The appraisal values the condo as of January 9, 2012, approximately nine months after the valuation date. Nothing in the record establishes how the appraised value relates to the valuation date. Furthermore, because the hearsay objection was made, the appraisal alone is not a sufficient basis for lowering the assessment.
The evidence about the
purchase price for the condo at 601 Riverscape Court has similar problems. Most
significantly, nothing in the record establishes the date of that purchase or
how that price might relate to a value as of March 1, 2011. Perhaps the date of
purchase would have been disclosed if the entire Construction and Purchase
Agreement had been presented, but only page 1 of 8 was offered. And again, all
the evidence related to the price for this other condo is hearsay. With all
these problems, the purchase price for the 601 Riverscape Court condo simply
does not help to prove what a more accurate assessed value for the subject
property might be.
Mr. Thomas testified about
the sale prices and assessments of purportedly comparable properties. But to
effectively use any kind of comparison approach to value a property, one must
establish that properties truly are comparable. Conclusory statements that
properties are “similar” or “comparable” are not sufficient. Long v. Wayne
Twp. Assessor, 821 N.E.2d 466, 470 (Ind. Tax Ct. 2005) (explaining that one
who relies on comparables is responsible for providing the data about
comparables and walking the board through every step of the comparability
analysis). Mr. Taylor failed to provide the kind of detailed, fact-based
analysis that would be required for any legitimate conclusion based on his
comparables.
A property’s purchase price
can provide some of the best evidence of its market value-in-use. Mr. Taylor
purchased his condo for $179,900 in 2007, but he needed to relate that price to
the required valuation date, March 1, 2011. His general statements about the
market downturn since 2007 failed to establish how his purchase price relates
to a specific valuation as of March 1, 2011.
http://www.in.gov/ibtr/files/Taylor_15-013-11-1-5-00181.pdf
