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Based on the facts and exhibits presented, the Property Tax
Appeal Board hereby finds no change 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:
LAND: See Page 4
IMPR.: See Page 4
TOTAL: See Page 4
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Borbor 1014
DOCKET NO.: 06-28927.001-I-1 through 06-28927.004-I-1
PARCEL NO.: See Page #4
The parties of record before the Property Tax Appeal Board (hereinafter PTAB) are Borbor 1014, the appellant, by Attorney Aron Bornstein in Chicago; and the Cook County Board of Review.
The subject property contains four vacant land parcels comprising 11,495 square feet. The subject also contains a trailer thereon which is construed as personal property.
As to the merits of this appeal, the appellant argued that the fair market value of the subject is not accurately reflected in its assessed value as the basis for this appeal.
The appellant's pleadings include a summary appraisal report conducted by Richard J. Layman and Brian T. McNamara of Brian T. McNamara & Associates, Ltd. This appraisal reflects an effective date of January 1, 2006 and a market value opinion of $165,000 for the subject property. However, the appellant choose not to call either appraiser as an expert witness at this hearing. The appraisal states that an inspection of the subject was undertaken on December 14, 2006 and that the highest and best use, as vacant and as improved, of the subject was for development of the land into commercial and/or residential structures.
The appraisal stated that via prior agreement with the client, the appraisers did not use the cost or income approaches to value. Under the sales comparison approach to value, the appraisers utilized six suggested comparables that sold from January, 2004, through August, 2006, for prices that ranged from $85,000 to $430,000, or from $3.88 to $15.74 per square foot. The properties' sites range in size from 15,625 to 29,250 square feet. The appraisal further indicated that the appraiser gave consideration to various differences in the properties in determining a value per square for the land and the building; however, this appraiser earlier indicated that the subject was void of an improvement other than a trailer which was considered