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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: See Page 2
IMPR.: See Page 2
TOTAL: See Page 2
Subject only to the State multiplier as applicable.
1 of 4
PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Contracting & Material Company
DOCKET NO.: 05-23471.001-I-1 through 05-23471.015-I-1
PARCEL NO.: See Page 2
The parties of record before the Property Tax Appeal Board are Contracting & Material Company, the appellant, by attorney Stephen Golan of Golan & Christie, LLP, Chicago; and the Cook County Board of Review.
The subject property consists of 182,904 square foot parcel improved with three, one and part two-story masonry constructed industrial buildings containing a total building area of 38,275 square feet. The buildings were constructed in the 1930's through 1990 and have an estimated combined effective age of 45 years. The property is located in Chicago, West Chicago Township, Cook County.
The appellant contends the market value of the subject property is not accurately reflected in its assessed valuation. Pursuant to section 1910.10.90(i) of the rules of the Property Tax Appeal Board (86 Ill.Adm.Code 1910.90(i)), the Board takes notice that the property in this appeal was the subject matter of an appeal before the Property Tax Appeal Board for the prior year under Docket No. 04-25492-I-2. In that appeal, the Property Tax Appeal Board issued a decision reducing the assessment of the subject property to $230,000 based upon an assessment agreement by the parties to the appeal.
In the instant appeal the appellant submitted a narrative appraisal estimating the subject property had a market value of $630,000 as of January 1, 2003. The appellant also submitted a copy of the final decision issued by the board of review wherein the assessment of the subject property totaling $305,556 was disclosed. The subject's total assessment reflects a market value of approximately $848,770 using the Cook County Real Property Assessment Classification Ordinance level of assessment for class 5b property of 36%. Based on this evidence the appellant requested the subject's assessment be reduced to reflect the appraised value.