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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 Peoria County Board of Review is
warranted. The correct assessed valuation of the property is:
LAND: $ 55,900
IMPR.: $ 125,610
TOTAL: $ 181,510
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Taco Bell
DOCKET NO.: 06-00199.001-C-1
PARCEL NO.: 14-30-378-036
The parties of record before the Property Tax Appeal Board are Taco Bell, the appellant, by attorney Clyde B. Hendricks of Peoria and the Peoria County Board of Review.
The subject parcel contains 36,590 square feet of land area and has been improved with a one-story block and stucco/frame fast food restaurant of 2,837 square feet of building area. The building was constructed in 2002 and is located in Peoria Township.
The appellant through counsel appeared before the Property Tax Appeal Board contending a lack of uniformity in the assessment process as the basis of the appeal, disputing only the subject's improvement assessment. In support of this inequity argument, the appellant presented an assessment analysis prepared by Vivian E. Hagaman.
Hagaman testified she was hired to do a search as an appraiser and prepared most of the evidentiary material presented in the appeal. Hagaman has 10 years of appraisal experience in commercial and residential properties along with an Associate Real Estate Appraiser license from the State of Illinois. Hagaman testified she spoke with the township assessor and determined the cost approach was used in calculating the subject's assessment and therefore she based her analysis upon the cost approach.
In performing her analysis, Hagaman looked at the property record cards for each comparable and examined the condition, desirability, and utility (CDU) notation as set forth by the township assessor along with the grade. Hagaman prepared an assessment analysis using seven equity comparables which she found to be the most similar comparables in size available with a similar age. She noted restaurant buildings in the 3,000 square foot range tend to be older properties in her analysis. Hagaman further acknowledged that while the subject is a fast food restaurant with available seating and a drive-thru window, the