Property Tax Appeal Board Decision 2005-20401-C-1 Merchant

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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: $85,593
IMPR.: $13,207
TOTAL: $98,800
Subject only to the State multiplier as applicable.
PTAB/0657JBV
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Rahim Merchant
DOCKET NO.: 05-20401.001-C-1
PARCEL NO.: 16-31-319-001
The parties of record before the Property Tax Appeal Board
(hereinafter PTAB) are Rahim Merchant, the appellant, by attorney
Brian S. Maher with the law firm of Weis, DuBrock & Doody in
Chicago and the Cook County Board of Review.
The subject property consists of a 14,533 square foot parcel of
land improved with a three-year old, one-story, masonry
constructed, restaurant building with 1,950 square feet of
building area. The appellant, via counsel, argued that the market
value of the subject property is not accurately reflected in the
property's assessed valuation as the basis of this appeal.
In support of the market value argument, the appellant submitted
an appraisal of the subject property with an effective date of
January 1, 2005. The appraiser used the three traditional
approaches to value to arrive at market value of $260,000. The
appraiser determined that the highest and best use to be its
current use.
In the cost approach to value, the appraiser reviewed the sales
of four comparables to determine a value for the land of $9.50
per square foot or $140,000, rounded. Using the Marshall & Swift
Computerized Cost Estimate Program, the appraiser estimated a