Property Tax Appeal Board Decision 2004-27609-R-1 Rivas

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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: $ 3,700
IMPR.: $ 25,300
TOTAL: $ 29,000
Subject only to the State multiplier as applicable.
PTAB/smw/04-27609/4-09
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Alejandro Rivas
DOCKET NO.: 04-27609.001-R-1
PARCEL NO.: 13-28-300-019-0000
The parties of record before the Property Tax Appeal Board are Alejandro Rivas, the appellant, by attorney Robert M. Sarnoff of Sarnoff & Baccash, Chicago; and the Cook County Board of Review.
The subject property is improved with a 72 year old, three-story masonry constructed, multi-family dwelling with 3,990 square feet of living area. The subject has three apartments, a partial unfinished basement and a 1.5-car detached garage. The subject improvements are located on a 3,125 square foot parcel.
The appellant contends overvaluation as the basis of the appeal. In support of this argument the appellant submitted a copy of a sales contract and closing statement indicating the subject property was purchased in December 2003 for a price of $290,000. The appellant further indicated on the appeal form that the parties to the transaction were not related and the property was advertised on the open market through a newspaper and a multiple listing. The appellant's counsel argued the subject property should be assessed at 10% of the purchase price due to the fact the board of review has applied a 10% level of assessment to class 2 properties in two 2004 Board of Review complaints numbered 156001 and 183928. Based on this record the appellant requested the subject's total assessment be reduced to $29,000.
The board of review submitted its "Board of Review Notes on Appeal" wherein its final assessment totaling $46,400 was disclosed. The subject's assessment reflects a market value of approximately $464,460 using the 2004 three year median level of assessments for class 2 property as determined by the Illinois Department of Revenue of 9.99%. In the Addendum to the Notes on Appeal the board of review asserted that it was not submitting assessment level evidence pursuant to 86 Ill.Admin.Code 1910.50(c)(2).
The board of review submitted descriptions and assessment information on three comparables to demonstrate the subject was being equitably assessed. The comparables were composed of two-