Property Tax Appeal Board Decision 2006-00104-R-1 Felde

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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 Peoria County Board of Review is
warranted. The correct assessed valuation of the property is:
LAND: $ 25,190
IMPR.: $ 253,140
TOTAL: $ 278,330
Subject only to the State multiplier as applicable.
PTAB/FEB.09/BUL-7418
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Heinrich Felde
DOCKET NO.: 06-00104.001-R-1
PARCEL NO.: 13-03-401-005
The parties of record before the Property Tax Appeal Board are Heinrich Felde, the appellant, by attorney Robert W. McQuellon III, Peoria, Illinois; and the Peoria County Board of Review.
The subject property consists of a two-story brick dwelling containing 5,306 square feet of living area that was built in 1997. The dwelling features an unfinished basement, central air conditioning, a swimming pool, a fireplace and an 814 square foot attached garage. The dwelling is situated on a 4.68 acre site in a rural gated subdivision.
The appellant appeared before the Property Tax Appeal Board claiming overvaluation as the basis of the appeal. In support of this contention, the appellant submitted a market analysis and Multiple Listing Sheets (MLS) detailing three suggested comparable sales. The evidence was prepared by Robert W. McQuellon of McQuellon Consulting, Inc., who was present at the hearing for direct and cross-examination. McQuellon testified he was paid a flat fee for his services.
The three comparable sales are located from 1.5 to 9 miles from the subject. They consist of two-story brick and frame dwellings that were built from 1995 to 2005. One comparable has an unfinished basement and two comparables have partial finished and partial unfinished basements. Other features include central air conditioning, one to four fireplaces, and three or four-car attached garages. The dwellings range in size from 4,304 to 6,308 square feet of living area. Comparable 1 is situated on a 2.24 acre site while comparables 2 and 3 were described as being situated on smaller residential lots. The comparables sold for prices ranging from $565,000 to $740,000 or from $117.31 to $131.27 per square foot of living area including land. The transactions occurred from August 2005 to August 2006. Based on this evidence, the appellant requested a reduction in the subject's assessment.