Property Tax Appeal Board  
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Pat Quinn, Governor

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 Fair Market Value 

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When fair market value is the basis of an appeal, such value must be proved by a preponderance of the evidence. Although not required, an appraisal of the subject property estimating the market value of the property as of the assessment date is generally the best evidence to support value. It should be noted that an appraisal is not a letter of opinion that simply states the appraiser's opinion of the value of the subject property. Such opinion letters do not contain the data used by the appraiser and cannot be verified independently by the Board. An appraisal requires an examination of the three traditional approaches to value the cost, income, and market approaches, if possible and contains information on and analysis of the data relied on by the appraiser to form his opinion of value. However, an appraisal of the appealed property may not be necessary. Evidence of a recent sale of the property, recent sales of comparable properties, or recent construction costs of the subject may be used. If an appraisal is relied on, testimony of the appraiser must be presented if the appraisal and opinion of value are to be given much weight in the decision of the Property Tax Appeal Board. The Board accords little weight and credibility to appraisals submitted without testimony and without an opportunity for cross-examination of the appraiser.

In all counties other than Cook County, a three-year county wide assessment level to be based on relevant sales during the previous three years as certified by the Illinois Department of Revenue will be considered where sufficient probative evidence is presented indicating the estimate of full market value of the subject property on the relevant real property assessment date of January 1. See Rules 1910.50(c)(1). In Cook County, the practice is somewhat different. See Rules 1910.50(c)(2) and (3).


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