Property Tax Appeal Board Decision 2005-01832-C-3 Developers Diversified F Corp.

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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 Jefferson County Board of Review
is warranted. The correct assessed valuation of the property is:
DOCKET NO. PARCEL NO. LAND IMPRV. TOTAL
05-01832.001-C-3 06-36-102-009 $ 7,855 $ 76,757 $ 84,612
05-01832.002-C-3 06-36-102-010 $118,621 $2,956,427 $3,075,048
Subject only to the State multiplier as applicable.
PTAB/FEB.08/BUL-6705
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Developers Diversified F Corporation
DOCKET NO.: 05-01832.001-C-3 and 05-01832.002-C-3
PARCEL NO.: SEE BELOW
The parties of record before the Property Tax Appeal Board are
Developers Diversified F Corporation, the appellant; by attorney
S. Jay Dobbs of Polsinelli, Shalton, Flanigan & Suehterhaus,
P.C., St. Louis, Missouri; and the Jefferson County Board of
Review, by attorney Christopher E. Sherer, of the State's
Attorneys Appellate Prosecutor and Giffin, Winning, Cohen &
Bodewes, P.C, Springfield, Illinois.
The subject property consists of a regional shopping mall
containing 297,119 gross square feet of building area with
263,305 square feet of leaseable space that is situated on 28.40
acres of land which encompasses two tax parcels. The subject
property is also improved with a smaller 5,000 square foot
building located on the perimeter of the site. One half of this
building is used as a liquor store. The subject property is
located in Mt. Vernon, Jefferson County, Illinois. The one–story
concrete superstructure was originally built in 1977 and 1978
with several additions and renovations between 1998 and 2000. The
mall contains four large anchor stores with 32 smaller in-line
retail units accessed within its common open space. The subject
property also generates income through a land lease to Broadway
Video. The subject has parking for approximately 876 vehicles.
The appellant appeared before the Property Tax Appeal Board
arguing that the fair market value of the subject property is not
accurately reflected in its assessed valuation. In support of
this claim, the appellant submitted an appraisal prepared by Joe
Camerer, an Illinois licensed appraiser. Camerer was called as
the appellant's expert valuation witness. It was Camerer's first
time appraising an enclosed shopping mall. Camerer does hold the
professional designation as a Member of the Appraisal Institute.
After qualification, Camerer was accepted as an expert valuation