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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:
LAND: $ 27,919
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Margaret Freimuth
DOCKET NO.: 05-25224.001-I-1
PARCEL NO.: 24-20-402-008-0000
The parties of record before the Property Tax Appeal Board (PTAB) are Margaret Freimuth, the appellant, by attorney John P. Fitzgerald of John P. Fitzgerald, Ltd of Chicago and the Cook County Board of Review.
The subject property consists of a 1965 and 1994, masonry/ metal, one-story, industrial building containing 18,155 square feet of building area, of which 1,250 square feet are office space, developed on a 31,022 square foot parcel and located in Worth Township, Cook County.
The appellant, through counsel, appeared before the PTAB and submitted evidence before the PTAB claiming that the subject's market value is not accurately reflected in its assessment.
In support of this argument the appellant submitted an appraisal dated January 1, 2005 containing the three approaches to value. In the cost approach, based on the adjustment of five land sales, the appraiser estimated the land value to be approximately $77,555 or $2.50 per square foot. The appraiser estimated the depreciated value of the building and on site improvements to be $411,000 or a land and improvement total of $488,555, i.e. $490,000, rounded for the cost approach.
In the sales approach the appraiser used five industrial building sales ranging in size from 15,000 to 33,004 square feet that occurred between April 2002 and October 2004 for prices ranging from $366,000 to $750,000 or from $20.53 to $27.47 per square foot and after appropriate adjustments arrived at a value of $27.00 per square foot or a value of $485,082 or $485,000 rounded via the sales comparison approach.
In the income approach the appraiser employed five comparable net rentals ranging from $2.75 to $3.75 per square foot and considered $3.50 to be an appropriate rental for the subject. After considering vacancy loss & comparable expenses the appraiser arrived at a net operating income of $47,633. Research