Property Tax Appeal Board Decision 2004-22983-I-1 ABC Security

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Based on the facts and exhibits presented, the Property Tax
Appeal Board hereby finds a reduction in the assessment of the
property as established by the Cook County Board of Review is
warranted. The correct assessed valuation of the property is:
LAND: $ 42,130
IMPR.: $ 134,270
TOTAL: $ 176,400
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: ABC Security
DOCKET NO.: 04-22983.001-I-1
PARCEL NO.: 03-02-316-041-0000
The parties of record before the Property Tax Appeal Board are
ABC Security, the appellant, by attorney Aron Bornstein, Chicago,
and the Cook County Board of Review.
The subject property consists of an owner occupied 36,090 square
foot parcel improved with a 12-year-old, one-story style
warehouse of masonry construction containing 9,123 square feet of
building area. Contained in the subject building is 70% of
finished air conditioned office space. The building has two
overhead doors and approximately 18 feet of ceiling clearance.
The subject is located in Wheeling Township.
The appellant, through counsel, appeared before the Property Tax
Appeal Board claiming the subject is overvalued and its market
value in not reflected in the assessment. In support of this
argument, the appellant offered a summary appraisal report
prepared by Christopher Nickell of Fuhrer Associates, North
Riverside. Mr. Nickell did not appear at the hearing. The
report disclosed Nickell is a State of Illinois certified
appraiser.
After inspecting the subject site, building, neighborhood and
area, the report indicated the appraiser determined the subject's
highest and best use as improved, its current use.
The appraisal described the utilization of the three classic
approaches to value to estimate a value for the subject of
$490,000 as of January 1, 2004.
In the cost approach, the appraiser based the replacement cost
estimate on currently published labor and material prices