c. First, the Petitioner
presented a comparative market analysis based on three properties. The analysis
indicated a market value of $16,667 for the subject property. To effectively
use any kind of comparison approach to value a property, one must establish
that the properties are truly comparable. Conclusory statements that properties
are “similar” or “comparable” is not sufficient. Long, 821 N.E.2d at
470. The Petitioner is “responsible for explaining to the Indiana Board the
characteristics of their own property, how those characteristics compared to
those of the purportedly comparable properties, and how any differences
affected the relevant market value-in-use of the properties.” Id. at
471.
d. In this case, the Petitioner
failed to identify how the properties in the comparative market analysis were
comparable to his property. The broker who prepared the analysis simply
provided the high and low listing prices, the high and low selling prices, the
median values, the average values, and the days on market of the comparable
properties. There was no information at all regarding the characteristics of
the comparable properties as they relate to the subject property. Additionally,
the cover letter of this document is dated September 21, 2013, and it failed to
offer an explanation to relate this analysis to the relevant valuation date of
March 1, 2012. Accordingly, the comparative market analysis is not probative. See
Whitley Products, Inc. v. State Bd. of Tax Comm’rs, 704 N.E.2d 1113, 1119,
(Ind. Tax Ct. 1998) (explaining that unsupported conclusory statements are not
probative evidence).
e. Next, the Petitioner presented
a listing of mobile homes that appeared in a real estate magazine dated October
2, 2013. Again, he failed to relate that evidence to a March 1, 2012, value.
And he failed to value any differences between the subject property and the
listed property.
f. Photographs from 2009 show
flooding that occurred in the area where the subject property is located;
however, the Petitioner failed to prove the impact of the flooding on the value
of the property.
http://www.in.gov/ibtr/files/Blades_91-010-12-1-5-00035.pdf
