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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 Kane County Board of Review is
warranted. The correct assessed valuation of the property is:
LAND: $ 46,750
IMPR.: $ 139,898
TOTAL: $ 186,648
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Charles and Gail Ellenbaum
DOCKET NO.: 05-01077.001-R-1
PARCEL NO.: 12-10-211-001
The parties of record before the Property Tax Appeal Board are Charles and Gail Ellenbaum, the appellants, and the Kane County Board of Review.
The subject parcel, located on a corner, consists of 12,500 square feet of wooded ground in a special flood hazard area. The parcel has Geneva Creek running through the center and the lot has been improved with a 19-year-old, one and one-half story frame dwelling which was constructed across a ravine with the dwelling straddling the creek with two partial crawl-space foundations on either side of the creek. The dwelling contains 3,167 square feet of living area and features an attached two-car garage of 644 square feet of building area, central air conditioning, and two fireplaces. The property is located in Geneva, Geneva Township, Kane County.
Appellant Charles Ellenbaum appeared before the Property Tax Appeal Board on behalf of both appellants contending unequal treatment in the assessment process as the basis of this appeal with regard to both the land and improvement assessment of the subject property. Appellants indicated the subject property was purchased in September 2001 for $550,000, at what appellant Charles Ellenbaum characterized as the peak of the market. Furthermore, appellant argued that he and his wife paid too much for the property.1 He also noted their real estate agent advised the property was worth no more than $400,000. Additionally appellants indicated that since the purchase, the property has been modified by converting an existing garage of 550 square feet of building area into additional living space and constructing a new two-car garage of 644 square feet of building area.
As part of the data submission, appellants included a multi-page listing from the township assessor indicating the "assessment
1 Even though the property had been on the market for several years, according to Ellenbaum there were no real negotiations on the sale price with the previous owner.