Property Tax Appeal Board Decision 2004-02391-C-2 Cohen Esrey Real Estate

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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 Stephenson County Board of Review
is warranted. The correct assessed valuation of the property is:
LAND: $ 35,200
IMPR.: $ 354,176
TOTAL: $ 389,376
Subject only to the State multiplier as applicable.
PTAB/eeb/Jan.08/2004-02391
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Cohen Esrey Real Estate Services
DOCKET NO.: 04-02391.001-C-2
PARCEL NO.: 18-13-35-300-031
The parties of record before the Property Tax Appeal Board are Cohen Esrey Real Estate Services, the appellant, by attorney Denise Knipp Bates of Thomas, Mamer & Haughey, LLP, in Champaign, Illinois, and the Stephenson County Board of Review by attorney Christopher E. Sherer of Giffin, Winning, Cohen & Bodewes, P.C. in Springfield, Illinois.
The subject property consists of 6.03-acres± improved with three, two-story apartment buildings containing 24 units each. The apartment buildings, built in 1996, are on a slab foundation and have a vinyl sided/brick veneer exterior construction. Each building contains 25,431± square feet of building area; two 117 square foot laundry rooms containing two washers and two dryers each. Each building is divided into four, one-bedroom units; four, three bedroom units; and sixteen, two-bedroom units. The one-bedroom units contain 656± square feet and are divided into one bedroom, living room, dining area, kitchen, one full bath, a storage area and a balcony. The two-bedroom units contain 840± square feet and are divided into two bedrooms, living room, dining area, kitchen, one full bath, storage area and a balcony. The three-bedroom units contain 1,100± square feet and contain three bedrooms, a living room, dining area, kitchen, one full bath, one ¾ bath, storage area and a balcony. The first floor units have a patio/porch. The gross building area for all three buildings is 76,293 square feet. In addition, there are two six-stall garage buildings containing 1,661 square feet each and two twelve-stall garage buildings containing 3,311 square feet each, for a total of 36 garages with a gross building area of 9,944 square feet. The apartment complex was built and operated as a Section 42 (26 U.S.C. 42) low-income housing project. The property is located in Freeport, Stephenson County.
The appellant, through counsel, appeared before the Property Tax Appeal Board claiming overvaluation as the basis of the appeal. In support of this argument, the appellant submitted a limited appraisal, summary report of the subject property with an effective date of January 1, 2004. The appraiser used two of the