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BOPTA 20-070 R355757 8.80 ACRES(383,328 SF) RAW LAND ZONING: RM1 RM2 RS I: • I ,-,1.4___ _ _ „Ex R3ite '1,) ---i -- �jr ice_ — - 4:. ,.. ``•'rdiEte s J .rte i'� -�e gyp ' _tee ,"' _ �.�" The subject of appeal is a land parcel which was created and valued in 2019-20 following the sale of R32312.With that sale the 14.53 acre parcel was segregated creating the 8.80 acre parcel R355757. The intended use was reported to be for senior housing—however, development of the subject land has not begun as of this date. The 2019-20 real market value under appeal was arrived at by reappraising the land for commercial use. This land had been valued as residential acreage prior to the February 22, 2018 sale at$2,300,000 61%of that sale price is allocated to R355757, which is$1,403,000 By reason of this appeal the parcel has been reappraised for 2019-20 as medium density residential use land which better reflects the zoning and current lack of commercial development.Additionally,just under 90,000 square feet of the lot cannot reasonably be developed (a rocky embankment south behind R32312)therefore a token value is applied to that portion resulting in a total land real market value for the property of$1,409,980. After discussion it was also determined more appropriate to class the vacant land 700(medium density residential) rather than 200(commercial)due to the zoning, location,and lack of development on the assessment date—this correction reduces the Assessed Value due the difference in the change property ratio. The Tax Representative requested a real market value of$1,117,000 which we cannot agree to stipulate to in the absence of any evidence submitted,and also importantly because of the recent sale of the land and current demand for multi-residential use property. CONCLUSION: As the method of reappraisal that was utilized conforms to the Commercial valuation model in use, and is supported by the sale price of this property and the Marion County comparable sales provided, it is the recommendation of this Marion County Appraiser to reduce the 2019-20 real market value of the land to$1,409,980. Tax Statement Petitioner Requested Assessor Recommended 2019-20 RMV 2019-20 RMV 2019-20 RMV Land 2,846,210 1,117,000 1,409,980 Improvements 0 0 0 Total RMV 2,846,210 1,117,000 1,409,980 Assessed Value 2,128,400 1,017,711 766,040