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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
03-30282.001-C-2 17-22-105-003-0000 $13,200 $-0- $13,200
03-30282.002-C-2 17-22-105-004-0000 $13,200 $-0- $13,200
03-30282.003-C-2 17-22-105-005-0000 $39,600 $-0- $39,600
03-30282.004-C-2 17-22-105-007-0000 $15,994 $-0- $15,994
03-30282.005-C-2 17-22-105-028-0000 $14,850 $-0- $14,850
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: South Michigan Lofts, L.L.C.
DOCKET NO.: 03-30282.001-C-2 through 03-30282.005-C-2
PARCEL NO.: See below.
The parties of record before the Property Tax Appeal Board are South Michigan Lofts, L.L.C., the appellant, by attorney David C. Dunkin of Arnstein & Lehr LLP, Chicago, and the Cook County Board of Review.
The subject property consists of a 22,890 square foot vacant parcel located in South Township, Cook County.
The appellant, through counsel, appeared before the Property Tax Appeal Board claiming unequal treatment in the assessment process as the basis of the appeal. In support of this argument, the appellant submitted two grid analyses detailing 29 suggested comparable properties. The grids identified the subject and the comparables by property index numbers; total land square footage; total front footage; total land assessments; the land market values per square foot; and the land market values per front foot. The parcels offered as comparables are improved and located on the same street as and within one block of the subject. These properties have land assessments ranging from $21,150 to $125,514. The appellant contends the comparables as well as the subject are assessed based on the front foot method. Further, it asserts the comparables' assessments are based on market values of $2,500 or $3,000 per front foot. In contrast, the subject's assessment is based on a market value of $9,375 per front foot. The appellant's grid revealed the comparables have front footages ranging from 20 to 100 feet and the subject has approximately 176 front feet.
Counsel argued that throughout the three year assessment period, 2003, 2004 and 2005, the subject land was assessed based on a considerably higher market value than the neighboring properties, which violates the principles of assessment equity. Accordingly, the appellant requested a reduction of the subject's assessment.