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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: $ 13,609
IMPR.: $ 347,991
TOTAL: $ 361,600
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Wheeler House LP
DOCKET NO.: 03-25679.001-C-2
PARCEL NO.: 20-20-310-049-0000
The parties of record before the Property Tax Appeal Board are
Wheeler House LP, the appellant, by attorney Terrence Kennedy,
Jr. of the Law Offices of Terrence Kennedy, Jr., Chicago; and the
Cook County Board of Review.
The subject property is improved with a part one-story and part
four-story building that contains a gross building area of 72,295
square feet. The building is used for subsidized housing for
senior citizens containing 89 units, including 12 studio
apartments and 77 one-bedroom apartments. The subject is
classified as a class 9 property under the Cook County Real
Property Assessment Classification Ordinance. The property is
located in Chicago, Lake Township, Cook County.
The appellant contends the market value of the subject property
is not accurately reflected in its assessed valuation. In
support of this argument the appellant submitted a narrative
appraisal estimating the subject property had a market value of
$2,260,000 as of January 1, 2004. The appellant submitted a copy
of the board of review's final decision disclosing the subject's
total assessment of $405,374 reflecting a market value of
$2,533,588 using the 16% level of assessment for Cook County Real
Property Assessment Classification Ordinance class 9 property.
The appellant's attorney further argued a further adjustment to
the subject's market value should be made to account for the
property's occupancy level of 51.6% during 2003. Based on this
evidence the appellant requested the subject's assessment be
reduced to $193,172.
The board of review did not submit its "Board of Review Notes on
Appeal" nor any evidence in support of its assessed valuation of
the subject property.