br />List of Property Appraiser's: witnesses and Exhibits: <br />The Property Appraiser'sOffice (PA.) was represented at the Hearing by _Robert Tayler and Kevin Kinel. Mr. Taylor` <br />discussed the submitted. multiple evidence:documents;which includes several key: documents; Information Request <br />Letter; Exchange of evidence 12D-9.020; Methodology and Considerations by :the Property Appraiser, Factors to <br />consider: in deriving just valuation 193:011, Comparable Sates Report;:Comparable Sales Map(s),Aerial Imagery, <br />Property Record Card for the Subject, Property Record Cards for ;all Comparable properties, -Case Law, Copy of Value <br />Adjustment:Board Withdrawal of.Petition: form, and.Copy of Petition filed with the Value Adjustment:B:oard. <br />The assessed just/market value of the:property :is: $676,92:1 <br />List of Petitioner's witnesses and Exhibits:: <br />The Petitioner was represented at the Hearing by the owner,-Arjuan Agerwala, and his Agent, Stephen Boyle: The <br />Petitioner: submitted several evidence: documents; including :a market: value appraisal, property summary, photos, and; <br />an- analysis: of comparable sales. <br />Overview of the- Subject Property: ..... <br />The subject property is a single-family: residence: situated:at:5366 16th:Street: in in Vero:Beach. The -parcel number is:: <br />33390400001014000002.1. According to the property record; the : SFR, -built in 1995; has 3;005 et :square.feof living <br />space: and sits: on a 0.71 -acre dry lot. It has good quality construction features fourbedrooms, :four bathrooms, central <br />Air conditioning; and'a two -car garage.: PA indicates the home is in good condition. The. property was last purchased on <br />February 15, 2023jor $805;0.00 or $267 psf of Living Area: (LA), and:its current market value is.$6:85,633, or:$228 <br />psf of LA. <br />Summary -of Evidence presented by the Property Appraiser::'; <br />Mr. Taylor: reviews the Property Appraiser's evidence packages and: discusses: general information about the valuation <br />of properties in;Indian-River County, including mass appraisal statements; assumptions, and support for -the cost of <br />sale.:PA has:the Presumption of Correctness:: The property card:is: included:along with an aerial:photo.:He states that <br />the subject improvements have been updated. The LA includes the guest quarters. <br />The evidence presents four comparable sales within or near :the subject's neighborhood;: sold in 2023: These ..: <br />comparables indicate a sale price range of $660,000 to $799,000.:Mr. Kinel discussed the sales and has minimized <br />some.of the:adjustments. fie discusses the:adjustments:and the: Cost of sale: adjustments. MLS was used: to support <br />condition adjustments. The 2024 Market/Just value for Subject property was determined -by using 2023 Market Sales. <br />Three of.the sales are adjusied:upward:$M psf:for`.condition. Living Area is adjusted.at $125 psf:: <br />Aft er:adjustinents, the: sales indicated a value :range id$657,925 AO $707;715 and average $676;921. The PA notes that <br />the subject's assessed value falls within the range of adjusted comparable sales. The Adjusted Price per Sq Ft of Comps <br />1-4 are:(Comparable- #1 - $207 per sq ft::of living:area. Comparable 42- $218 -per sq ft; of:living area. Comparable #3:-: <br />$266 per sq ft. of living area. Comparable #44419 per sq ft of living area. The subjects Market /Just value is <br />currently on:the tax roll: at a rate:of $228 per sqft of living area. After reviewing the .comparables that are �provided;:PA <br />concludes :the Market/Just_Value of the subject property to be supported by the comparables, a current rate -of $685,626 <br />assessment for the 2.024 Tax Roll year.::: <br />The -PA includes neighborhood sales statistics (2022 present). and a sales location maps. Property record cards and <br />maps are in: for all sales: <br />PA has discussedahe matter previously with the owners and has adjusted the :way the gusthouse was valued. The value <br />was adjusted down from $711,000 to $685,633. <br />Summary -of Evidence presented by the Petitioner:: <br />The Petitioner presented four evidence. packages, including a market:value appraisal, property information and <br />comparable data. Based on the appraiser's -measurements, the living area is calculated at 2,483 SF versus 2,575 -SF <br />used :by the PA. There :are two of the compartable sales: used by :the Petitioner that: match the :PA sales data. PA Sale :1 <br />itsPetitioner sale 4; and PA sale 2 is Petitioner sale'1. Mr. Boyle discusses the gust house: being one of the differences <br />in the analyses. The:guesthouse is broken out separately: from the main house. The finish'is not as good as:the main <br />house: <br />2024-067::..: Page 2 of 4 <br />=15- <br />
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