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RAINBOW APARTMENTS v. PROPERTY TAX APP.BD.

No. 4-00-0703.

762 N.E.2d 534 (2001)

326 Ill. App.3d 1105

260 Ill.Dec. 875

RAINBOW APARTMENTS, Petitioner-Appellant, v. The ILLINOIS PROPERTY TAX APPEAL BOARD; The Champaign County Board of Review; and Cunningham Township, Respondents-Appellees.

Appellate Court of Illinois, Fourth District.

Decided December 6, 2001.

Attorney(s) appearing for the Case

William J. Seitz (argued), Fisk Kart Katz and Regan, Ltd., Chicago, for Rainbow Apartments.

James E. Ryan, Attorney General, Joel D. Bertocchi, Solicitor General, A. Benjamin Goldgar, Assistant Attorney General (argued), Chicago, for Property Tax Appeal Board.

Frederic M. Grosser, Law Office of Frederic M. Grosser, Champaign, for Cunningham Township, Office of the Supervisor.

Norbert J. Goetten, Director, State's Attorneys Appellate Prosecutor, Springfield, John X. Breslin, Deputy Director, State's Attorneys Appellate Prosecutor, Ottawa, David O. Edwards (argued), Giffin, Winning, Cohen & Bodewes, P.C., Springfield, for Champaign County Board of Review.

Justice KNECHT delivered the opinion of the court.

Rainbow Apartments (Rainbow) seeks administrative review of the decision of the Illinois Property Tax Appeal Board (PTAB) to include the present value of federal low-income housing credits as part of its assessed real-property value. We affirm.

I. BACKGROUND

Rainbow is a limited partnership owning a 72-unit rental property built in 1995. The property was designed as low-income housing to qualify...

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