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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: $ 5,906
IMPR.: $ 16,894
TOTAL: $ 22,800
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Robert Farley
DOCKET NO.: 05-27019.001-C-1
PARCEL NO.: 21-31-107-040-0000
The parties of record before the Property Tax Appeal Board are
Robert Farley the appellant, by attorney Stephanie Park of
Chicago and the Cook County Board of Review.
The subject property consists of 4,102 square foot parcel
improved with a 76-year old, one-story commercial building.
Located in Hyde Park Township, the improvement is masonry
construction containing 3,600 square feet of building area. The
subject has a 1.14:1 land to building ratio.
The appellant, through counsel, appeared before the Property Tax
Appeal Board arguing that the fair market value of the subject
was not accurately reflected in its assessed value. In support
of that argument, a limited appraisal summary appraisal report
was proffered. The report was authored by Gary T. Peterson of
Peterson Appraisal Group, Ltd., Chicago. The appraisal revealed
that Mr. Peterson is State of Illinois certified real estate
appraiser and holds a Member of the Appraisal Institute (MAI)
designation. The appraiser was not present at the hearing.
After an examination of the subject site, building, neighborhood
and environs, the report indicated the appraiser determined the
subject's highest and best use as improved; its current use.
To estimate a fair market value for the subject of $60,000 as of
January 1, 2003, the appraiser employed one of the three classic
approaches to value; the sales comparison approach.
The appraiser selected the sales of five commercial buildings
located in fairly close proximity to the subject. The parcels
range in age from 48 to 93 years; size from 3,750 to 23,900
square feet of land area and the improvements range from 3,700 to
9,100 square feet of building area. The comparables sold from