ID Capital LLC.pdf
Id Capital LLC, Petitioner Vs. City Of Detroit, Respondent · 25-002672-TT
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RECEIVED JUN 02 2025 MICHIGAN TAX TRIBUNAL STATE OF MICHIGAN GRETCHEN WHITMER DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS MARLON |. BROWN, DPA a LANSING DIRECTOR iD capital (Chaped 0) MICHIGAN TAX TRIBUNAL Petitioner(s) v MTT Docket No. City of Detroit , Respondent(s) ENTIRE TRIBUNAL PROPERTY TAX PETITION 1. Property Parcel No: 22016636-41 (If more than one parcel is at issue, attach a completed Multiple Parcel Petition Form addressing all other parcels at issue.) 2. The property identified above is x real ___ personal. 3. If more than one parcel of real property is under appeal, are the properties contiguous? Yes ___ No. (If no, separate Petitions are required for each non- contiguous parcel.) 4, Are all of the parcels of personal property located on a parcel of real property under appeal? ___Yes___ No. (If no, separate Petitions are required for each parcel of personal property not located on a parcel of real property under appeal.) 5. If parcels of personal property are under appeal, when were the personal property statements filed by parcel number (attach additional page if necessary): 6. The property identified above is classified as 201Comm
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"MTT Docket No. Page 2 of 4 8. 10. 11. 12. 13. If a protest was required and no protest was made, list the separate and specific facts upon which Petitioner relies to invoke the Tribunal's authority over the assessment or assessments at issue (attach additional page if necessary): If the appeal was not submitted by the deadline for the filing of an appeal for the classification or classifications of the properties at issue (i.e., May 31 or July 31 of the tax year involved), list the separate and specific facts upon which Petitioner relies to invoke the Tribunal's authority over the assessment or assessments at issue (attach additional page if necessary): The property or properties at issue are located in Wayne County. The property or properties’ address is: 21455 W 7 Mi Rd. The assessment or assessments at issue were established by the (applicable local governmental unit): Detroit Petitioner's legal residence or principal office address is: 1074 Seyburn Det., MI 48214 This appeal involves issues relating to the (check all that are applicable): X the property or properties’ true cash and taxable values the property or properties’ taxable value only If the property or properties’ taxable value is at issue, is there a dispute as to the value of an addition or loss? ___ Yes ___ No uniformity of the property or properties’ assessment
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"MTT Docket No. Page 3 of 4 15. If more than the current tax year is being appealed, list the separate and specific facts upon which Petitioner relies to invoke the Tribunal’s authority over the prior tax year or years (attach additional page if necessary): 16. The values for the property identified above as established by Respondent's Board of Review are: Tax Year True Cash Value Assessed Value Taxable Value 2025 4,427,200 2,213,600 179,177 17. Petitioner contends that the values for the property identified above are: Tax Year True Cash Value State Equalized Value Taxable Value 2025 2,500,000 1,250,000 179,177 18. The values in dispute for the property identified above are: Tax Year True Cash Value State Equalized Value Taxable Value 2025 1,927,200 963,600 0 19. Petitioner requests the following relief (attach additional page if necessary): Reduction of TCV and accordingly AV/TV to more closely reflect accurate figures on comps, condition, income, vacancy, etc.
