Town of Cunningham v. Property Tax Appeal Board

Plaintiff, the Town of Cunningham, appeals from an order of the circuit court, affirming a decision of the Property Tax Appeal Board (PTAB) concerning the assessed valuation of a shopping mall in Urbana, Illinois. The issue presented on appeal is whether a taxing authority should consider the contract sale price and rent when determining the assessed valuation of the property when the rent does not reflect market rates because of the unique financing nature of the transactions.

We affirm.

I. Facts

In 1964, Carson Pirie Scott & Company (Carsons) developed the Lincoln Square shopping center in…