Rainbow Apartments v. Illinois Property Tax Appeal Board

State: Illinois

Court: 4th District Appellate

Docket No: 4-00-0703 Rel

Case Date: 01/30/2002

filed: January 30, 2002

NO. 4-00-0703

IN THE APPELLATE COURT

OF ILLINOIS

FOURTH DISTRICT

RAINBOW APARTMENTS,
                         Petitioner-Appellant,
                         v.
THE ILLINOIS PROPERTY TAX APPEAL
BOARD; THE CHAMPAIGN COUNTY BOARD OF
REVIEW; and CUNNINGHAM TOWNSHIP,
                         Respondents-Appellees.

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Administrative Review
of the Illinois
Property Tax
Appeal Board
No. 97-189-C-3

JUSTICE KNECHT delivered the opinion of the court:

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

I. BACKGROUND

Rainbow is a limited partnership owning a 72-unitrental property built in 1995. The property was designed as low-income housing to qualify for tax credits pursuant to section 42of the Internal Revenue Code (26 U.S.C.