Property Tax Appeal Board Decision 2004-24938-R-3 Crestwood Condominium Assn. - AMENDED

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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:
See pages 5 through 18.
Subject only to the State multiplier as applicable.
PTAB/lbs/08
PROPERTY TAX APPEAL BOARD'S MODIFIED DECISION
APPELLANT: Crestwood Condominium Association
DOCKET NO.: 04-24938.001-R-3 through 04-24938.271-R-3
05-22287.001-R-3 through 05-22287.257-R-3
PARCEL NO.: See pages 5 through 18.
The parties of record before the Property Tax Appeal Board are Crestwood Condominium Association, the appellant, by attorneys Donald T. Rubin and John K. Norris of Rubin & Norris, LLC, Chicago, and the Cook County Board of Review by Matthew Panush and David Flores, real estate analysts. Per agreement of the parties, these appeals were consolidated for hearing purposes.
The subject consists of 154 frame and masonry constructed two and one-half story buildings ranging in age from 25 to 28 years old. The buildings have the same floor plan layout and contain 6 living units each. The subject is a condominium complex with each of the 154 buildings allocated a .06494% percentage of common ownership. Each building is divided into three two-bedroom one-bath units; two one-bedroom one bath units; and one smaller one-bedroom one-bath unit.
The appellant, through counsel, submitted evidence before the Property Tax Appeal Board claiming unequal treatment in the assessment process as the basis of the appeal. Counsel argued, following the subject's 2001 condominium declaration, 12 of the subject buildings were subdivided into individual units and assigned separate property index numbers. The subdivided buildings retained the total percentage of ownership provided in the declaration and were allocated an appropriate division of that percentage of ownership for each apartment. As of January 1, 2004 and January 1, 2005, the subdivided buildings were assessed based on a total assessment of $37,628, or an average of $6,272+/- per unit, while the remaining buildings received total assessments of $55,350, or an average of $9,225+/ per living unit. The appellant argued as all of the buildings are alike the disparity of assessments, in effect, creates a different classification within the Cook County residential condominium classification. Moreover, the appellant claims different methodology was utilized to assess the sub-divided buildings and the un-subdivided buildings. This, the appellant claims, puts the ownership of the un-subdivided buildings at a major economic disadvantage. In support, the appellant proffered: