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eBook details

• Title: Peo. Ex Rel. Frantz v. M.D.B.K.W
• Author : Supreme Court of Illinois
• Release Date : January 01, 1966
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 67 KB

Description

The county collector of Logan County made application to the circuit court for judgment for delinquent 1962 and 1963 real-estate taxes paid under protest by M.D.B.K.W., Inc., and for delinquent 1963 taxes paid under protest by Charles McLaughlin, Jr., and wife. The taxpayers objected, alleging their respective properties were so excessively overvalued as to amount to constructive fraud. The court dismissed the objections and entered judgment for the full amount of tax in each case. The objectors have taken their respective appeals directly to this court, the revenue being involved, and the cases have been consolidated for review. The corporation's property consists of a hotel with 65 rooms, in somewhat poor condition. In January 1962 it was purchased at public auction (including about $800 worth of furniture and furnishings) for a total price of $10,200. It was initially given a 1962 assessed valuation of $31,000 but the board of review, upon being advised of the purchase price, reduced it to $18,500. Application of the 1962 equalizing multiplier of the Department of Revenue resulted in an assessed valuation of $19,893 on which the taxes were extended. During 1962 repairs were made in the amount of some $7000. In 1963 complaint was again made before the board of review, which was informed of the purchase price, the 1962 improvements, and a net income loss sustained in 1962. The 1963 assessed valuation, after application of the multiplier for that year, was $21,264.

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