Docket No. 01-25627.001-C-2 and 03-21092.001-C-2
3 of 8
2001 and it is an accurate depiction of the property for both the
2001 and 2003 assessment year. Mr. Morse testified that the only
difference between the data in the exhibits is that the 2003
assessment was reduced by the assessor and this information is
contained in Appellant's Exhibit #2. In addition, Mr. Morse
stated there was a slight reduction to the 2003 assessment by the
board of review that was not reflected in the exhibit.
Assessment data and descriptions of the suggested comparables as
well as colored photographs are contained in section 3 of the
exhibits. As to comparables #1, #2 and #3, Mr. Morse testified
he took the photographs of the properties and gathered the
description of the properties from a CoStar report. Mr. Morse
testified he confirmed the descriptions by speaking with the
property managers or owners. Mr. Morse stated all three
comparables are located down the road from the subject, are in
the same type of development, were built at the same time, most
likely by the same developer, contain the same number of units,
have the same amenities, and look identical to one another. Mr.
Morse testified these properties have access to laundry
facilities.
As to suggested comparable #4, Mr. Morse testified that this
property is located just down the road from the subject. Mr.
Morse wrote the description for this comparable after gathering
information about the property during a tour of the property with
a representative from the leasing office. Mr. Morse testified
this property was remodeled in 1999 and amenities included a
clubhouse, a pool and laundry facilities. Mr. Morse stated the
subject property also access to a clubhouse, pool and laundry
facilities.
Mr. Morse testified the only difference between the exhibits for
the suggested comparables is the assessments for these
properties. The assessed values for the 2003 assessment year
decrease for all the suggested comparables from the 2001
assessment year.
Section four of appellant's exhibits is a map of the subject
property and the suggested comparables. Mr. Morse testified the
suggested comparables are all located within the Lake Street
corridor between Route 59 and the Elgin O'Hare expressway. Mr.
Morse indicated this area is within two miles of the subject
property.
Mr. Morse testified that he prepared section five of the
exhibits. This section is a summary of the rental information
gathered for the subject property and the suggested comparables.
The information includes the number of units, the style of the
units, the rent, the square footage of the units and the rent per
