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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: See Page Three
IMPR.: See Page Three
TOTAL: See Page Three
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Kingsbrooke of Palatine Condominium Assoc. Inc.
DOCKET NO.: 05-21912.001-R-3 thru 05-21912.340-R-3
PARCEL NO.: 02-01-100-015-1001 thru 02-01-100-015-1340
The parties of record before the Property Tax Appeal Board (PTAB) are the Kingsbrooke of Palatine Condominium Assoc. Inc. (Condo), the appellant, by attorney Melissa Whitley of Chicago and the Cook County Board of Review (board).
The subject property consists of a residential condominium property containing 340 dwelling units all of which are the subjects of this appeal. This development is located in Palatine Township, Cook County. The appellant's attorney appeared before the PTAB and argued that the fair market value of the subject is not accurately reflected in its assessed value as the basis for this appeal.
The appellant's attorney argued that the Condo's 119 recent sales in 2003, 2004 and 2005 best reflect the Condo's total market value. In support of this argument, the appellant indicated through an analysis of a sales grid and sales records from the Recorder of Deeds that the Condo had a total market value, after suggested adjustments, of $43,602,272 or a 340 unit assessed value of $4,360,227. The appellant made sales adjustments of approximately $22,300 per unit or 15% of market value ($2,655,600) for personal property. The 119 sale units accounted for 34.51288% of the 100% of the 340 unit development. The appellant further factored the adjusted market value by 10% to arrive at a desired assessed value of $4,360,227. The appellant submitted 119 sales that occurred between 2003 and 2005 for sale prices ranging from $135,000 to $219,000 or an average sale of $148,773. Based upon this evidence, the appellant requested a reduction in the subject's total assessment to reflect a per unit reduced market value.
The board of review submitted "Board of Review Notes on Appeal" wherein the subject's final 340 unit total assessment of $4,752,608 was disclosed. The board also presented the methodology used to estimate the subject's fair market value. The board of review's evidence revealed that between 2002 and 2004 approximately 125 units within the subject's complex sold.