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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: $ 1,336,863
IMPR.: $ 1,399,137
TOTAL: $ 2,736,000
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Lord & Taylor
DOCKET NO.: 04-25467.001-C-3
PARCEL NO.: 07-13-200-034-0000
The parties of record before the Property Tax Appeal Board are Lord & Taylor, the appellant, by attorneys Gregory J. Lafakis and Ellen Berkshire of The Law Offices of Liston & Lafakis, P.C., Chicago; the Cook County Board of Review by attorney Ralph Proietti of the Cook County State’s Attorney’s Office; and Palatine Township High School District No. 211 and Schaumburg Community Consolidated School District No. 54, intervenors, by attorney Michael J. Hernandez of the law firm of Franczek Sullivan, P.C., of Chicago.
The subject property consists of a 281,445 square foot site improved with a two-story anchor department store that contains 130,872 square feet of building area. The subject building was constructed in 1994 and is a single-tenant Lord & Taylor retail department store that is part of a larger 2,235,000 square foot super-regional mall known as the Woodfield Mall in Schaumburg, Illinois.
The issue in this appeal is the determination of the correct market value of the subject property for assessment purposes as of January 1, 2004.
The appellant contends the assessment of the subject property is excessive and not reflective of the property's market value. The appellant contends the subject property had a market value of $7,200,000 as of January 1, 2004. In support of this argument the appellant submitted an appraisal of the subject property prepared by Joseph M. Ryan of LaSalle Appraisal Group, Inc.
Ryan was called as the appellant's first witness. Ryan is a State of Illinois Certified General Real Estate Appraiser. Ryan also has the Member of the Appraisal Institute (MAI) designation. Ryan has previously appraised 25 to 30 anchor department stores associated with regional malls.