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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. PROPERTY NO. LAND IMPR. TOTAL
06-26871.001-I-1 15-05-206-015 $7,938 $17,866 $25,804
06-26871.002-I-1 15-05-206-016 $7,938 $17,866 $25,804
06-26871.003-I-1 15-05-206-017 $7,938 $17,866 $25,804
06-26871.004-I-1 15-05-206-018 $7,938 $17,866 $25,804
06-26871.005-I-1 15-05-206-019 $7,938 $16,054 $23,992
06-26871.006-I-1 15-05-206-020 $7,938 $16,054 $23,992
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Kevin Shirazi
DOCKET NO.: 06-26871.001-I-1 thru 06-26871.006-I-1
PARCEL NO.: 15-05-206-015-0000 thru 15-05-206-020-0000
The parties of record before the Property Tax Appeal Board are Kevin Shirazi, the appellant, by attorney Howard W. Melton of Howard W. Melton & Associates of Chicago and the Cook County Board of Review.
The subject property consists of three, 49-year-old, one-story, masonry constructed, 14,400 square foot industrial buildings situated on 18,900 square feet of land located in Proviso Township, Cook County.
The appellant, through counsel, appeared before the PTAB and submitted evidence claiming that the subject's market value is not accurately reflected in its assessment. This evidence was timely filed by the appellant pursuant to the Official Rules of the Property Tax Appeal Board.
In support of this argument the appellant submitted an appraisal dated January 1, 2005 containing the sales approach to value and concluding with a market value of $420,000.
In the sales approach the appraiser used five industrial sales ranging in size from 7,146 to 20,000 square feet that occurred between January 2003 and April 2005 for prices ranging from $215,000 to $540,000 or from $25.00 to $32.68 per square foot. The comparables range in age from 37 to 52 years old. After standard adjustments to $28.00 to $30.00 per square foot the appraiser arrived at a market value of $29.00 per square foot or a rounded value of $420,000 via the sales comparison approach.
Based upon this evidence, the appellant requested a reduction in the subject's total assessment to reflect the reduced market value.