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‘MTT Docket No. Page 4 of 4 ature o a ue Representative or, if none, Petitioner: Printed Name of Petitioner's Authorized Representative or, if none, Petitioner: Stephen Polter Email Address: spolter@polterlaw.com Mailing Address: 2600 W Big Beaver, Ste L100, Troy, MI 48084 Telephone Number: 248-213-6800 Date: May 25, 2025
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T 5/26/25, 1213 PM Parcel Number - 22016636-41 | City of Detroit | BS&A Online 21455 W SEVEN MILE 48219 (Property Address) ‘Parcel Number: 22016636-41 Property Owner: |D CAPITAL, LLC Summary Information 1 > Commercial/Industrial Building Summary > Assessed Value: $2,213,600 | - YrBuilt: 1963 - # of Buildings: 4 - Total Sq.Ft: 71,027 > Property Tax information found | Item 10f20 16 Images / 4 Sketches 2014-04-21 Owner and Taxpayer Information ~~ Owner ID CAPITAL, LLC Taxpayer SEE OWNER INFORMATION 1074 SEYBURN DETROIT, MI 48214 General Information for Tax Year 2025 Property Class 201 COMMERCIAL-IMPROVED Unit 01 CITY OF DETROIT School District DETROIT CITY SCHOOL Assessed Value $2,213,600 | DISTRICT ~~ WARD# 22 Taxable Value $179,177 ~ COUNCIL# 1 State Equalized Value $2,213,600 PP CODE# Not Available Date of Last Name Change 02/07/2008 RELATED # Not Available Notes Not Available | Historical District Not Available Census Block Group Not Available | HOPE# Not Available Exemption No Data to Display Principal Residence Exemption Information Homestead Date * No Data to Display June 1st By continuing to use this website you agree to the BS&A Online Terms of Use. x https://bsaonline.com/SiteSearch/SiteSearchDetails?SearchFocus=Tax&SearchCategory=Parcel +Number&SearchText=22016636-41&uid=155&Pagelndex=1&Referenc |
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Stephen Polter From: Stephen Polter Sent: Friday, May 23, 2025 1:55 PM To: Kevin Richard Subject: RE: ID Capital - IDRE (very colorful email, but not by design, just something odd occurred and couldn't figure out how to reverse) Kevin] Nice talk yest. | feel you and | will work well together on these and in the future and I'm glad you are Perry's heir to the throne. You likely already have the below from previous when you were cc'd as | always did when communicating/corresponding with Perry. But figured I'd double up here so that you have, and you can relay to assessor if he doesn't already have. Always, maintained, very tricky Detroit, b/c AV/TV usually not the issue as these are generally reasonable; however, your “millage” is so outrageous (almost 50% higher than Statewide avg.), that AV/TV is almost meaningless. Of course, millage uncontestable, only at the ballot box in Nov., but at least the City can be reasonable in reducing AV/TV accordingly — after all, six of one, half dozen of the other. In this case particularly, Taxpayer doesn’t even seek “taxable” relief, merely “assessed” as as it currently sits, completely unattractive to potential buyers — specifically IDC sitting on market 2 years with no takers, b/c of fair of “astronomical” uncapping. Anyhow, hopefully we do something here that is fair to all parties. After all, it's no loss to City in terms of bottom line, as it loses no tax $$$, only seeking AV reduction. (Anyhow, see below):
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Detroit 104 CURRENT 2/18/2025 Address 19255 Shiawassee SQ FT 76490 Yeat Built 1963 Tax ID's 171230328002 Taxable Value $225,926 SEV $1,996,300 Assessed Value $3,992,600 Non-Homestead Mileage 83.91 Curtent RE Tax (Estimated) $18,958 Purchaser RE Taxes $167,518 INCOME SELLER Type Unit SQFT RENT Month Year 1 Bed 52 675 $600 $31,200 $374,400 2 Bed 52 800 $700 $36,400 $436,300 Vacancy 15% $121,680 Gtoss Adjusted/AVG/Total 52 76700 $650 $57,460 $689,520 EXPENSES ADMIN $1,667 $20,000 Management 5% $2,873 $34,476 Payroll $8,667 $104,000 Repairs &Maintenance $8,667 $104,000 Utilities*** $12,500 $150,000 Insurance $8,333 $100,000 RE Taxes $1,580 $18,958 TOTAL EXPENSES $42,706 $512,476 NET OPERATING INCOME $177,044 Information deemed reliable but not guaranteed! Pricing Valuation Analysis PURCHASER $600 $2 $700 $2 ETERS FA § § § § $1 § $962 os $1
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Fitst Mortgage $750,000 $1,125,000 $1,500,000 $1,875,000 Se — 700% 25 7.00% 25 700% 25 7.00% [ Net Operating Income $177,044 $177,044 $177,044 $177,044 | Mortgage Payment ($63,610) (895,415) ($127,220) ($159,025) Cash Flow $113,434 $81,629 $49,824 $18,019 | Cash on Cash Return CAP Rate GRM Cost pet Unit Cost per Sq Ft. Principal Paydown Total Return 11.94% 7.59% 4.15% 1.36% 17.70% 11.80% 8.85% 7.08% 4.23 6.34 8.45 10.56 $9,615 $14,423 $19,231 $24,038 $13.04 $19.56 $26.08 $32.59 $11,474 $17,210 $22,947 $28,684 $124,907 $98,839 $72,771 $46,703 i on Tosh [ Information Deemed Reliable-Not Guaranteed | Pierre Pricing Valuation Analysis UNCAPPED 104 76,700 Total Square Units Footage EE EE Re-Hab Budget $700,000 $700,000 $700,000 $700,000 Down Payment $25,000 25% $50,000 25% $75,000 25% $125,000 First Mortgage $75,000 $150,000 $225,000 $375,000 Iierek Rate. 7.00% 25 7.00% 25 700% 25 7.00% Amottization Net Operating Income $9,526 $9,526 $9,526 $9,526 | Mortgage Payment ($6,361) ($12,722) ($19,083) ($31,805) Cash Flow $3,165 $3,196 $9,557 -$22,279 |
