Property Tax Appeal Board Decision 2004-25257-I-1 Hagemaster Motor Services, 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 Cook County Board of Review is
warranted. The correct assessed valuations of the property are:
DOCKET # PIN LAND IMPROVEMENT TOTAL
03-28186.001-I-1 25-26-600-001-8002 $0 $33,480 $33,480
04-25257.001-I-1 25-26-600-001-8002 $0 $33,480 $33,480
05-27396.001-I-1 25-26-600-001-8002 $0 $33,480 $33,480
Subject only to the State multiplier as applicable.
PTAB/KPP
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Hagemaster Motor Services, Inc.
DOCKET NO.: 03-28186.001-I-1, 04-25257.001-I-1, and
05-27396.001-I-1
PARCEL NO.: 25-26-600-001-8002
The parties of record before the Property Tax Appeal Board
(hereinafter PTAB) are Hagemaster Motor Services, Inc., 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 leasehold improvements consisting
of two buildings. The first contains a 39-year old, one-story,
metal panel storage shed with approximately 1,500 square feet of
building area. The second contains a 39-year old, part one-story
and part two-story, stone and metal panel industrial building
with 17,123 square feet. The total site contains 3.02 acres of
land.
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 with a history of the
subject; a copy of the subject's leasehold; as well as a
complete, self-contained appraisal for all three tax years at
issue. The subject's history reflected that the fee interest is
owned by the Chicago Regional Port District, an exempt body. The
owner leased the land first to Jamesway Storage International and
then in 1986 by Hagemaster Motor Services, Inc., which purchased
the improvements on the property. The lease supports this data.
The purpose of the appraisal was to estimate the market value of
the subject property. The appellant's appraisal was conducted by
Raymond R. Rogers, a Certified General Real Estate Appraiser who
also holds the designation of Member of Appraisal Institute