Importantly, Mr. Kramer
estimated the property’s value as of January 9, 2009, a little more than a year
after the relevant January 1, 2008, valuation date. Mr. Kramer, however, relied
solely on sales from 2008. That is enough to show at least some relationship
between his valuation opinion and the subject property’s value as of January 1,
2008. Granted, that relationship is not precise. But the Department of Local
Government Finance’s rules for annual adjustments that were in effect at the
times relevant to this appeal instructed assessors to use sales from 2007 and
2008 in performing ratio studies for the March 1, 2009 assessment date. 50 IAC
21-3-3(a)(2009) (“For assessment years occurring March 1, 2007, and thereafter,
the local assessing official shall use sales of properties occurring the two
(2) calendar years preceding the relevant assessment date.”).
The Assessor also offered
evidence of her own that serves to relate Mr. Kramer’s valuation opinion to the
appropriate valuation date. Specifically, the Assessor offered Mr. Beer’s
annual trending data for Lake Wawasee properties. According to Mr. Beer, median
sale prices on Lake Wawasee decreased by 4.30% from January 1, 2008, to January
1, 2009, the latter of which is just eight days before the valuation date that
Mr. Kramer used in his appraisal. Using Mr. Beer’s data, the subject property’s
market value-in-use on January 1, 2008, would have been $752,351.09.
Mr. Beer, however, did little to explain his trending data. Without more information, it is not clear that simply comparing median sale prices from year to year measures changes in the market with any degree of precision. Nonetheless, based on the record as a whole, Ms. Miller made a prima facie case that the subject property's true tax value was no more than $752,400 - Mr. Kramer's appraisal estimate trended to a January 1, 2008, value using Mr. Beer's year-to-year sales data.
