ACTION REQUESTED:
Title
Communication from the City Manager and Interim Corporation Counsel with a Request to APPROVE a RESOLUTION Authorizing Intervention in a Pending PROPERTY TAX ASSESSMENT APPEAL, Before the Illinois Property Tax Appeal Board (BEST BUY #207, 5001 N. BIG HOLLOW ROAD, PEORIA, IL).
Body
BACKGROUND: Premiere Real Property, LLC, owner of Best Buy Store No. 207 at 5001 N. Big Hollow Road, filed an appeal of the 2021 property tax assessment claiming that the assessment should be reduced from $1,178,200.00 to $599,940.00. As in background on this property, between 2003 and 2019, this parcel averaged a net taxable value of $1,049,957.65. That yielded an average total tax in the same timeframe of $93,678.39. This resulted in the City's portion of the overall real estate tax liability averaging $10,552.83 per year.
In 2020, parcel #14-19-151-070 (an almost 9 acre parcel where the Best Buy store is located) was actually split into two parcels. Parcel #14-19-151-071 contains 3.82 acres and is owned by Glen Hollow, LLC. Parcel #14-19-151-072 is 5.922 acres and is owned by Premier Real Property, LLC. For the smaller parcel, owned by Glen Hollow, LLC, the net taxable value in 2020 was $4,990.00 which yielded a total tax of $500.02 with the City's portion being $55.87.
For the larger parcel, owned by Premiere Real Property, LLC, the net taxable value in 2020 was $1,318,540.00 with the total tax liability of $132,119.96 with the City's portion being equal to $14,761.98.
For 2021, the assessed net taxable value on the larger parcel owned by Premier Real Property, LLC, has been reduced to $1,178,200.00 and the total tax liability reduced from $132,000 to $117,000. This will reduce the City's portion of the real estate taxes to approximately $13,256.52.
Earlier this year, Premier Real Property, LLC filed an appeal with PTAB alleging that the larger parcel should have a net taxable value of $599,940.00. This would r...
Click here for full text