Board Finds Purchase was Untimely and Taxpayer Failed to Show Property Over-Valued with Comparable Sales

Mr. Richeal did not offer the type of analysis contemplated by either the Manual or the Indiana Tax Court. In some cases, he simply asserted that the sold properties were comparable to the subject property. In other cases, he compared the sold properties to the subject property along a few lines, such as the sizes of the respective homes. More importantly, Mr. Richeal did little to explain how any relevant differences affected the properties’ relative values. Without a more reasoned analysis that complies with generally accepted appraisal principles, the sales data that Mr. Richeal pointed to does little to show the subject property’s market value-in-use.

That being said, Mr. Richeal did point to a home located at 2218 Jacobs Creek Run that he described as having a home that was identical to the subject home and that was listed for $118,000 on December 15, 2009. See Richeal testimony; Pet’r Ex. 8. While Mr. Richeal did not really compare the two homes’ features, the Assessor offered a property record card and photograph that arguably support Mr. Richeal’s description. See Resp’t Exs. 7-8. Even so, 2218 Jacobs Creek Run’s list price was almost two years after the January 1, 2008 valuation date that applies to the March 1, 2008 assessment under appeal. And neither Mr. Richeal nor Ms. Klein explained how the listing related to the subject property’s value as of that earlier valuation date. The listing information therefore lacks probative value.

 
Next, according to Mr. Richeal, Ms. Klein bought the subject property for $118,000 in May 2005. A property’s sale price can be compelling evidence of its market value-in-use. Once again, however, neither Ms. Klein nor Mr. Richeal explained how the subject property’s sale price related to its market value-in-use as of the January 1, 2008 valuation date that applied to the assessment under appeal. So, like the listing for 2218 Jacobs Creek Run, the subject property’s sale price lacks probative value.

http://www.in.gov/ibtr/files/Klein_02-072-09-1-5-00054.pdf