What are the grounds for appealing to the PTAB?
• FAIR MARKET VALUE Recent sale of your property or comparable sales: You must show that you recently purchased the property at arm’s length and you paid less than the fair cash value indicated for the property as established by local assessing officials. You must supply copies of the RESPA (or settlement) statement, the real estate transfer declaration, or the contract. Comparable sales data shown on property record cards or property characteristic printouts can also be included. Examples of useful evidence is as follows: Appraisal of the subject property: Although not required, an appraisal of the subject property is generally the best evidence to support value. It should be noted that an appraisal is not a letter of opinion that simply states the appraiser’s conclusion of value. Such “opinion letters” do not contain the data used by the appraiser and cannot be independently verified by the PTAB. An appraisal requires an examination of the three approaches to value – the cost, market
