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Article: Tax appraisals must include sales comparison method when data is available.(Recent Court Decisions)
- Article from:
- Appraisal Journal
- Article date:
- January 1, 2009
CopyrightCOPYRIGHT 2009 The Appraisal Institute. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Appellate Court of Illinois ruled that the property tax appraisal of a mixed-use commercial building should have included the sales comparison method of valuation as sufficient sales data was available.
Omni Chicago Hotel (Omni) owns a 17,550 square-foot parcel of land on Michigan Avenue in Chicago improved with a 40-story building with office space, retail space, and hotel space. The county assessor issued an assessment indicating a market value of $48,296,794 for the property. Omni challenged the assessment with the county board of review (BOR), which refused to reduce the assessment. Omni then appealed to the property tax appeal board (PTAB), submitting ...