Plaintiff trust filed property tax appeal, seeking reduction in 20912 assessed value of farm property it owned. Trust asserted that local assessor gave a pole barn/farm building on the property an assessed value that was too high. Based on Appeal Board's factual findings as to the credibility/weight to be given to each of the 2 appraisals, which findings were not against manifest weight of evidence, Appeal Board correctly determined that Trust failed to satisfy its burden of proof to show that a reduction in assessment was warranted. The appropriate method for valuing a farm building is the cost method. Both appraisals submitted used cost method to estimate contributory value of farm building. Critical aspect of Appeal Board's decision was its determination that appraisal submitted by trust was flawed and that it was entitled to little weight. Trust's appraiser relied on only 1 comparable sale in determining amount of functional and external obsolescence to apply to farm building, and that the comparable sale he used was invalid for comparison purposes as it did not involve an arm's-length transaction. (LYTTON and SCHMIDT, concurring.)
Illinois Appellate Court
Civil Court
Property Tax Appeal Board