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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 valuations of the property are:
LAND: See Page 5
IMPR.: See Page 5
TOTAL: See Page 5
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: 2100 South Indiana Building Partnership
DOCKET NO.: 03-28271.001-C-3 thru 03-28271.005-C-3
04-26081.001-C-2 thru 04-26081.005-C-2
PARCEL NO.: See Page 5
The parties of record before the Property Tax Appeal Board (hereinafter PTAB) are 2100 South Indiana Building Partnership, the appellant, by Attorney Kevin Burke of Smith Hemmesch Burke Brannigan & Guerin in Chicago; and the Cook County Board of Review by Assistant State's Attorney Joel Buikema with the Cook County State's Attorneys Office in Chicago.
The subject property contains five land parcels improved with a solitary 85-year old, four-story, office building with multiple tenants numbering approximately 30 per year. The improvement consists of 67,500 square feet of gross building area with 59,874 square feet of net rentable area and is sited in the South Loop area of Chicago.
The PTAB finds that these appeals involve common issues of law and fact and a consolidation of the appeals would not prejudice the rights of the parties. Therefore, pursuant to Section 1910.78 of the rules of the Property Tax Appeal Board (86 Ill.Admin.Code 1910.78), the PTAB consolidated the above appeals.
The appellant, via counsel, argued that the fair market value of the subject is not accurately reflected in its assessed value. The appellant submitted information including assessor and Comps service printouts on three comparable properties, all located in Chicago, as is the subject property. The properties contain land parcels that range in size from 10,100 to 93,700 square feet. They are improved with a three-story to six-story, commercial building accorded an average condition and class 'B' office building status by the assessor. These properties range: in age from 46 to 112 years; in vacancy from 30% to 100%; and in net rentable area from 70,000 to 200,000 square feet. The properties sold from December, 2000 to July, 2004, for prices that ranged from $20.55 to $21.43 per square foot of building area,