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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 Kane County Board of Review is
warranted. The correct assessed valuation of the property is:
LAND: $ 80,572
IMPR.: $ 236,550
TOTAL: $ 317,122
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Rodney and Christine Cavitt
DOCKET NO.: 04-00797.001-R-1
PARCEL NO.: 09-15-476-040
The parties of record before the Property Tax Appeal Board are
Rodney and Christine Cavitt, the appellants, by attorney Rodney
D. Cavitt of the Law Offices of Rodney D. Cavitt, Streamwood,
Illinois; and the Kane County Board of Review.
The subject property consists of a 4,435 square foot single
family brick and frame two-story residence constructed in 1988.
Features of the home include four full baths with two half-baths,
a full partially finished basement with a walk-out,
central air conditioning, four fireplaces and a three-car
The appellants, through co-owner/counsel, appeared before the
Property Tax Appeal Board claiming overvaluation as the basis of
the appeal. In support of this argument, the appellants
submitted an appraisal of the subject property with an effective
date of September 28, 2004. The appraiser used the cost and
sales comparison approaches in estimating a value for the
subject of $890,000.
In the cost approach, the appraiser determined a land value of
$350,000. The appraiser consulted the Marshall & Swift Cost
Manual in estimating a reproduction cost new of the improvements
of $667,840. Depreciation of $137,733 was subtracted from this
figure, leaving a depreciated value of the improvements of
$530,107, to which site improvements of $40,000 were added.
Incorporating the land value resulted in an indicated value by
the cost approach of $920,100.