Rainbow Apartments v. Illinois Property Tax Appeal Board
Case Date: 01/30/2002
Court: 4th District Appellate
Docket No: 4-00-0703 Rel
filed: January 30, 2002
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.
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. |