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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 McHenry County Board of Review is
warranted. The correct assessed valuation of the property is:
DOCKET NO. PROPERTY NO. LAND IMPR. TOTAL
04-01353.001-C-2 19-10-200-044 $870,675 $2,795,742 $3,666,417
04-01353.002-C-2 19-10-200-033 $351,228 $ 0 $ 351,228
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Holiday Inn-Crystal Lake
DOCKET NO.: 04-01353.001-C-2 and 04-01353.002-C-2
PARCEL NO.: 19-10-200-044 and 19-10-200-033
The parties of record before the Property Tax Appeal Board are Holiday Inn-Crystal Lake, the appellant, by attorney Jack E. Boehm, Jr. of Fisk Kart Katz & Regan, Ltd., in Chicago; the McHenry County Board of Review; and Algonquin Township, the intervenor, by attorneys James P. Kelly and Maura K. McKeever of Matuszewich, Kelly & McKeever, LLP, in Crystal Lake.
The subject property consists of two parcels totaling 817,491 square feet, or 18.767 acres. The site is improved with a part one-story and part six-story, masonry constructed, full service hotel, featuring meeting and banquet rooms and a bar and restaurant facilities, with a gross building area of 155,863 square feet and 197 guest rooms. The facility was constructed in 1989, with renovation occurring in 2001. Amenities include an indoor swimming pool, a spa, game room and an asphalt parking lot for approximately 500 cars. The subject is located in Crystal Lake, Algonquin Township, McHenry County.
Through its attorney, the appellant appeared before the Property Tax Appeal Board claiming overvaluation as the basis of the appeal. In support of this argument, the appellant submitted a summary appraisal with an effective date of January 1, 2004. The appraiser utilized all three traditional approaches in estimating a value for the subject of $12,650,000. The appellant's appraiser, Martin Siegel, was present at the hearing and was called to testify regarding the methods and techniques he employed in preparing the report.
Siegel testified he holds the MAI, or Member of the Appraisal Institute designation, that he has 14 years experience in commercial appraisal work and that he has performed appraisals of 10 to 12 hotel properties. Initially, Siegel stated he had misunderstood information received from the property owner regarding the number of parcels and total land area of the subject. Siegel testified he originally thought a third parcel