Property Tax Appeal Board Decision 2005-26697-R-1 Commonwealth Properties LLC

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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: $ 6,596
IMPR.: $ 66,340
TOTAL: $ 72,936
Subject only to the State multiplier as applicable.
PTAB/rfd6120
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Commonwealth Properties LLC
DOCKET NO.: 05-26697.001-R-1
PARCEL NO.: 18-07-418-050-0000
The parties of record before the Property Tax Appeal Board (PTAB) are Commonwealth Properties LLC, the appellant, by attorney George Michael Keane, Jr., Chicago, and the Cook County Board of Review (board).
The subject consists of a 16,492 square foot parcel improved with a single building divided into four separate townhouse units and located at 5401–5407 Commonwealth Avenue in Lyons Township. The subject units were add-ons to the Commonwealth–South Condominium complex by an amendment to the declaration recorded in 2005. The subject units are assessed as condo units for 2006 under Property Index Numbers (PIN) #18-07-418-058-1014 to -1017. Each of the four units was completed, sold and first occupied during 2005. A partial factor was applied to each unit to reflect the completion and first occupancy. The partial factors were adjusted by the Assessor on appeal to accurately reflect the actual occupancy. The appellant argued that the values to which these partial factors were applied are excessive and not uniform with identical units in the condominium complex. Thus, the appellant contends unequal treatment in the assessment process as the basis of the appeal.
The appellant's attorney appeared before the PTAB and argued that the subject's building and the four units in it are identical to the building at 5301–5307 Commonwealth Avenue. Those four units for 2005 were identified as PIN #18-07-418-056-1006 to -1009. The appellant asserted that the values used for the subject units in 2005 were above and not uniform with the values used in the identical units -1006 to -1009. The appellant argued that while uniformity among similar properties is required for all assessments, for condo units it is the bases of the assessment. The appellant argued that this would require the subject units to have the same full value as the identical units -1006 to -1009.