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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: $ 6,372
IMPR.: $ 22,938
TOTAL: $ 29,310
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Paul Grosso
DOCKET NO.: 05-22667.001-R-1
PARCEL NO.: 10-20-102-012-0000
The parties of record before the Property Tax Appeal Board are Paul Grosso, the appellant, by attorney Thomas P. Cerone of Elmwood Park, and the Cook County Board of Review.
The subject property consists of a 94-year-old, two-story, multi-family dwelling of frame construction containing 2,112 square feet of living area and situated on a 6,372 square foot parcel. Features of the residence include two full bathrooms, a full-unfinished basement, air-conditioning and a two-car detached garage.
The appellant, through counsel, submitted evidence before the Property Tax Appeal Board claiming the subject's market value is not accurately reflected in its assessment. In support of this claim, the appellant submitted a copy of a uniform residential appraisal report prepared by a State of Illinois certified real estate appraiser. The appraiser utilized the sales comparison approach to estimate a market value of $300,000 for the subject as of January 1, 2005.
In the sales comparison approach, the appraiser used three residential sales located within a distance of 0.09 miles from the subject. They ranged in lot size from 4,712 to 8,580 square feet and in improvement size from 1,984 to 2,844 square feet of living area. The comparables sold between January 2004 and September 2004 for prices ranging from $315,000 to $440,000, or from $143.18 to $176.41 per square foot of living area, including land. After adjustments, the appraiser concluded a value for the subject via the sales comparison approach of $300,000, or $142.05 per square foot of living area, including land, as of January 1, 2005.