07/29/2025 - Laserfiche WebLink

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The PET provided three copies of appraisals on the subject property.Their original submission to the PAO was not considered as it had four 2024 sales and one 2023 sale with an effective date of Sept 2024 which is after the effective date of value for this hearing(Jan 1,2024 value date).That appraisal had a value of$10,065,000.Comparable 5 was actually a 2023 sale per the other appraisals and the PAO grid as this was a shared sale from Nov 2023. There was a second appraisal presented which had six sales(4 from 2023,2 from 2019)which had a value of$10,280,000(signature date 10/22/2024,effective date 12/31/2023). The third appraisal is the one reviewed for this hearing. It had the same six sales as the second appraisal plus an additional seventh sale(included as comp 5)which changed the value to$9,980,000(signature date 10/30/2024). The PET presented one-line grids of the assessed values of the other beachfront properties in the subject subdivision.This data is not relevant in this instance as the PAO does not compare assessments due to differences in sale dates,homestead exemptions, portability etc.The PAO commented on the changes to the market values that fluctuate with market area values with the owners having protections/caps in the Assessed/SOH value lines. The owner stated they purchased the dwelling with the furniture;however,without a tangible property appraisal and a separate real estate appraisal from time of sale,the sale price is considered for the real estate.Typically,when the furnishings are left,it's for seller convenience(time,sell,donate,move items etc),to entice a buyer,AirBnB/short term rental etc. In the hearing folder was page 1 of the subject purchase contract.The contract indicated the items to be included in the sale per MLS listing and furniture as seen on 12/14/2022.The MLS was provided in the PAO evidence which did not provide details or photos of the personal items.The contract did indicate that the vehicles in the garage, artwork, Ferrari dinnerware,wine,glasses,statues,glass turtle in billiard room and other personal items were not included in the sale, hence,the remaining items left did not have value to the seller. The PAO and PET utilize two sales in common. 910 Reef Rd was adjusted for inferior location by the PAO. The PET indicated the site size offset the location adjustment which is not supported as the site size is similar and the WFF differs by 2 If which did not warrant an adjustment.The PET should have applied a location adjustment based on the data presented. The condition/quality,effective age,size and bathroom adjustments are similar from both parties. - 76 -