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Principal Paydown $1,147 $2,295 $3,442 $5,737 Total Return Information Deemed Reliable-Not Guaranteed Jason Gardner. » Associate Broker MI & Illinois Broker Income Property Organization 6421 Inkster Rd, Ste 200, Bloomfield Hills, MI 48301 P 248-932-0300 x12 ¢ C 248-760-1815 http://www.incomepo.com INCOME PROPERTY ORGANIZATION Mulsifamily Brokerage Specialists
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Chapel Court Profit and Loss January through December 2023 Income Rental 321,243 Return security deposit 2,224 Laundry Income 0 Total Income TT a19,019 Expenses - Advertising 88 Appliances 26,322 Bank fees 1,927 BONUS 363 Building supplies 13,214 Late fee 3,261 Cable 197 Carpet cleaned 2,114 Cleaning 24,363 Computer and Internet Expenses 753 Dues & Subscritions 4,705 Eviction 1,081 Exterminator 6,598 Internet 0 Garbage removal 12,754 Insurance Expense 61,365 Landscaping and Groundskeeping 8,171 Management Fee 14,127 Office manager 93 Plumbing 3,732 Office Supplies 784 Payroll Expenses 92,532 Payroll tax 10,807 Worker comp ins 0 Permits and Inspection 0 Professional Fees 27,410 Accountant 370 Legal 38 Property tax 12,581 Reconciliation Discrepancies 0 Repairs and Maintenance 51,765 Security 3,520 Telephone Expense 1,217
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Chapel Court Profit and Loss January through December 2022 Income Rental 396,998 Return security deposit -1,364 Laundry Income 65 Total Income TT 395690 Expenses - Advertising 0 Appliances 36,258 Bank fees 1,038 BONUS 0 Building supplies 16,296 Late fee 1,984 Cable 0 Carpet cleaned 664 Cleaning 8,549 Computer and Internet Expenses 63 Dues & Subscritions 5,190 Eviction 0 Exterminator 6,351 Internet 206 Garbage removal 13,425 Insurance Expense 29,887 Landscaping and Groundskeeping 7,316 Management Fee 0 Office manager 0 Plumbing 827 Office Supplies 646 Payroll Expenses 84,815 Payroll tax 6,896 Worker comp ins 0 Permits and Inspection 213 Professional Fees 1,573 Accountant 932 Legal 2,547 Property tax 15,098 Reconciliation Discrepancies 0 Repairs and Maintenance 26,326 Security 8,928 Telephone Expense 2,089
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Income Rental Return security deposit Laundry Income Total Income Expenses Advertising Appliances Bank fees BONUS Building supplies Late fee Cable Carpet cleaned Cleaning Computer and Internet Expenses Dues & Subscritions Eviction Exterminator Internet Garbage removal Insurance Expense Landscaping and Groundskeeping Management Fee Office manager Plumbing Office Supplies Payroll Expenses Payroll tax Worker comp ins Permits and Inspection Professional Fees Accountant Legal Property tax Reconciliation Discrepancies Repairs and Maintenance Security Telephone Expense Gas Chapel Court Profit and Loss January through December 2021 197,265 -742 52 196,575 16,275 1,907 148 537 65,248 2,428 103 23,138 17,149 1,692 595
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May 27, 2025 RECEIVED : MAY: 8 0 2025 f= [=J f FAN MICHIGAN TAX TRIBUNAL EXPRESS PROPERTY TAX APPEALS LLL A division of Polter Law Group 2nd Floor Michigan Tax Tribunal 2407 N. Grand River Avenue Lansing, Michigan 48906 Re: Multiple 2025 PTA To whom it may concern, This mailing contains sixty-three (“63”) commetcial property tax appeals/petitions and one (“1”) multi (2) contiguous residential appeal/petition, along with the requisite filing fees, as follows: SXM LLC v Hadley Twp. (multi — 2) Res., along with 2 checks (#1345-46) for $125 ea. CCCU v Muskegon /Fruitpott, along with 2 checks; one (#1320) for $250, one (#1393) for $150 (totaling $400). CCCU v Commerce Twp., along with 2 checks; one (#1321) for $250, one (#1391) for $150 (totaling $400). CCCU v Notton Shores, along with 1 check (#1319) in the amount of $250. TOCU v Sandusky, along with 1 check (#1317) in the amount of $250. TOCU v Owosso, along with 1 check (#1318) in the amount of $250. W Investors v FH, along with 1 check (#1378) in the amount of $400. Rite Aid Corp (Lewis) v Pinckney, along with 1 check (#1336) in the amount of $400. Warten Manor v Warten, along with 2 checks; one (#1311) for $600, one (#1390) for $25 (totaling $625 — contiguous multi (2)). 2Changs v N'Ville, along with 2 checks; one (#1350) for $250, one (#1389) for $150 (totaling $400). ’ 5016 Greenfield v Richfield, along with 1 check (#1330) in the amount of $250. Springfield v. Hampton, along with 1 check (#1331) in the amount of $400. Westbelt v Clawson, along with 1 check (#1337) in the amount of $400. CVS (Encote) v Detroit, along with 1 check (#1316) in the amount of $250. 10 Middlebelt v FH, along with 1 check (#1375) in the amount of $250.
