Property Tax Appeal Board Decision 2005-02351-C-2 The Fountains at Fairview, LLC

              (Continued on Next Page)
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 St. Clair County Board of Review
is warranted. The correct assessed valuation of the property is:
LAND: $ 166,900
IMPR.: $ 200,280
TOTAL: $ 367,180
Subject only to the State multiplier as applicable.
PTAB/smw/05-02351/7-08
1 of 8
PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: The Fountains at Fairview, LLC
DOCKET NO.: 05-02351.001-C-2
PARCEL NO.: 03-22.0-306-005
The parties of record before the Property Tax Appeal Board are
The Fountains at Fairview, LLC, the appellant, by attorney
Garrett C. Reuter of Greensfelder, Hemker & Gale, P.C., Swansea;
the St. Clair County Board of Review; and Community College Dist.
No. 522, intervenor, by attorney Sean Cronin of Becker, Paulson,
Hoerner & Thompson, P.C., Belleville.
The subject property consists of a 2.558 acre or 111,434 square
foot site improved with a one-story building with approximately
20,000 square feet of gross building area. The building is of
steel frame and gypsum board over wooden studs construction. The
building was completed in 2002. A majority of the building is
used for meetings, conferences, receptions and banquets. The
subject building is attached to an adjacent Sheraton Four Points
Hotel and is designed and used as a conference center. The
property is located in Fairview Heights, Caseyville Township, St.
Clair County.
The appellant appeared before the Property Tax Appeal Board
contending overvaluation as the basis of the appeal. In support
of this argument the appellant submitted a narrative appraisal
prepared by real estate appraiser Russell N. Rench. Rench
estimated the subject had a market value of $1,100,000 as of
January 1, 2005.
The appellant called as its witness Russell N. Rench. Rench is
an Illinois State Certified General Appraiser. In estimating the
market value of the subject property Rench developed the cost
approach to value and the income capitalization approach to
value. Rench testified that in doing his research it became
clear to him that the income capitalization approach would be the
primary tool of analysis in appraising the subject property. He
testified that in his research he was not able to locate sales of