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Findings of Fact -for Petition -2024-083:
<br />Axia includes the: Petition and Hearing notice:.:: _
<br />List of Property Appraiser's witnesses and Exhibits::;
<br />The Property Appraiser's Office (PA) was represented at the Hearing by Austin Boller: Mr Boller submitted four
<br />evidence: documents; which inat' ludes;several key:documents:::Inforrnon Request Letter`•: Exchange of evidence
<br />12D-9.020; Methodologyand Considerations:by the Property Appraiser, -Factors to consider in deriving just valuation
<br />193.0:11, Comparable: Sales Report;: Comparable Sales Map(s): Aerial Imagery, Property Record Card:for: the Subject,
<br />Property Record Cards for all Comparable properties, Case Law, Copyof Value Adjustment Board-Withdrawal'of
<br />Petition form, and :Copy of Petition filed:with the Value Adjustment Board
<br />The assessed just/market value of the property is $794,812. .
<br />List of Petitioner's witnesses and Exhibits:
<br />The Petitioner was: represented at the Hearing by the owners Dean and Karen:Bogdanowieh. The: Petitioner submitted
<br />a -27 -page document as part of the evidence; which includes a closing statement, property summary, photos, and an
<br />analysis of comparable sales.
<br />Overview: of the Subject Property:
<br />The subject property is a single-family residence situated at 438 Jacqueline Way SW in the Lake Saphire,West
<br />subdivision- InVero Beach. The parcel number is 33392100024000000015.0. According to the property record, the ..
<br />SFR, built:in 2022; Has 2,758 square feet of living -space and sits on a 0.31 -acre dry lot It has good_ quality
<br />construction features three:bedrooms; three bathrooms, central air conditionmg;:pool/spa; and athree-car garage. PA
<br />indicates the home is 1 year old and in excellent condition. The property -was last purchased on January 21, 2022, for
<br />$6.07;600, and its current inarketvalue is $794,812.::::
<br />Summary:of Evidence presented bythe Propeity:Appraiser
<br />Mr. Boller reviews the Property Appraiser's evidence packages and discusses general information about valuation of
<br />properties in Indian River County, including mass appraisal statements, :assumptions,: -and support for the:eost of sale.
<br />PA has the'Presumption of Correctness. Property card is included along with an -aerial photo. a
<br />.
<br />The evidence presents four comparable sales within the subject's immediate neighborhood, soldin 2022 & 2023: These
<br />comparables indicate a sale price range of:$910,000.ao:$975,000:PA states: the subject sale and.453 Jacqueline Way
<br />were the last two developer sales. The contracts were established over a year prior to closing. These sales were. not
<br />given weight in their analysis:
<br />The Saphire.l akes market has beeii strong with 202-2 median qualified sales price of:$942,500;the 2023 :price is:
<br />$947,500; and 2024 is $950,000. The assessed value for the subject equates to 83.6% of median
<br />2023 sales price and
<br />the $.288: psf AV is also in line with market data.
<br />Adjustments were considered for various factors such. as quality of construction, condition,, bathroom .count, size,
<br />parking, pool, and time of sale.. Adjustments were -Applied for waterfront locationo ofthe Comps adj
<br />s with twusted
<br />downward. All of the Comps have a pool, and an,adjustment_was applied for -spa; which the subject has. The homes are
<br />similar in quality, age and other features. A -15% adjustment for the cost of sale is applied to the. comparable sales:
<br />After adjustments, the sales indicated a value range of $783,500 to $818,750 and avera a $805,750 Subject AV
<br />equates. to.:84% of average sale price. The PA notes that the subject's assessed:value falls within the range of adjusted.: .
<br />comparable sales. The PA includes neighborhood sales statistics (2022 present) and a. sales -location maps: Property:'
<br />record cards and maps: are included :for all sales.
<br />Summary of Evidence presented by. the Petitioner:
<br />The Petitioner presents a 27 -page evidence package, including the purchase closing statement, Property informatiori
<br />and: comparable data. They paid $6:07,600: and the Petitioner states they have never been taxed on that:basis Mn,
<br />Bogdanowich refers:to 493 Jacqueline Way SW as'the only similar model to their home and the assessed value is
<br />$40,00.0 less thanAiis AV. It.sold in December 202:1 for $562100. Petitioners: discussed a: nearby property where the PA
<br />reduced the AV.:'Petitioners further discussed assessed values in the neighborhood. One of the sales in the Petitioner's
<br />package is 4.14. Jacqueline Way and: sold for $945,000. Mr. Bogdanowich refers to its assessed -value of $727,751
<br />compared. to his assessed value of $794,912. He also discusses sales ida nearby subdivision. This sale supports the
<br />Assessed:value of:the subject_however the assessed.value:is:lower than: the subject. Magistrate observes the AV psf.
<br />Petitioner comments on the PA notapplying an adjustment for 2 -car versus 3 -car garages. The subject has a 3 -car
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