The appraisal values the condo as of January 9, 2012, approximately nine months after the valuation date. Nothing in the record establishes how the appraisal relates to the valuation date. Furthermore, the appraisal alone cannot be the sole basis for lowering the assessment because the hearsay objection was made.
The sale of the subject property is often the best evidence of the property’s value. See Hubler Realty Co. v. Hendricks County Assessor, 938 N.E.2d 311, 315 (Ind. Tax Ct. 2010) (finding that the Board’s determination assigning greater weight to the property’s purchase price than its appraised value was proper and supported by the evidence). Mr. Hyser purchased the condo for $152,300 in October 2010. This transaction was only about four months before both the assessment date and the required valuation date. That price paid for the subject property is timely and probative.
The Petitioners made a prima facie case. When he requested an assessed value of $159,900 Mr. Hyser even included the cost of wall board and an electric fireplace he added after buying the condo. The Board will not reduce the assessment below the amount he requested.
The burden shifted to the Assessor to impeach or rebut the Petitioners’ case. See American United Life Insurance Co. v. Maley, 803 N.E.2d 276 (Ind. Tax Ct. 2004).
The Assessor did not dispute the purchase price of the subject property or offer any reason that it was not a valid indicator of the condo’s market value-in-use. That evidence alone is enough to convince the Board that the assessment should be reduced to the amount requested by the Petitioners.
