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Findings of Fact for Petition 2024-115:
<br />Axia includes the Petition, Agent Authorization, Record Card 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 Robert Tayler and Kevin Kinel. PA submitted
<br />multiple evidence documents, which include several key documents: Information Request Letter, Exchange of
<br />evidence 12D-9.020, Methodology and Considerations by the Property Appraiser, Factors to consider in deriving just
<br />valuation 193.011, Comparable Sales Report, Comparable Sales Map(s), Aerial Imagery, Property Record Card for the
<br />Subject, Property Record Cards for all Comparable properties, Case Law, Copy of Value Adjustment Board
<br />Withdrawal of Petition form, and Copy of Petition filed with the Value Adjustment Board.
<br />The assessed just/market value of the property is $9,076,898.
<br />List of Petitioner's witnesses and Exhibits: .
<br />The Petitioner was represented at the Hearing by the owner's Agent; Stephen Boyle. The Petitioner submitted two
<br />evidence documents, which includes a market value appraisal, property summary, photos, and an analysis of
<br />comparable sales.
<br />Overview of the Subject Property:
<br />The subject property is a single-family residence (SFR) situated at 10610 Savannah Drive in the Windsor community
<br />in Vero Beach. The parcel number is 31-39-15-00022-0630-00003.0. According to the property record, the'SFR, built
<br />in 2014, has 4,464 square feet (sq ft) of living space and sits on a 0.59 -acre golf course lot. Construction quality is
<br />excellent and the Georgian -style home features six bedrooms, four bathrooms, two half baths, central air conditioning,
<br />a 2,512 square foot (sf) guest house, pool, courtyard/veranda, and,'a three -car garage. PA indicates the home is in very
<br />good condition. The home includes wood and tile flooring, custom cabinetry, good quality appliances, millwork and
<br />fixtures. The property was recently combined with the adjacent lot that includes a guest house, and now one lot. The
<br />current market value is $9,076,898. ;
<br />Summary of Evidence presented by the Property Appraiser:
<br />PA evidence includes general information about valuation of properties in Indian River County, including mass
<br />appraisal statements, assumptions, and support for the cost of sale. PA has the Presumption of Correctness. Property
<br />card is included along with an aerial photo.
<br />Mr. Taylor reviews the Property Appraiser's evidence packages and discusses property. The three comparable sales
<br />within or near the subject's neighborhood, sold between June 2023 and April 2024. These comparables indicate a sale
<br />price range of $6,600,000 to $8,750,000. Mr. Kinel discusses the sales, market adjustments and the Cost of sale
<br />adjustment. All the comps have similar golf course views with adjustments made based on price per front foot
<br />differences. The land value was based on 5% of the overall value of the site.
<br />According to the PA, each front foot (FF) is adjusted 5% of the overall value, so the difference of nine feet at 5% each
<br />is 45%. For Sale 1, a nine -foot difference was adjusted $114,750, which equates to $12,750 per FF. The adjustment to
<br />Sale 2 equates to $17,979 per FF and the adjustment applied to Sale 3 is $20,323. The MLS was used to support
<br />condition adjustments. The adjustment for age difference was equates to $21,000 per year on comp 1 and $29,684 for
<br />Sale 2. PA states the adjustment is actually based on the difference in the depreciated improvement value. LA and
<br />guest house size differences are adjusted at $600 per sf. Sale 3 is superior in quality and adjusted downward at $150
<br />per sf.
<br />After adjustments, the sales indicated a value range of $6,372,596 to $7,482,875 and average $7,057,797. The
<br />Adjusted Price per sqft for Comparable #1 is $1,023 per sqft of living area, Comparable #2 is $803 per sqft of living
<br />area and Comparable #3 is $1,168 per sqft. The subject's Market /Just value is currently on the tax roll at a rate of
<br />$1,294 per sqft of living area. After reviewing the comparables that are provided, PA concludes the Market/Just Value
<br />of the subject property appears high and an adjustment is appropriate. PA states the data supports a value of about
<br />$7,057,000.
<br />Summary of Evidence presented by the Petitioner:
<br />The Petitioner presented two evidence packages, including a market value appraisal, property information and
<br />comparable data. Mr. Boyle discusses their appraisal that concludes at a Market Value of $7,000,000. The report
<br />includes the statement: Our sketch calculated 4,360 sqft of living area in the main residence and 2,512 sqft of living
<br />area in the detached guest quarters, for a total of 6,872 sqft of living area. The county appraiser calculated 4,464 sqft of
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