Docket# 03-29613.001-I-1, 04-24722.001-I-1 & 05-22617.001-I-1 et
al
3 of 5
After reviewing the record and considering the evidence, the
Property Tax Appeal Board finds that it has jurisdiction over the
parties and the subject matter of this appeal.
When overvaluation is claimed, the appellant has the burden of
proving the value of the property by a preponderance of the
evidence. See National City Bank of Michigan/Illinois v.
Property Tax Appeal Board, 331 Ill.App.3d 1038 (3rd Dist. 2002)
and Winnebago County Board of Review v. Property Tax Appeal
Board, 313 Ill.App.3d 179 (2nd Dist. 2000). Proof of market
value may consist of an appraisal, a recent arm's length sale of
the subject property, recent sales of comparable properties, or
recent construction costs of the subject property. 86 Ill.
Admin. Code 1910.65(c). Having considered the evidence
presented, the PTAB finds that the appellant has met this burden
and that a reduction is warranted.
The PTAB finds that the best evidence of the subject's market
value for tax years 2003 through 2005 is the appellant's
appraisal with an effective date of January 1, 2003 indicating a
market value of $385,000. Since the market value of this subject
has been established, the ordinance level of assessment for Cook
County class 5b property of 36% will apply. This application
indicates a total assessed value of $138,600. Since the
subject's current total assessment stands at $160,001, a
reduction is merited.
Based upon the evidence, the PTAB finds that the appellant has
demonstrated that the subject property is overvalued for tax
years 2003 through 2005. Therefore, a reduction in the subject's
market value and assessment is warranted for these years.
DOCKET # PIN LAND IMPROVEMENT TOTAL
03-29613.001-I-1 17-07-400-021 $ 8,441 $ 3,000 $ 11,441
03-29613.002-I-1 17-07-400-022 $22,811 $104,348 $127,159
DOCKET # PIN LAND IMPROVEMENT TOTAL
04-24722.001-I-1 17-07-400-021 $ 8,441 $ 3,000 $ 11,441
04-24722.002-I-1 17-07-400-022 $22,811 $104,348 $127,159
DOCKET # PIN LAND IMPROVEMENT TOTAL
05-22617.001-I-1 17-07-400-021 $ 8,441 $ 3,000 $ 11,441
05-22617.002-I-1 17-07-400-022 $22,811 $104,348 $127,159