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X Holdings v Warten, along with 1 check (#1329) in the amount of $400. Prism v Mt Pleasant, along with 1 check (#1326) in the amount of $250. Mishpat v Sfld., along with 2 checks; one (#1348) for $250, one (#1388) for $150 (totaling $400). Greenfield Manor v Detroit, along with 1 check (#1369) in the amount of $400. Prep v Grand Haven, along with 1 check (#1349) in the amount of $400. Impulso v OP, along with 1 check (1338) in the amount of $400. Impulso v Clarkston/Independence Twp., along with 1 check (#1340) in the amount of $400. Impulso v Pennfield, along with 2 checks; one (#1339) for $250, one (#1387) for $150 (totaling $400). Farmington 9 v Farmington, along with 1 check (#1333) in the amount of $400. HWEDS v LP, along with 1 check (#1334) in the amount of $400. Main 5" v RO, along with 1 check (#1332) in the amount of $400. Messetsmith v Okemos, along with 1 check (#1335) in the amount of $400. RAD v VBT, along with 1 check (#1314) in the amount of $400. St Helen v. Charlevoix, along with 2 checks; one (#1315) for $250, one (#1386) for $150 (totaling $400). Durand RAD v Durand, along with 1 check (#1313) in the amount of $400. 360 N MLK v Pontiac, along with 2 checks; one (#1312) for $400, one (#1396) for $100 (contiguous — multi (5). Schaefer v Sfld., along with 1 check (#1365) in the amount of $400. 26382 v Inkster, along with 1 check (#1310) in the amount of $400. 29200 v Livonia, along with 1 check (#1308) in the amount of $400. 20030 Taylor v Taylor, along with 1 check (#1309) in the amount of $400. 222 Reed v Reed City, along with 1 check (#1307) in the amount of $250. WMG v Flint, along with 2 checks; one (#1347) for $250, one (#1385) for $150 (totaling $400). 13 York v Novi, along with 1 check (#1364) in the amount of $400. Kenwood v RO, along with 2 checks; one (#1341) for $250, one (#1384) for $150 (totaling $400). Farmer v Detroit, along with 1 check (#1342) in the amount of $400. Rivershell v Lansing, along with 2 checks; one (#1363) for $600, one (#1383) for $25 (totaling $625) (contiguous — multi (2)). ID Pallister v Detroit, along with 1 check (#1366) in the amount of $600. ID Cap v Detroit, along with 2 checks; one (#1367) for $600, one (#1394) for $25
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e JRV v Livonia., along with 1 check (#1325) in the amount of $400. e Dhal RE v Sfld., along with 2 checks; one (#1324) for $400, one (#1381) for $200 (totaling $600). e NWH v Lansing, along with 2 checks; one (#1351) for $250, one (#1380) for $150 (totaling $400). e Berkley Venture v Berkley, along with 1 check (#1361) in the amount of $400. eo FHH v FH, along with 1 check (#1357) in the amount of $250. e Northstar v Chesterfield, along with 1 check (#1353) in the amount of $250. e Fenton v BC, along with 1 check (#1356) in the amount of $400. eo NWH v FH, along with 1 check (#1352) in the amount of $400. e Global v Roseville, along with 1 check (#1358) in the amount of $400. Garfield Venture v CT, along with 1 check (#1360) in the amount of $600. Global v Shelby, along with 1 check (#1355) in the amount of $400. Intl Prop v Macomb, along with 1 check (#1379) in the amount of $250. KB3 v Big Rapids, along with 1 check (#1397) in the amount of $400. Please file and issue/email docket numbers accordingly. President, EPTA CC (Letter only): SOM MTT
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POLTER LAW GROUP 2600 W. BIG BEAVER, SUITE L100 | TROY, MI 48084 : - US Bo 0 XO MTT ToR Boz Lonstay, ML E704