(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 COOK County Board of Review is
warranted. The correct assessed valuations of the property are:
LAND: See Page 3
IMPROV: See Page 3
TOTAL: See Page 3
Subject only to the State multiplier as applicable.
1 of 5
PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Berthold Electric Company
DOCKET NO.: 03-29613.001-I-1 et al; 04-24722.001-I-1 et al; and
05-22617.001-I-1 et al
PARCEL NO.: See Page 3
The parties of record before the Property Tax Appeal Board
(hereinafter PTAB) are Berthold Electric Company, the appellant,
by Attorney Michael J. Nolan in Chicago; and the Cook County
Board of Review only as to tax years 2003 and 2004. In tax year
2005, the PTAB found the Cook County board of review in default
on August 30, 2007.
The subject property consists of two land parcels comprising
38,584 square feet. The improvements are a one-story, masonry,
industrial/warehouse building built in stages from 1958 to 1967.
The improvement contains 25,621 square feet of building area and
is used as a light manufacturing facility with warehouse area.
Prior to a hearing, the parties jointly petitioned the PTAB to
render a decision based upon the written evidence; and thereby,
waive their hearing rights. Further, the PTAB finds that these
matters are ripe for consolidation for the tax appeal years 2003
through 2005 are in the same triennial reassessment period, while
the parties and evidence submissions are similar.
The appellant's attorney argued that the fair market value of the
subject was not accurately reflected in its assessed value.
For property tax years 2003 through 2005, the appellant submitted
a complete, self-contained appraisal report as of January 1, 2003
and identified the date of appraiser's inspection as August 26,
2003. The purpose of the appraisal was to estimate the market
value of the fee simple interest in the real estate for the
subject property. The appellant's appraisal was conducted by
Rufino Arroyo, a Certified General Real Estate Appraiser as well