Property Tax Appeal Board Decision 2004-20118-C-1 ABN AMRO Services Co

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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: $224,487
IMPR. $ 70,013
TOTAL: $294,500
Subject only to the State multiplier as applicable.
PTAB/TMcG.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: ABN AMRO Services Company
DOCKET NO.: 04-20118-001-C-1
PARCEL NO.: 13-18-313-005-0000
The parties of record before the Property Tax Appeal Board (PTAB)
are ABN AMRO Services Company, the appellant, by attorney Thomas
M. Battista of Rock, Fusco & Associates, LLC of Chicago and the
Cook County Board of Review (board).
The subject property consists of a 24-year-old, one-story, drive
through bank building of 1,080 square feet of buildings situated
on 60,104 square feet of land located in Norwood Park Township,
Cook County.
The appellant, through counsel, submitted evidence before the
PTAB claiming that the subject's market value is not accurately
reflected in its assessment. This evidence was timely filed by
the appellant pursuant to the Official Rules of the Property Tax
Appeal Board.
In support of this argument the appellant submitted an appraisal
dated January 1, 2004 containing the sales comparison and income
approaches to value and an estimate of value for the building
site. For the land value the appraiser used four land sales
ranging from $13.17 to $16.67 per square foot. After an analysis
of the sales and consideration of some 49,304 square feet of
excess land, the appraiser estimated the land to be worth
$790,000 but adjusted downward to $640,000 due to the excess
land. For appraisal purposes the appraiser used the $640,000
land estimate as part of the sales comparison and income
approaches to value due to the excess land liability.
In the sales approach the appraiser used four sales of office
buildings between 24 and 40 years old and ranging in size from
1,688 to 3,000 square feet that occurred between April 2001 and
June 2003 for prices ranging from $190,000 to $325,000 or from
$66.67 to $127.37 per square foot and after appropriate