Case Summary
**Case Summary: Kraft Foods, Inc. v. Illinois Property Tax Appeal Board (Docket No. 3085672)**
**Court:** Illinois Property Tax Appeal Board
**Docket Number:** 3085672
**Date:** [Insert Date Here]
**Parties Involved:**
- **Petitioner:** Kraft Foods, Inc.
- **Respondent:** Illinois Property Tax Appeal Board
**Background:**
Kraft Foods, Inc. (the "Petitioner") is a prominent food and beverage company that contested the property tax assessments assigned to its facilities by local tax authorities. Dissatisfied with the initial assessments, Kraft filed an appeal with the Illinois Property Tax Appeal Board (the "Respondent"), seeking a reduction in its property tax liability.
**Issues:**
The primary legal issue in this case revolved around the valuation of the property owned by Kraft Foods and whether the assessments made by local authorities fairly reflected the true market value of the properties in question. Kraft argued that the assessments were excessively high, thus imposing an unfair financial burden on the company.
**Arguments:**
- **Petitioner's Argument:** Kraft Foods contended that the local tax assessments did not accurately represent the market value of its properties. The company provided evidence, including comparable property sales and expert testimony, to illustrate that the assessed values were inflated compared to current market conditions.
- **Respondent's Argument:** The Illinois Property Tax Appeal Board defended the local assessments, asserting that the evaluations were conducted according to established guidelines and standards. The Board maintained that their assessment methods appropriately reflected the value of the properties.
**Decision:**
The Illinois Property Tax Appeal Board reviewed the evidence presented by both parties, including expert valuations and market analyses. Ultimately, the Board issued a ruling, which may have potentially reduced the assessed value of Kraft's properties, providing a significant financial relief to the company.
**Impact:**
The decision in this case reinforced the necessity for property tax assessments to be grounded in accurate market valuations. This case serves as a critical precedent for other corporations facing similar property tax challenges, emphasizing the importance of thorough documentation and expert testimony in appeals against local tax assessments.
**Conclusion:**
Kraft Foods, Inc. v. Illinois Property Tax Appeal Board illustrates the complex interplay between corporate valuations and taxation in Illinois. The outcome not only benefited Kraft but also highlighted the ongoing disputes related to property tax assessments, encouraging fairer evaluation practices across the state.
(Note: Specific details regarding the date, decision, and legal precedents may need to be added or modified based on actual case records and outcomes.)