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living area in the main residence and 2,550 sgft of living area in the detached guest quarters, for a total of 7,014 sqft. A
<br />cost approach was performed that estimates the land value at $2,500,000 and the value indication is $6,929,600. There
<br />are three of the comparable sales used by the Petitioner that match the PA sales data. Comp 2 was included in the
<br />analysis. It sold in July 2024 for $6,725,000.
<br />Mr. Boyle indicates they looked at land value differently. Sale 4 is the only comp adjusted for land value. The
<br />Petitioner's appraiser did not adjust Sales 1-3 the sales for quality and Sale 4 was adjusted downward $1,600,000.
<br />Living area is adjusted at $600 per sf and guest house at $350 per sf, lower due to interior fmishes/quality.
<br />When analyzing the price per square foot this market is willing to pay for total living area there is a relatively narrow
<br />range (not including comparable 4 which is considered superior due to. its unique and higher end features of the home)
<br />the range is from $960 - $1,180 psf. After adjustments the 4 sales indicate a range of values from $6,369,160 to
<br />$7,486,000. Most consideration is given to comparable 1 for having the most similar site size and location with equal
<br />consideration to comparables 2 and 3 for being newer built and including recent renovations. Comparable 4 is included
<br />as support but is not considered in their overall value estimate due to its unique features. As a result, the Petitioner's
<br />appraisers conclude at a retrospective market value opinion of $7,000,000. This would be reduced 15% for Cost of
<br />Sale to $5,950,000 for an estimated Just Value.
<br />Additional evidence includes a detailed summary of other sales in the Windsor area between 2022 and 2024. The data
<br />is analyzed on a price per square foot basis and shows the subject assessment exceeding most of the market
<br />indications.
<br />Rebuttal Testimony:
<br />Mr. Taylor (Property Appraiser) refers the Petitioners appraisal at $7,000,000 and the indicated Just Value of
<br />$5,950,000 compared to similar Windsor sale prices of $6,800,000 to $8,700,000. The revised PA estimate of
<br />$7,057,000 was mentioned. PA reviewed differences in the sale adjustments, primarily for land value and depreciation
<br />(age/condition). Mr. Kinel emphasizes the value difference in site size and depreciation is appropriate and supported
<br />by CAMA data. The other main difference is the guest house size adjustment at $600 psf vs $350 used by the
<br />Petitioner's Appraiser.
<br />Mr. Boyle refers to the PA value estimate of $7,057,000, which indicates a Market Value of $8;303,000 which equates
<br />to '$1,208 psf of gross living area. He then calculates value of $1,908 for the main house living area. Sale 1 sold for
<br />$1,216 psf, Sale 2 at $1,369 psf, $1,393 psf and Sale 4 at $1,565. He emphasizes the assessed value is above the data.
<br />Additional discussion is provided on the Comps and he refers to listing info on PA sale 2 (Petitioner's Sale 3) which
<br />ji
<br />shows a renovation in 2021 and infers the PA adjustment to this comp is high.
<br />Special Magistrate's analysis and Finding of Facts:
<br />The PAO presented evidence to support the market value. The Property Appraiser has included a sales comparison
<br />approach and applied adjustments to the sales compared to the subject. PA offers a revised Just Value of $7,057,000,
<br />which is the average of the adjusted sale prices of their comps.
<br />After both parties were given the opportunity to be heard, the special magistrate finds that property appraiser's just
<br />valuation methodology complies with section 193.011, F.S., and professionally accepted appraisal practices. Property
<br />Appraiser established a presumption of correctness for the assessment.
<br />The Petitioner provided a Market Value appraisal based on their interior inspection, and the resulting value is
<br />$7,000,000. A 15% adjustment for cost of sale indicates $5,950,000.
<br />The value difference results from different viewpoints on whether to apply an adjustment or how much. The
<br />Petitioner's appraiser did not adjust for site size or condition. PA emphasizes that an adjustment for land value/site size
<br />and depreciation is appropriate and reasonable. The other main difference is the guest house size adjustment at $600
<br />per sf vs $350 used by the Petitioner's Appraiser. The comparable guest houses vary in size up to 2,832 SF, which has
<br />an impact on value.
<br />The Magistrate noted some minor differences in the area used for living area and guest houses of the subject and one
<br />comp. The land value adjustment and condition adjustment used by the PA appears reasonable. However, the
<br />Magistrate has considered the listing info on PA sale 2 (Petitioner's Sale 3) which shows a renovation in 2021. The
<br />condition adjustment to this comp appears high, but it would be appropriate for the Petitioner to apply some
<br />adjustment to this sale. It would also be appropriate to use a lower adjustment factor for the guest house based on
<br />photographs and descriptions. The Magistrate also would follow the standard order of adjustment and apply the 15%
<br />2024-115
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