Property Tax Appeal Board Decision 2005-01703-R-1 Krone

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Based on the facts and exhibits presented, the Property Tax
Appeal Board hereby finds a reduction in the assessment of the
property as established by the Madison County Board of Review is
warranted. The correct assessed valuation of the property is:
LAND: $ 13,830
IMPR.: $ 48,650
TOTAL: $ 62,480
Subject only to the State multiplier as applicable.
PTAB/smw/05-01703/11-08
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Gerald & Joyce Krone
DOCKET NO.: 05-01703.001-R-1
PARCEL NO.: 14-2-15-13-10-101-036
The parties of record before the Property Tax Appeal Board are Gerald and Joyce Krone, the appellants; and the Madison County Board of Review.
The subject property consists of a one and one-half story single family dwelling that contains 2,057 square feet of living area. The dwelling is of frame construction with brick veneer on the front of the home. Features of the home include a full unfinished basement, central air conditioning, a fireplace and a two-car attached garage. The dwelling was constructed in 1992. The improvements are located on a 10,260 square foot site in Edwardsville, Madison County.
The appellant, Gerald Krone, appeared before the Property Tax Appeal Board contending overvaluation as the basis of the appeal. The appellant testified the subject was purchased in October 1998 for a price of $175,000. He next testified the subject dwelling had 2,057 square feet of living area as reflected in an appraisal with an effective date of October 11, 2002, submitted by the appellant. The appraisal, based on the cost approach, estimated the subject had a market value of $210,251. The appellant submitted a copy of the subject’s property record card indicating the subject had 2,199 square feet. The appellant argued that based on the incorrect size as reflected on the property record card the subject’s assessment was excessive.
The appellant’s primary argument, however, was the subject’s market value should be reduced due to mine subsidence. The appellant testified that properties on either side of the subject property have suffered damage from mine subsidence. The appellant stated that a neighbor located at 204 N. Burns Farm Blvd. identified mine subsidence on his property in approximately 2002. He also indicated that another neighboring property located at 208 N. Burns Farm Blvd. suffered mine subsidence and was deemed a total loss by the Illinois Mine Subsidence Fund. He testified that his research indicated the subject is constructed over the same "active mine". The appellant contends the