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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:
DOCKET NO. PARCEL NO. LAND IMPR. TOTAL
01-24371.001-I-3 08-25-302-001-0000 $1,188,000 $756,000 $1,944,000
02-22032.001-I-3 08-25-302-001-0000 $1,188,000 $756,000 $1,944,000
Subject only to the State multiplier as applicable.
PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: BP America, Inc.
DOCKET NO.: 01-24371.001-I-3 & 02-22032.001-I-3
PARCEL NO.: See below.
The parties of record before the Property Tax Appeal Board are BP America, Inc., the appellant, by its attorneys Christopher Mullen and Patrick C. Doody; the Cook County Board of Review by Cook County Assistant State's Attorneys Ralph Proietti and John Coyne; and the intervenors, Elk Grove Community Consolidated School District #59 and Township High School District #213, by attorneys Ares G. Dalianis and Kory Atkinson of Franczek Radelet & Rose, Chicago.
Pursuant to the Official Rules of the Property Tax Appeal Board, testimony and evidence from all parties in support of their respective opinions of the subject's market value as of the assessment dates of January 1, 2001, and January 1, 2002 was presented. The Property Tax Appeal Board finds that the testimony and evidence in these appeals are similar and a consolidated decision is appropriate.
The subject property consists of a slightly irregular shaped 1,644,390 square foot parcel improved with a bulk oil storage terminal/industrial complex consisting of 19 above grade bulk storage tanks with a gross full capacity of 873,813 barrels; a 9,988 square foot industrial building containing 1,344 square feet, or 13.5%, of office area; a 7,950 square foot office building; a 297 square foot concrete block storage building; and open storage buildings containing 1,289 square feet. The improvements were constructed in 1959. The subject is located in Elk Grove Township, Cook County.
Appearing before the Property Tax Appeal Board on behalf of the appellant were its attorneys arguing the fair market value of the subject is not accurately reflected in its assessed value. In support of the market value argument, the appellant submitted a summary appraisal report with a valuation date of January 1, 2001, (Appellant's Exhibit No. 1) and presented the testimony of