Board of Review v. Property Tax Appeal Board

Defendant, Commonwealth Edison Company, sought review of the 1979 real property assessments for its Collins generating and Dresden nuclear power stations via the Property Tax Appeal Board (PTAB). After extensive proceedings resulting in a voluminous record, the PTAB determined on April 6, 1983, that the fair market value of the Collins station was $601,401,700; Dresden was valued at $219,954,924.

Edison’s ability to earn a return on its invested capital is regulated by the Illinois Commerce Commission; no purchaser would pay more for these facilities than a sum on which he could reasonably…