Springfield Marine Bank v. Property Tax Appeal Board

The decision of the Property Tax Appeal Board in this tax assessment case was reviewed by the circuit court of Sangamon County under the Administrative Review Act (Ill. Rev. Stat. 1967, ch. 120, par. 592.4), and comes directly here pursuant to the constitutional grant of jurisdiction. (Const. of Ill., art. VI, § 5.) At issue is the circuit court’s revaluation of real property, based upon its finding “That in determining the fair market value of land, it is proper to consider the effect on market value of an unfavorable lease.”

The two parcels involved are held in trust by Springfield Marine…