Property Tax Appeal Board Decision 2005-00076-C-1 Thompson

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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 Alexander County Board of Review
is warranted. The correct assessed valuation of the property is:
LAND: $ 14,920
IMPR.: $ 47,386
TOTAL: $ 62,306
Subject only to the State multiplier as applicable.
PTAB/JULY.08/BUL-7056
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Richard Thompson
DOCKET NO.: 05-00076.001-C-1
PARCEL NO.: 10-02-16-112-001
The parties of record before the Property Tax Appeal Board are
Richard Thompson, the appellant, and the Alexander County Board
of Review, by State's Attorney Jeffery Farris.
The subject property consists of an 18,667 square foot commercial
building of concrete block, dryvit, and vinyl exterior
construction. The original footprint of the structure was built
in 1955 with remodeling and additions in 1974, 1977 and 1983.
Extensive remodeling of the structure was completed in 2004
including raising the ceiling height and adding an upper-level
gallery in the rear portion of the building. The front portion
of the structure contains approximately 2,840 square feet that is
improved with an adult video and novelty store, restrooms and an
adult video viewing room with eighteen private booths. The rear
portion of the structure contains 15,827 square feet of building
area including an upper level gallery that is used as a nightclub
for live adult entertainment. The rear portion of the structure
is improved with a bar, entertainment stage, two large storage
rooms, and four bathrooms. The improvements were built over a
concrete slab foundation with minimal insulation and floor
coverings. Features include a metal roof, liquid propane forced
air heating and central air conditioning. The subject building
is situated on 7.46 acres in McClure, Alexander County, Illinois.
The appellant appeared before the Property Tax Appeal Board
arguing the subject's assessment is not reflective of its fair
market value. In support of this claim, the appellant submitted
an appraisal estimating that the subject property had a fair
market value of $85,000 as of its January 1, 2005, assessment
date. The appraiser used only the sales comparison approach to
value. The appraiser, Barbara J. Zieba, was present at the
hearing to provide testimony and be cross-examined regarding the
appraisal methodology and final value conclusion. Zieba is a