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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
03-26993.001-I-1 26-05-303-006-8002 $0 $360,000 $360,000
04-25519.001-I-1 26-05-303-006-8002 $0 $360,000 $360,000
05-27422.001-I-1 26-05-303-006-8002 $0 $360,000 $360,000
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Ceres Terminals, Inc.
DOCKET NO.: 03-26993.001-I-1, 04-25519.001-I-1, and
PARCEL NO.: 26-05-303-006-8002
The parties of record before the Property Tax Appeal Board
(hereinafter PTAB) are Ceres Terminals, 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 of a one-story,
28 foot high, steel frame transit shed/warehouse building
built in 1980 and including approximately 104,210 square feet of
building area. Ancillary improvements include a rail siding and
asphalt paving sited on approximately 3.295 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 as well as a complete,
self-contained appraisal for all three tax years at issue. The
purpose of the appraisal was to estimate the market value of the
leasehold estate for the subject property. The appellant's
appraisal was conducted by Shawn Schneider, a Certified General
Real Estate Appraiser, as well as Susan Ulman, who also holds the
designation of Member of Appraisal Institute (hereinafter MAI).
The appraisers provided an estimate of market value as of the
January 1, 2003 assessment date of $1,000,000. The appraisal
developed the highest and best use of the subject, as vacant, as
an industrial/manufacturing type facility consistent with the
surrounding land usage. The highest and best use, as improved,
was the property's continued use as an industrial-type facility.