THE PTAB DECLARES THE MEANING OF "SHALL"

The PTAB has issued Standing Order No. 3, which declares the meaning of the word "shall", as contained in Section 16-185 of the Property Tax Code (the "Rollover Statute"). Under the language of the Code, a decision rendered by PTAB to reduce an assessment "shall" remain in effect for the balance of the triennial or quadrennial reassessment cycle, absent a sale or significant change in the physical characteristics of a residential property. The Board has now clarified its position on the intent of the Rollover Statute. It has held that a further appeal to a County Board of Review resulting in additional relief in a subsequent year is valid. However, should the taxpayer then file for even further relief at the PTAB, "after" it had previously granted an initial reduction, the PTAB will act to restore the original relief it had granted, thereby voiding any further relief granted by a Board of Review. Therefore, the taxpayer is being placed at significant risk should a subsequent year reduction by a Board of Review result in a further appeal at PTAB. I think the Latin for this interpretation is "Adsiduus Cave" (Taxpayer Beware).

Stay tuned.