(Continued on Next Page)
Based on the facts and exhibits presented, the Property Tax
Appeal Board hereby finds no change in the assessment of the
property as established by the Lake County Board of Review is
warranted. The correct assessed valuation of the property is:
Docket No. Parcel No. Land Improv. Total
05-01369.001-R-3 16-03-201-002 389,027 873,923 $1,262,950
05-01369.002-R-3 16-03-201-004 643,154 0 $643,154
05-01369.003-R-3 12-34-402-005 40,696 0 $40,696
Subject only to the State multiplier as applicable.
1 of 1
PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Michael A. Tracy
DOCKET NO.: 05-01369.001-R-3 through 05-01369.003-R-3
PARCEL NO.: See Below
The parties of record before the Property Tax Appeal Board are Michael A. Tracy, the appellant, and the Lake County Board of Review.
The subject properties consist of three parcels hereinafter identified as "002", "004 and "005." The subject parcels are located on or in close proximity to the Lake Michigan shoreline with two parcels ("002" and "004") being located in Moraine Township and "005" being located in Shield's Township. Parcels "004" and "005" are vacant parcels. Parcel "002" is improved with a one and one-half-story style brick dwelling built in 1994 that contains 7,698 square feet of living area. Features of the home include central air-conditioning, one fireplace, an attached 1,690 square foot garage and a partial unfinished basement. Parcel "002" contains 73,314 square feet of land area; parcel "004" contains 60,313 square feet of land area; and parcel "005" contains 12,210 square feet of land area9. All three parcels are contiguous and are located in Lake Forrest, Illinois.
The appellant appeared before the Property Tax Appeal Board claiming both overvaluation and unequal treatment in the assessment process as the bases of the appeal. At the outset of the hearing, the appellant acknowledged that no market value evidence had been submitted in support of his appeal and therefore proceeded with his equity argument only. In support of this argument, the appellant submitted photographs, property record cards and plat maps of the subject's immediate locale. For ease of arguments, the board of review presented a grid analysis of the appellant's five comparable properties. The grid analysis depicts five comparable properties located in close proximity to the subject. The comparables consist of frame, brick, frame and brick or frame and stone dwellings that were built from 1894 to 2003 and range in size from 7,122 to 9,299