Property Tax Appeal Board Decision 2004-00372-C-1 KRC Mundelein 874, Inc

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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 Lake County Board of Review is
warranted. The correct assessed valuation of the property is:
DOCKET NO. PROPERTY NO. LAND IMPR. TOTAL
04-00372.001-C-1 11-31-403-002 $665,373 $510,032 $1,175,405
05-00718.002-C-3 11-31-403-002 $665,373 $510,032 $1,175,405
Subject only to the State multiplier as applicable.
PTAB/MRT/1/15/08
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: KRC Mundelein 874, Inc.
DOCKET NO.: 04-00372.001-C-1 and 05-00718.001-C-3
PARCEL NO.: 11-31-403-002
The parties of record before the Property Tax Appeal Board are
KRC Mundelein 874, Inc., the appellant, by attorney Robert M.
Sarnoff of Sarnoff & Baccash, in Chicago; the Lake County Board
of Review, by Assistant State's Attorney Karen Fox; and
intervenors School Dist. No. 120 and School Dist. No. 76, by
attorney Alan M. Mullins of Scariano, Himes & Petrarca, in
Chicago Heights.
The subject property consists of a 325,829 square foot parcel
improved with a 19 year-old, one-story masonry retail building
with an auto repair facility that contains 89,692 square feet of
building area. The majority of the building (87,547 square feet)
is currently leased by Burlington Coat Factory, with 2,145 square
feet leased by Car-X, an auto repair business. The subject
property is located in Mundelein, Libertyville Township, Lake
County, Illinois.
Through its attorney, the appellant appeared before the Property
Tax Appeal Board claiming the subject's market value was not
accurately reflected in its assessment. At the hearing, the
Property Tax Appeal Board consolidated the appellant's appeals
under Docket Nos. 04-00372.001-C-1 and 05-00718.001-C-3, as the
evidence submitted by the parties was the same for both appeals.
In support of the overvaluation argument, the appellant submitted
an appraisal of the subject property with an effective date of
January 1, 2004. While two appraisers prepared the report, one
of them was present at the hearing to provide testimony and be
cross-examined, and testified that all three traditional
approaches in estimating a value for the subject of $3,550,000.
Under the cost approach, the appraisers examined four land sales
to determine a value for the subject site. The comparables range