Property Tax Appeal Board Decision 2004-23467-C-2 V.I.P. Apartments

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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
04-23467.001-C-1 03-16-200-011-0000 $ 56,644 $411,000 $467,644
04-23467.002-C-1 03-16-200-012-0000 $ 56,644 $ 2,162 $ 58,806
04-23467.003-C-1 03-16-200-013-0000 $ 73,413 $395,000 $468,413
04-23467.004-C-1 03-16-200-037-0000 $122,327 $360,000 $482,327
04-23467.005-C-1 03-16-200-038-0000 $121,693 $390,000 $511,693
04-23467.006-C-1 03-16-200-039-0000 $123,833 $360,000 $483,833
04-23467.007-C-1 03-16-200-040-0000 $130,573 $256,711 $387,284
Subject only to the State multiplier as applicable.
PTAB/lbs/08
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: V.I.P. Apartments
DOCKET NO.: 04-23467.001-C-1 through 04-23467.007-C-1
PARCEL NO.: See below.
The parties of record before the Property Tax Appeal Board are
V.I.P. Apartments, the appellant, by attorney Thomas Battista of
Rock, Fusco & Associates, LLC, Chicago, and the Cook County Board
of Review.
The subject property consists of a 763,890 square foot parcel
improved with six, 32-year-old three-story style multi-family
dwellings of masonry construction. There are a total of 366
apartments in the complex, made up of 294 one-bedroom, one-bath
units and 72 two-bedroom, one and one-half bath units. The
subject improvements contain 324,000 square feet of building area
with a 2.23:1 land to building ratio. Amenities include a
swimming pool, paved parking and laundry facilities. The complex
is located in Wheeling Township, Cook County.
The appellant, through counsel, submitted evidence that the
subject's fair market value is not accurately reflected in its
assessment. In support of the market value argument, the
appellant submitted an appraisal authored by John Stephen O'Dwyer
of JSO Valuation Group, Limited, Evanston. The report indicates
O'Dwyer a State of Illinois certified general appraiser and has a
Member of the Appraisal (MAI) designation. The report also
detailed O'Dwyer's education and experience as an appraiser. The
appraiser indicated the subject has an estimated fee simple
market value of $11,000,000 as of January 1, 2004.
A land value was determined utilizing the sales of four parcels
located in the subject's general area. The comparable parcels