FAIR MARKET VALUE
Recent sale of your property or comparable salesYou must show that you recently purchased the property at arm's length and you paid less than the fair cash value indicated for the property as established by local assessing officials. You must supply copies of the RESPA (or settlement) statement, the real estate transfer declaration, or the contract. Comparable sales data shown on property record cards or property characteristic printouts can also be included. Examples of the required data follow.
Appraisal of the subject propertyAlthough not required, an appraisal of the subject property 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 conclusion of value. Such "opinion letters" do not contain the data used by the appraiser and cannot be independently verified by the PTAB. An appraisal requires an examination of the three approaches to value - the cost, market, an income approaches - and contains information on and analysis of the data relied on by the appraiser to form the opinion of value. If an appraisal is relied on, testimony of the appraiser must be presented if the appraisal is to be given any weight in the Board's decision.
Recent constructionYou must show the actual costs incurred in the construction of the property. Supply proper evidence of the price paid for the land as well as the recent construction costs of the building(s) including all labor and contractor related costs.
EQUITY/UNIFORMITYYou must show that comparable or similar properties in your neighborhood have lower assessments than your property. Submit at least THREE comparable properties from your neighborhood with ALL relevant data including copies of property record cards or property characteristic printouts. A comparable property is discussed below.
CONTENTION OF LAWA brief must be submitted explaining the contention of law you are raising.
A comparable property is one that resembles your property in:
There are two ways the PTAB renders a decision in your appeal:
INFORMAL HEARING - a decision is based upon the written evidence submitted by you and the board of review as well as testimony presented at a hearing. The decision is issued after review of the evidence and testimony at the proceeding. This type of appeal may require a longer period of time before a decision can be rendered.
ON THE EVIDENCE - a decision is based upon the written evidence submitted by you and the board of review. No hearing is required or one or more of the parties has waived a hearing. A decision is issued after review of all the evidence and may be issued within a shorter period of time than a formal hearing of an appeal.
Click here for instructions on how to file an appeal from your favorable decision.