2025_10_23 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID:79CD4405-B249-4821-8678-6848F09D893C Evidence submitted by the appellant: • The Appellant filed a formal appeal on 6/5/2025. The Appellant provided information comparing the sales price per square foot and the assessed value per square foot of 6 comparable sales. The Appellant's conclusion for reduced value was based on the average assessed value per square foot of these sales multiplied by the square footage of the subject. • No additional evidence e.g.photos, condition/repair bids etc. were provided. Evidence submitted by the county representative: • An Informal Appeal was filed for 2025 with the same evidence provided that is contained in this report. The Informal Appeal was reviewed by a different appraiser which concluded "No Change-Evidence submitted support the value assigned". • On October 6th, a drive by visit of the subject was performed by this appraiser. A drive-by evaluation is considered to be a sufficient review due to the MLS evidence available and due to the nature of the appeal. The grade, condition/maintenance, and construction standards were observed. An exterior photo was taken of the residence. MLS photos from the purchase in 2022 for$700,000 are included in this report for information. • County data of the subject was compared with MLS data and the site visit. All aspects appear to be correct. This along with no notice raised by the homeowner yields no change of the physical aspects of the home. • NBC 7480 is lot priced at$330,000 per site. The Subject lot deems no variations to this value e.g. topography,use. All comps provided by the Appellant are valued identically. • The Comper Report provided by the Appellant includes 6 sales in NBC 7480 and are qualified sales with sale dates between 1/1/2023 to 12/31/2024. The Appellants additional evidence resulting in an average value per square foot for these comps is correct as a basic calculation. This method of calculation(straight-line)is not appropriate when comparing varying homes. Comparable homes will have a difference in the number of levels, age (actual&effective), remodeling or renovations, and levels of quality that can skew the average. As important,the variations in square footage relate directly to the concept of'economies of scale'which basically states that the average value per unit decreases as the quantity increases. There is no single universal formula for computations that include economy of scale. Instead, it is a complex algorithm that is not easily determined due to the number of factors involved. This is coupled with the other varying factors listed that contribute to overall value thereby yielding the value per square foot. This calculation occurs based on the approved County Schedule of Values. • The 6 comps provided by the Appellant along with an additional 2024 sale (108 Highgrove) comprise all the sales in NBC 7480 between l/1/2023 to 12/31/2024. They are listed on the 'Sales Analysis'table attached. They have a sales range of$640,000 to$1,005,000 with an assessed range of$682,900 to $888,300. The Subject falls outside the low range of assessed value due to being smaller than all comps concerning square footage. This will lead to the higher value per square foot due to the economy of scale principle. • The MLS history of the subject purchase include a list date of May 5, 2022, of$625,000. A pending offer occurred on May 8, 2022,with a closing date on May 23,2022, for$700,000.