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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: $ 40,796
IMPR. $ 97,520
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Paldan Property Management
DOCKET NO.: 05-25357.001-C-1
PARCEL NO.: 24-19-105-028-0000
The parties of record before the Property Tax Appeal Board (PTAB) are Paldan Property Management, the appellant, by attorney Melissa K. Whitley of Marino & Associates, PC of Chicago the Cook County Board of Review (board).
The subject property consists of a 97-year-old, one-story, class 5-17 commercial building of masonry construction located in Worth Township, Cook County. The commercial property is located on 15,905 square feet of land. The appellant indicated the building contains 9,024 square feet of building area. The Assessor's records disclose 9,824 square feet of building. The appellant's claim is not supported by evidence. The Assessor's figure is supported by a detailed 4905 buff card sketch found in the board's evidence. The PTAB will use the Assessor's figure of 9,824 square feet.
The appellant's counsel appeared before the PTAB and submitted evidence claiming unequal treatment in the assessment process as the basis of the appeal. In support of this argument, the appellant offered four suggested comparable properties located within seven blocks of the subject. These properties consist of one-story, class 5-17 commercial buildings. The appellant did not supply the square foot of building area or construction materials for the comparables. The comparables have total assessments ranging from $72,200 to $89,213 and the corresponding 2005 tax amounts issued to the appellant's property and the three comparables. Based on comparable tax bills payable in 2006, the appellant requested an average real estate tax of the comparables or $18,920 resulting in a total 2005 assessment of $81,512. The appellant also submitted the subject's income and expenses capitalized into an estimate of market value. Based on this evidence, the appellant requested a reduction in the subject's assessment.
The board of review submitted "Board of Review-Notes on Appeal" that disclosed the subject's total assessment of $138,316 which reflects a market value of $363,989 or $37.05 per square foot as