Property Tax Appeal Board Decision 2001-27437-R-3 Friendship Village of Schaumburg

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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:
DOCKET NO. PARCEL NO. LAND IMPR. TOTAL
01-27437.001-R-3 07-22-100-025-0000 $849,127 $1,298,853 $2,147,980
03-25822.001-R-3 07-22-100-025-0000 $849,127 $1,288,303 $2,137,430
Subject only to the State multiplier as applicable.
PTAB/lbs/08
PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Friendship Village of Schaumburg
DOCKET NO.: 01-27437.001-R-3 and 03-25822.001-R-3
PARCEL NO.: See below.
The parties of record before the Property Tax Appeal Board are
Friendship Village of Schaumburg, the appellant, by attorneys
Kevin P. Burke and Christopher B. Kaczynski of Smith, Hemmesch,
Burke, Brannigan & Guerin, Chicago; the Cook County Board of
Review by Assistant State's Attorney Randolph T. Kemmer; and the
intervenors, Township High School District No. 211 and Community
Consolidated School District No. 54, by attorney Michael J.
Hernandez of Franczek Sullivan, P.C., Chicago. Per agreement of
the parties, these appeals were consolidated for hearing
purposes.
The subject property consists of a 41+/- acre parcel improved
with a not-for-profit retirement community located in Schaumburg
Township, Cook County. The main improvement is a three-story
structure housing 489 apartments designed for independent living
and 89 apartments designed for assisted living. Amenities of the
primary building include a dining room, small shops, meeting
rooms, a conference room, and various common areas. Attached to
the primary living area is a 250 bed long term healthcare center.
The combined building area is 540,283 square feet. Additional
improvements include 11,000 square feet of garages; a paved
parking lot and paved roadways covering 299,712 square feet; and
36,998 square feet of concrete paved sidewalks. The subject was
opened in January 1977.
The appellant, through counsel, appeared before the Property Tax
Appeal Board claiming the fair market value of the subject is not
accurately reflected in its assessed value. Counsel further
argued, as the subject is classified residential property, or
Class 2 under the Cook County Real Property Classification
Ordinance, the Illinois Department of Revenue's three-year median
level of assessments for 2001 and 2003 of 10.18% and 10.13%,
respectively, are applicable to the market value found herein.