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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: $ 3,960
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Carlos Martinez
DOCKET NO.: 05-23329.001-R-1
PARCEL NO.: 15-02-115-042-0000
The parties of record before the Property Tax Appeal Board (PTAB) are Carlos Martinez, the appellant, by attorney Scott M. Shudnow of Shudnow & Shudnow, Ltd. of Chicago and the Cook County Board of Review (board).
The record discloses the subject property consists of a 44-year-old two-story, masonry, class 2-11, six unit apartment building containing approximately 3,510 square feet of building area. The property is located in Proviso Township and includes six bathrooms, a basement recreation room and no garage.
The appellant, through counsel, filed an appeal before the Property Tax Appeal Board and submitted a recent appraisal suggesting that the fair market value of the subject property is not accurately reflected in its assessed valuation.
The market value estimate of $275,000, offered by the appellant, was developed from a residential appraisal with an effective date of January 1, 2005. The appraisal contained the cost approach, income approach and the sales comparison approach to value.
In the appraisal’s cost approach, the appraiser estimated the land value to be $175,000. The appraiser estimated the replacement cost of the depreciated improvements including site improvements to be $71,475. The appraiser estimated the land value to be $175,000 and arrived at a total value under the cost approach of $246,475.
The next approach developed by the appellant’s appraiser was the sales comparison approach. The appraiser used three comparable class 2-11 sales that contained five or six rental units each with ages ranging from 41 to 49 years. The comparables sold between May 2002 and August 2005 for prices ranging from $405,000 to $485,000. Having considered the market conditions and having made various adjustments for the comparable sales, the appraiser was of the opinion that the subject property had a market value