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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: $ 3,099
IMPR.: $ 32,562
TOTAL: $ 35,661
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Mario Intile
DOCKET NO.: 05-22906.001-R-1
PARCEL NO.: 15-04-403-021-0000
The parties of record before the Property Tax Appeal Board are Mario Intile the appellant, by attorney Scott M. Shudnow of Shudnow & Shudnow, Lt., Chicago, and the Cook County Board of Review.
The subject property consists of 5,535 square foot parcel improved with a 43-year old, two-story masonry constructed apartment building containing 5,754 square feet of living area. Located in Proviso Township, the improvement contains six apartments.
The appellant, through counsel, presented evidence before the Property Tax Appeal Board arguing that the fair market value of the subject was not accurately reflected in its assessed value. In support of that argument, an appraisal report authored by Stacy Ann Sherrier of Baird & Warner, Chicago, was proffered. The report revealed that Ms Sherrier is State of Illinois certified real estate appraiser.
To estimate a fair market value for the subject of $293,000 as of January 1, 2005, the appraiser employed three approaches to value.
In the cost approach, the appraiser estimated a land value for the subject of $175,000. No land sales were cited. Reproduction cost new was estimated to be $406,550. The appraiser then deducted an estimated 71% or $288,652 for physical depreciation; and added the estimated land value to conclude a depreciated value for the subject of $292,899 via the cost approach as of the date at issue
The next approach to value in the appraisal was the income approach to value. The appraiser surveyed three rental properties located in the subject's general area. The surveyed properties had rents ranging from $.93 to $1.28 per square foot of leased area. The appraiser estimated $3,680 as a monthly rent