Property Tax Appeal Board Decision 2005-00346-C-3 Famous Barr #47

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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 McLean County Board of Review is
warranted. The correct assessed valuation of the property is:
LAND: $ 120,182
IMPR.: $ 1,823,773
TOTAL: $ 1,943,955
Subject only to the State multiplier as applicable.
PTAB/smw/05-00346/4-08
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Famous Barr #47
DOCKET NO.: 05-00346.001-C-3
PARCEL NO.: 21-02-126-010
The parties of record before the Property Tax Appeal Board are
Famous Barr #47, the appellant, by attorneys Gregory J. Lafakis
and Ellen Berkshire of The Law Offices of Liston & Lafakis, P.C.,
Chicago; the McLean County Board of Review; and Bloomington
Public School Dist. No 87, intervenor, by attorney John L. Pratt
of Pratt and Pratt, P.C., Bloomington.
The subject property consists of a 96,267 square foot site
improved with a two-story anchor department store that contains
151,018 square feet. The subject building was constructed in
1999 and has steel framing that supports concrete block walls
with stucco exterior. The store has clear ceiling heights of 12
to 16 feet. The first floor contains 76,393 square feet and the
second level contains 74,625 square feet. The second floor also
has approximately 24,000 square feet of unfinished area. The
property is one of the anchor stores at the Eastland Mall in
Bloomington.
The issue in this appeal is the determination of the correct
market value of the subject property for assessment purposes as
of January 1, 2005.
The appellant contends the assessment of the subject property is
excessive and not reflective of the property's market value. The
appellant contends the subject property had a market value of
$5,100,000 as of January 1, 2005. In support of this argument
the appellant submitted an appraisal of the subject property
prepared by J. Edward Salisbury ("Salisbury") of Salisbury &
Associates, Inc.
Salisbury was called as the appellant's first witness. Salisbury
is a State of Illinois Certified General Real Estate Appraiser.
Salisbury also has the Certified Illinois Assessment Officer