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Summary of evidence presented by the property appraiser: <br />The PA established the just value for the property at $320,138 or $43.23 SF. <br />The PA presented four (4) comparable sales. Sales 1 and 4 were sales of vacant <br />lots within the subject's subdivision. Sale 1 sold February 2023 for $535,000. The <br />lot contained 66 FF and had a usable area of 10,019 SF. The purchase price was <br />adjusted 15% for the cost of sale (COS) and indicated a just value per FF of $7,984 <br />and $45 SF of usable area. Sale 4 sold March 2019 for $215,000. This lot had 45 <br />FF and 8,712 SF of usable area. After adjusting for the COS, this lot indicated <br />$2,816 FF and $21 SF of usable area. (No time adjustment was applied to Sale 4.) <br />Sales 2 and 3 were single family residences in the subject's subdivision. These <br />sales were utilized due to the lack of vacant land sales within the subdivision. <br />Sale 2 sold April 2023 for $1,020,000. The lot has 66 FF and 11,326 SF of usable <br />area. The home is 2,784 SF of AC area. The PA assigned the improvements a <br />value of $503,306 ($1.80 SF) which indicated a land residual of $516,694. After <br />adjusting the land residual for the 15% COS, the sale indicated a residual land <br />value of $7,160 FF and $39 SF of usable area. (It is noted that a review of the <br />property record card indicated -that the value assigned to the improvements was <br />based on the estimate of cost new of $623,267, less depreciation of 12% to <br />$548,474 and then adjusted downward by 78% (no explanation for the 78% factor) <br />to $427,810 and then divided by the 1 -COS (.85) to arrive at the improvement <br />value of $503,306. This indicated a value that was below the cost new and the <br />depreciated value and lessened the reliability of the indicated improvement value.) <br />Sale 3 sold October 2021 for $870,000. The lots has 67 FF and 13,504 SF of usable <br />area. The home is 3,120 SF of AC area. The PA assigned the improvements a <br />value of $581,179 ($186 SF) which indicated a land residual of $288,821. After <br />adjusting the land residual for the 15% COS, the sale indicated $3,655 FF and $18 <br />SF of usable area. (The same issue regarding improvement value is noted. Also, <br />there was no time adjustment applied to this sale.) <br />The PA concluded at a market (just) value for the subject property of $320,138 or <br />$43.23 SF based on 7,405 SF of total site area or $7,276 FF (chart shows $7,990 <br />FF). <br />2024-140 <br />Page 2 <br />-56- <br />Page 3 of 7 <br />