Filed 1/31/08 NO. 4-07-0405
IN THE APPELLATE COURT
OF ILLINOIS
FOURTH DISTRICT
BLOOMINGTON PUBLIC SCHOOLS, DISTRICT ) Appeal from
NO. 87, McLean County, Illinois, ) Illinois Property
Petitioner-Appellant, ) Tax Appeal Board
v. ) No. 04-00644-C-3
THE ILLINOIS PROPERTY TAX APPEAL )
BOARD, SEARS STORE No. 2840, and )
THE McLEAN COUNTY BOARD OF REVIEW, )
Respondents-Appellees. )
_________________________________________________________________
JUSTICE McCULLOUGH delivered the opinion of the court:
The petitioner, Bloomington Public Schools, District
No. 87, McLean County, Illinois (School District), appeals the
final administrative decision of the Property Tax Appeal Board of
the State of Illinois (PTAB). In February 2005, the Board of
Review of McLean County found the 2004 assessed value for Sears
Store No. 2840 (Sears) was $1,980,262. The respondent, Sears,
appealed that assessment to PTAB; and in April 2007, PTAB found
the assessed valuation was $1,265,400.
The School District appeals, arguing that (1) PTAB
should have considered the sale of the mall in determining the
fair market value of Sear's property, (2) PTAB should have
considered the value of the land in determining the fair market
value of Sear's property, and (3) PTAB's decision to use the fair
market value found by Sear's appraiser is against the manifest
weight of the evidence. We disagree and affirm.
Because the parties are familiar with the evidence
presented at the June 2006 hearing, we present facts only to the
extent necessary to provide context for the issues.
Evidence showed the Sears property is a one-story
retail store with an attached auto service center. The building
is 117,234 square feet and sits on a 9.19-acre parcel. The land
has been improved with a parking lot, sidewalks, lighting, and
landscaping. The property has been leased to Sears since 1966 as
part of Eastland Mall. In 1996, the lease was changed, allowing
Sears to upgrade and expand the property. The 1996 lease runs
through 2011 with an option of three five-year extensions. The
City of Bloomington township assessor assessed the property for
2004 at $1,980,262. The Board of Review upheld that assessment.
In McLean County, the assessed value is one-third of the fair
cash value. Fair cash value has the same meaning as fair market
value and is defined as "the price a willing buyer would pay a
willing seller for the subject property, there being no collusion
and neither party being under any compulsion." Residential Real
Estate Co. v. Illinois Property Tax Appeal Board, 188 Ill. App.
3d 232, 242, 543 N.E.2d 1358, 1364 (1989). Sears is responsible
for the property taxes.
In April 2007, PTAB issued its written decision. PTAB
concluded the best evidence of Sears' fair market value was the
appraisal submitted by Sears estimating the January 1, 2004, fair
market value at $3.8 million. PTAB stated:
"[PTAB] finds the appellant's appraiser pro-
vided competent, professional, and logical
testimony in support of his appraisal method-
- 2 -
ology, the data used in the approaches to
value, the adjustment process, and final
value conclusion using two of three tradi-
tional approaches to value. In contrast,
[PTAB] finds the [school district