VALUATION DISCLOUSRE.pdf

Jeanne Ruzzin, Petitioner V City Of Oak Park, Respondent · 24-003683-TT

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14150 Victoria 

City of Oak Park 

MTT Docket # 24-003683 

1 | P a g e 

 

 

VALUATION DISCLOUSRE 

14150 Victoria Ave 

52-25-19-454-016 

 

MTT DOCKET # 24-003683 

 

Parcel 

 

2024 Assessed 

2024 Taxable 

 

Respondent’s TCV 

Petitioner’s TCV 

52-25-19-454-016 

156,400 

 

115,631 

 

312,800 

 

270,000 

 

Subject Property Description 

The subject parcel is a brick, 1798 SF, 1-Story residential dwelling built in 1957. The subject has 1798 SF below grade 

area in which 1348 SF is finished. The property also has a 545 SF garage and a 153 SF concrete glass enclosed porch 

(CGEP). Construction quality is comparable to surrounding area. The property is serviced by public water and public 

sewer. 

 

 

Valuation Methodology: 

A search of the assessing record database was performed in order to procure sales relevant for consideration as 

comparables. This sample was refined to properties available with similar characteristics and influences as the subject. 

A market comparison approach was performed and is detailed herein. Sales presented as comparables in this report are 

considered the best value indicators after adjustments. 

 

Sales search criteria begins with all recorded transactions within the subjects competing market area. The date range of 

considered sales was 1/1/2021 to 12/31/2023. Further refinement of criteria includes but is not limited to the following 

database fields: 1 Sty homes within the City of Oak Park in the Berkley School District

14150 Victoria 

City of Oak Park 

MTT Docket # 24-003683 

2 | P a g e 

 

 

Quantitative adjustments (expressed in dollars) present on the comparison grid represent market reaction to the utility 

of the respective feature. Adjustments are made to the comparables for variations considered significant in the eyes of 

a typical buyer. A comparable feature considered superior to, or more favorable than the subject’s is given a negative 

adjustment. A comparable feature considered inferior to, or less favorable than the subjects is given a positive 

adjustment. Not all adjustments in the quantitative model can be directly extracted or supported by the available 

market date with a high degree of accuracy. Some adjustments have an element of subjectivity and profession 

judgment. 

 

Land/Site value adjustments are based on size, feature, fixture or utility differences using the market derived assessor 

land value in our property records. 

 

The lack of an adjustment to a particular feature likely indicates it is especially covariant to the primary unit of 

comparison, which for typical residential properties is size, and confidence in a relevant adjustment is low. Adjustment 

for size is considered after adjusting for all other discernible value influences. 

 

The quantitative sales comparison grid results in an adjusted value range for the subject. Reconciliation to a point value 

opinion is the qualitative process of ranking the subject within the indicated range. Non-gridded influences such as 

relative appeal and other subjective opinions are accounted for and support the final point value opinion. 

 

Market Comparison Approach Reconciliation: 

 

Market conditions are accounted for. Any abnormal value influences have been identified and discussed. Sales 

presented as comparables have been gridded and adjusted as indicated. The market comparison has resulted in the 

following value indicators: 

 

Unadjusted Value Range $220,000 to 300,000 

Sale price per SF 

 $195.06 to 150.18 

 

Adjusted Value Range $287,463 to 363,163 

 

My final opinion of value via the market comparison approach is: $316,448 

The value opinion equates to $176 per sf and appears reasonable given reconciliation and the comparable $/SF range. 

 

I would like to confirm the existing Assessed Value of $156,400 and TCV of $312,800 for the subject property.

14150 Victoria 

City of Oak Park 

MTT Docket # 24-003683 

3 | P a g e 

 

Comparable #1 

25500 Karen 

 

52-25-19-406-005 

 

 

 

 

 

 

 

 

 

Comparable #2 

25341 Gardner 

 52-25-19-451-036 

 

 

 

 

 

 

 

 

 

Sold 8/2/2021 for $300,000

1-Sty 

Year Built 1957 

1538 SF 

Adjusted Price per SF – $201.98 

Adjusted Value Indication $363,163 

3/15/2022 for $296,000

1-Sty 

Year Built 1955 

1971 SF 

Adjusted Price per SF – $169.49 

Adjusted Value Indication $304,741

14150 Victoria 

City of Oak Park 

MTT Docket # 24-003683 

4 | P a g e 

 

Comparable #3 

 

14461 Lincoln 

52-25-19-401-010 

 

 

 

 

 

 

Comparable #4 

 

14421 Vernon 

52-25-19-403-014 

 

 

 

 

Sold 4/29/2022 for $220,000

1-Sty 

Year Built 1956 

1443 SF 

Adjusted Price per SF – $159.88 

Adjusted Value Indication $287,463 

 

Sold 3/15/2023 for $300,000

1-Sty 

Year Built 1957 

1921 SF 

Adjusted Price per SF – $173.35 

Adjusted Value Indication $311,692

14150 Victoria 

City of Oak Park 

MTT Docket # 24-003683 

5 | P a g e 

 

Sale Comparison Grid 

 

 

Map Addendum

 

Comparable Analysis for Subject Parcel 52-25-19-454-016

Feature

Subject Parcel

Comparable #1 Comp. #1 Adjustment

Comparable #2 Comp. #2 Adjustment

Comparable #3 Comp. #3 Adjustment

Comparable #4 Comp. #4 Adjustment

Parcel Number

52-25-19-454-016

52-25-19-406-005

52-25-19-451-036

52-25-19-401-010

52-25-19-403-014

Address

14150 VICTORIA AVE

25500 KAREN

25341 GARDNER

14461 LINCOLN

14421 VERNON

Sale Date

 

8/2/2021

3/15/2022

4/29/2022

3/15/2023

.254 AC

.130 AC

.178 AC

.139 AC

.161 Ac

Land Value

56,079

40,071

16,008

47,013

9,066

40,543

15,536

44,627

11,452

Year Built

1957

1957

1955

1956

1957

Quality

C

C

C

C

C

Style

1 STORY

1 STORY

1 STORY

1 STORY

1 STORY

Bedrooms

3

3

3

3

3

Full Baths

2

2

2

2

0

2

Half Baths

1

1

1

0

2,275

2

(2,275)

Square Feet

1,798

1,538

20,800

1,971

(13,840)

1,443

28,400

1,921

(9,840)

Porches/Decks CCP 58 sf CGEP 153 sf

CPP 40 sf

6,885

CCP 39

6,885

CCP 31 sf WPP 219 sf

2,232

CCP 156 sf CPP 21 sf

1,785

HVAC

Yes

YES

Yes

Yes

Yes

FP

No

No

No

No

Yes

(4,850)

Garage Square Feet

545

0

16,350

445

3,000

0

16,350

0

16,350

Fin Basement Sq. Feet

1,348

1,036

3,120

985

3,630

1081

2,670

1441

(930)

Actual Sale Price

300,000

296,000

220,000

300,000

Net Adjustments

63,163

8,741

67,463

11,692

Net Adjustments %

21.05%

2.95%

30.67%

3.90%

Gross Adjustments

63,163

36,421

67,463

47,482

Gross Adjustments %

21.05%

12.30%

30.67%

15.83%

Adjusted Sale Price

363,163

304,741

287,463

311,692

Actual Sale Price $/Sq.Ft.

195.06

150.18

152.46

156.17

Adjusted Sale Price $/Sq.Ft.

201.98

169.49

159.88

173.35

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