Property Tax Appeal Board Decision 2005-22344-C-1 McGee

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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: $ 61,641
IMPR.: $ 128,359
TOTAL: $ 190,000
Subject only to the State multiplier as applicable.
PTAB/rfd5378
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Howard McGee
DOCKET NO.: 05-22344.001-C-1
PARCEL NO.: 31-02-201-012-0000
The parties of record before the Property Tax Appeal Board are
Howard McGee, the appellant, by attorney Robert M. Sarnoff of
Sarnoff & Baccash in Chicago, and the Cook County Board of
Review.
The subject property consists of a 24,907 square foot parcel
improved with a 10,800 square foot, 25-year-old, two-story,
masonry, office building with a 2.31:1 land to building ratio.
The subject is located in Rich Township, Cook County.
The appellant in this appeal submitted documentation to
demonstrate that the subject property was improperly assessed.
This evidence was timely filed by the appellant pursuant to the
Official Rules of the Property Tax Appeal Board.
The appellant, through counsel, submitted evidence before the
Property Tax Appeal Board claiming the market value of the
subject is not accurately reflected in its assessment. In
support of this argument, the appellant submitted a complete
self-contained appraisal report with an effective valuation date
of January 1, 2005. Said report opined an indicated market value
for the subject of $500,000. The appraisal, submitted by First
Real Estate Services, Ltd., and its appraisers, Kent L. Oxley and
Gary T. Peterson, State of Illinois Licensed Appraisers relied on
the three traditional approaches to value in the report. The
appraisal provides a detailed analysis in arriving at its
conclusion of value of $500,000 for the subject, as of January 1,
2005.