Property Tax Appeal Board Decision 2003-24406-I-1 Leinweber

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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 valuations of the property are:
LAND: See Page 3
IMPROV.: See Page 3
TOTAL: See Page 3
Subject only to the State multiplier as applicable.
PTAB/KPP
1 of 5
PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Fred H. Leinweber, Sr.
DOCKET NO.: 03-24406.001-I-1 thru 03-24406.004-I-1 and
04-23445.001-I-1 thru 04-23445.004-I-1
PARCEL NO.: See Page 3
The parties of record before the Property Tax Appeal Board
(hereinafter PTAB) are Fred H. Leinweber, Sr., the appellant, by
Attorney Huan C. Tran with the law firm of Flanagan & Bilton in
Chicago; and the Cook County Board of Review.
The subject property contains four land parcels encompassing
89,522 square feet of land. These parcels are improved with a
one-story, 76-year old, masonry, industrial warehouse-type
building containing 26,072 square feet of above-grade, building
area.
The appellant's attorney argued that the fair market value of the
subject was not accurately reflected in its assessed value.
The appellant submitted a legal brief as well as a summary
appraisal report for the two tax years at issue. The purpose of
the appraisal was to estimate the market value of the fee simple
interest of the subject property. The appellant's appraisal was
conducted by Edward F. Murphy and Brian T. McNamara, both
Certified General Real Estate Appraisers. The appraisers
provided an estimate of market value as of the January 1, 2003
assessment date of $165,000.
The appraisal indicated that the subject property was inspected
on September 3, 2003. The appraisers indicated that the
subject's warehouse contained 20 foot ceiling heights, while the
small office area featured 8 foot heights.
The appraisal developed the highest and best use of the subject,
as improved, was the property's continued use as an industrial
warehouse-type facility. The appraisal also included numerous