IL SB1791

Property Tax Appeal Board must make independent valuation determinations in all cases where a change in assessed valuation greater than $300,000 is sought.

Board must separately state findings of fact and conclusions of law on six specific factors: market analysis, highest and best use, construction costs, comparable properties, valuation basis, and valuation method.

Board must use, weigh, and reconcile three valuation methods (comparable sales, capitalization of income, cost less depreciation) and cannot disregard any method without substantial evidence or party stipulation.

Comparable properties must meet strict criteria including verified information, same highest and best use, similar economic conditions, and exclusion of properties with private restrictions that impair value or increase vacancy likelihood.

All Board determinations must comply with generally accepted appraisal principles including the Uniform Standards of Professional Appraisal Practice promulgated by the Appraisal Foundation; effective immediately upon passage.