Property Tax Appeal Board Decision 2005-26684-R-1 Barrett Homes, LLC

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Based on the facts and exhibits presented, the Property Tax
Appeal Board hereby finds no change 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: $ 6,832
IMPR.: $ 14,171
TOTAL: $ 21,003
Subject only to the State multiplier as applicable.
PTAB/rfd6114
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Barrett Homes, LLC
DOCKET NO.: 05-26684.001-R-1
PARCEL NO.: 24-30-309-001-0000
The parties of record before the Property Tax Appeal Board are Barrett Homes, LLC, the appellant, by attorney George Michael Keane, Jr., Chicago, and the Cook County Board of Review.
The subject property consists of a 14,235 square foot corner residential lot which was improved with a 69-year-old frame residence. The appellant's evidence disclosed that the subject property was purchased for redevelopment on March 1, 2005 for $220,000 and provided both the settlement statement and deed. The appellant's evidence also disclosed that on May 2, 2005 a demolition permit was issued and the residence was demolished by May 15, 2005. The appellant's evidence indicated that a new residence was under construction but was not completed or occupied in 2005. The appellant, through counsel, appeared before the Property Tax Appeal board arguing overvaluation in that for 2005 the subject's assessment of $21,003 assesses the former improvement for the entire year. The appellant argued that per Section 9-180 of the Property Tax Code the demolished improvements are to be removed from the assessment and the new improvements are not to be added until ready for occupancy.
Also, the appellant's petition disclosed that the subject was purchased on March 1, 2005 for a price of $220,000; the sale was not a transfer between family and/or related corporations; and that the seller's mortgage was not assumed. Based on this evidence, the appellant requested a pro-rata assessment due to the fact that the improvements were not substantially completed or inhabitable until 2006.
The board of review submitted its "Board of Review Notes on Appeal" disclosing the subject's total assessment of $21,003. The board's evidence disclosed that the subject sold in March 2005 for a price of $220,000. In addition, the board of review