Property Tax Appeal Board Decision 2006-01607-F-0 Jokisch

              (Continued on Next Page)
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 Morgan County Board of Review is
warranted. The correct assessed valuation of the property is:
FRM.LAND: $ 740
HOME SITE: $ 1,280
IMPR.: $20,740
TOTAL: $22,760
Subject only to the State multiplier as applicable.
PTAB/APRIL.08/BUL-6847
1 of 4
PROPERTY TAX APPEAL BOARD'S AMENDED DECISION
APPELLANT: Louis L. and Tara R. Jokisch
DOCKET NO.: 06-01607.001-F-1
PARCEL NO.: 05-08-300-005
The parties of record before the Property Tax Appeal Board are
Louis and Tara R. Jokisch, the appellants, and the Morgan County
Board of Review.
The subject property consists of a 40-year old one-story frame
dwelling containing 1,632 square feet of living area. Features
include an unfinished basement, central air conditioning, a
storage shed and a two-car attached garage. The subject parcel
contains 10 acres of land, of which 8.9 acres are used for
agricultural purposes and 1.1 acres are utilized as a home site.
The appellants submitted evidence before the Property Tax Appeal
Board arguing overvaluation as the basis of the appeal. In
support of this claim, the appellants submitted a closing
statement indicating they purchased the subject property by
auction on September 30, 2005, for $95,000. In addition, the
appellants submitted a limited appraisal estimating that the
subject property had a fair market value of $95,000 as of January
1, 2006. The appraisal indicates rural home sites like the
subject sell for prices ranging from $2,297 to $4,885 per acre.
Therefore the appraiser concluded the subject's home site acreage
should be value at $3,500 per acre. The appraiser also indicated
that farmers and investors of agricultural land are willing to
purchase farmland like the subject for $3,250 per acre. Thus,
the subject's 8.9 acres of farmland has an estimated market value
of $28,925.
The appellants also submitted the board of review's final
decision regarding the subject property setting a final
assessment of $33,560. However, the subject property contains
8.9 acres of tillable cropland that receives preferential
farmland assessment of $740. The subject dwelling and 1.1 acre