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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: $ 15,660
IMPR.: $ 117,031
TOTAL: $ 132,691
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Dover Properties, LLC
DOCKET NO.: 03-25691.001-C-1
PARCEL NO.: 14-17-116-004-0000
The parties of record before the Property Tax Appeal Board (PTAB)
are Dover Properties, LLC, the appellant, by attorney Terrence
Kennedy of Chicago, and the Cook County Board of Review (board).
The subject property consists of a 33-year-old, 19-unit, three-story,
masonry constructed, apartment building, containing 7,841
square feet of living area. The property is located in Lake View
The appellant argued that the subject is not uniformly assessed
when compared to similar properties. The style of the building
is termed a "California-style apartment building" and the
appellant compared the subject to three other "California-style
apartment buildings" in the subject's area. Each is located
within a few blocks of the subject. Each of the comparables is
33-years-old and their square footage of living areas range from
9,063 to 9,190. The numbers of units per building range from 20
to 21. Assessments range from $138,972 to $145,272 or from
$463,240 to $484,240 in market value at the ordinance level of
30% for tax year 2003. Pictures of the comparables and property
record cards are provided.
The Board of review presented "Board of Review Notes on Appeal"
wherein the subject's final assessment of $150,189 was disclosed.
This translates into a market value of $500,630. In addition,
the board provided a comparative market analysis consisting of
four comparables. The comparables range from 14 to 19 units in
various areas of Chicago, Evanston and Lake Forest. Ages range
from 74 to 87 years. The comparables were sold from $68,421 to
$93,750 per unit price. The subject is at $26,349 per unit.
Based on its market analysis, the board of review requested
confirmation of the subject's assessment.