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cost of sale adjustment after all other adjustments. <br />All evidence was admissible, and all evidence from the PAO and representative for the Petitioner was admitted without <br />objection. <br />As a result of considerable review of many variables that result in a large spread in value opinions, the Magistrate has <br />applied revised adjustments to the sales for item discussed in the preceding paragraph. The price per SF of the comps <br />was also considered. Based on this review I have estimated a Just Value of $6,250,000. This convers to a reasonable <br />and supportable market value of about $7,350,000, which is within the range of the four comparable sales at <br />$6,600,000 to $8,750,000. <br />The Petitioner has overcome the presumption of correctness established at the hearing by the property appraiser. <br />Petitioner did prove by a preponderance that property appraiser's valuation does not represent just value or is arbitrarily <br />based on appraisal practices that are different from the appraisal practices generally applied by the property appraiser <br />to comparable property in Indian River County. Granted by Special Magistrate at Hearing & after Tax Roll. Magistrate <br />recommends a Revised Just Value of $6,250,000. <br />f <br />Conclusions of Law for Petition 2024-115: <br />Florida Law allows the Property Appraiser to establish a presumption of correctness. For the Property Appraiser to <br />establish a presumption of correctness for the assessment, the admitted evidence must prove by a preponderance of the <br />evidence that the Property Appraiser's just valuation methodology complies with Section 193.011, Florida Statutes and <br />professionally accepted appraisal practices. In the instant matter, the Property Appraiser established a presumption of <br />correctness for the assessment because the admitted evidence proves by a preponderance of the evidence that the <br />Property Appraiser's just valuation methodology complies with Section 193.011, Florida Statutes and professionally <br />accepted appraisal practices. Since the Property Appraiser established a presumption of correctness, the Petitioner <br />must overcome the established presumption of correctness by proving that the admitted evidence proves by a <br />preponderance of the evidence that: (a) -the Property Appraiser's just valuation does not represent just value; or (b) the <br />Property Appraiser's just valuation is arbitrarily based on appraisal practices that are different from the appraisal <br />practices generally applied by the Property Appraiser to comparable property within the same county. In the instant <br />matter, the Petitioner overcame the Property Appraiser's established presumption of correctness because the admitted <br />evidence proves by a preponderance of the evidence that (a) the Property Appraiser's just valuation does not represent <br />just value; or (b) the Property Appraiser's just valuation is arbitrarily based on appraisal practices that are different <br />from the appraisal practices generally applied by the Property Appraiser to comparable property within the same <br />county. Further, competent substantial evidence of just value which cumulatively meets the criteria of Section 193.011, <br />Florida Statutes, and professionally accepted appraisal practices exists in the record for Special Magistrate to establish <br />a revised just value. <br />2024-115 <br />-48- <br />Page 4 of 4 <br />