Owned by a food and meat products manufacturer based in Austin, Minn., this Illinois property was originally built in 1964 as a pork processing plant. Over time, several additions were built onto the property as the building was reconfigured into a general-purpose food processing plant with several new product lines.
The local assessor had valued the property at $16.2 million, but Robert Hill Law was able to convince the assessor that the high degree of functional obsolescence associated with the client’s property, combined with price declines for large industrial properties in general, required a major reduction in the assessed value for the plant. The assessor agreed, and the negotiated value was settled for $4.4 million just prior to a board of review hearing.
- Assessed value: $16.2 million
- Negotiated value: $4.4 million
- Amount saved on property taxes: $1.06 million