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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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