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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 Boone County Board of Review is
warranted. The correct assessed valuation of the property is:
LAND: $ 1,572
IMPR.: $ 76,601
TOTAL: $ 78,173
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Lynne M. 2000 Oswald Trust
DOCKET NO.: 05-01653.001-R-1
PARCEL NO.: 03-34-402-003
The parties of record before the Property Tax Appeal Board are Lynne M. 2000 Oswald Trust, the appellant, represented by John Klick and Wayne Oswald, and the Boone County Board of Review.
The subject property consists of a 1.25 acre site improved with a one-story frame dwelling built in 2005. Features include central air conditioning, one fireplace, a full basement and a three car garage.
John Klick, son-in-law of appellant Lynne M. Oswald, and Wayne Oswald, Trustee, appeared before the Property Tax Appeal Board on behalf of the appellant trust claiming the subject property was not properly and/or uniformly assessed as the bases of the appeal. In addition, the appellant's representatives argued that the market value of the subject property was not accurately reflected in its assessed valuation. In support of these claims the appellant's representatives submitted a proration analysis, a Boone County prorated assessment worksheet, a property record card, statutory citations, case law and rebuttal argument.
The subject property was purchased from a builder/developer on February 4, 2005 for $265,434. A copy of the warranty deed was submitted into the record by the appellant. It is undisputed that the subject land received a property tax "developer's relief" assessment from January 1, 2005 through February 3, pursuant to 35 ILCS 200/10-30 of the Property Tax Code. The improvement in question was approximately 70% complete on January 1, 2005 and 80% complete on January 25, 2005, when at that time a certificate of occupancy was issued. The subject improvement was prorated at 80% of fair market value from January 1, 2005 through January 24, 2005 (a certificate of occupancy was issued on January 25, 2005); and at 100% of fair market value from January 25, 2005 through the remainder of 2005. The subject land received the preferential "developer's relief" assessment through February 3, 2005; and was then prorated and assessed at 100% of fair market value from February 4, 2005 (date of sale) through