VALUATION REPORT 25-002733.pdf
Peter Michael Grant, Petitioner V City Of Ann Arbor, Respondent · 25-002733-TT
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HEARING: TUESDAY, NOVEMBER 10, 2026 | 10:30 AM MICHIGAN TAX TRIBUNAL RESIDENTIAL VALUATION REPORT MTT DOCKET NUMBER: 25-002733 PETITIONER: GRANT PETER RESPONDENT: CITY OF ANN ARBOR YEAR: 2025 & 2026 ADDRESS: 2515 ESSEX RD PARCEL NUMBER: 09-12-03-306-001
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VALUATION REPORT MTT DOCKET 25-002733 TABLE OF CONTENTS EXECUTIVE SUMMARY .......................................................................................................................1 VALUATION PREMISES .......................................................................................................................2 Scope of Work ........................................................................................................................................... 2 Intended Use ............................................................................................................................................. 2 Client and Intended User .......................................................................................................................... 2 Definitions of Value ................................................................................................................................... 2 Property Rights Appraised ........................................................................................................................ 3 Effective Date of Value Opinion ................................................................................................................ 3 Date of Appraisal Report ........................................................................................................................... 3 MARKET ANALYSIS .............................................................................................................................4 HIGHEST & BEST USE ...........................................................................................................................5 Zoning and Property Restrictions Description and Analysis ...................................................................... 5 PROPERTY DESCRIPTION ....................................................................................................................6 Identification of Property .......................................................................................................................... 6 Sales History of Property ........................................................................................................................... 6 Site Description & Analysis ....................................................................................................................... 6 Improvements Description & Analysis ...................................................................................................... 7 Property Tax Description & Analysis ......................................................................................................... 8 COST APPROACH ................................................................................................................................9 INCOME CAPITALIZATION APPROACH ............................................................................................... 16 SALES COMPARISON APPROACH ...................................................................................................... 17 2025 Sales Grid........................................................................................................................................ 17 2026 Sales Grid........................................................................................................................................ 18 Comparable Search ................................................................................................................................. 19 Adjustments ............................................................................................................................................ 19 Prior Sales ................................................................................................................................................ 20 Sales Comparison Approach Value Conclusion ....................................................................................... 21 FINAL RECONCILIATION & OPINION OF VALUE .................................................................................. 22 2025 Reconciliation ................................................................................................................................. 23 2026 Reconciliation ................................................................................................................................. 23 SUBJECT PHOTOS ............................................................................................................................. 24 COMPARABLE SALE PHOTOS ............................................................................................................ 27 SALE COMPARABLE MAP .................................................................................................................. 33 APPENDIX 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VALUATION REPORT MTT DOCKET 25-002733 1 EXECUTIVE SUMMARY PROPERTY DESCRIPTION Property Address 2515 Essex Rd Parcel Number 09-12-03-306-001 Site Size 0.292 Acres Description of Improvements The subject property is a four-bedroom, brick and sided ranch built in 1960 with three full bathrooms, and a 2-car attached garage. A 256sf 1-story addition over a crawlspace was completed in 2024 and added to the 2025 assessment roll. An 84sf shed, 500sf treated wood deck, and 200sf of brick pavers were also added to the assessment roll. Year Built 1960 Zoning Designation R1B Purpose and Use of the Valuation MTT Property Tax Appeal Highest and Best Use As If Vacant Residential Highest and Best Use As Is Residential VALUATION Effective Date of Opinion of Value December 31, 2024 & December 31, 2025 Date of Valuation Report October 20, 2026 Preparer Amber Dedes, Appraiser, MAAO ORIGINAL VALUATION SUMMARY Year TCV SEV TV 2025 $628,600 314,300 198,641 2026 $676,200 338,100 204,004 RESPONDENT’S REVISED VALUE OPINION Year TCV SEV TV 2025 $630,000 315,000 198,641 2026 $640,000 320,000 204,004
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VALUATION REPORT MTT DOCKET 25-002733 2 VALUATION PREMISES Scope of Work The scope of work for this valuation is defined by the complexity of this valuation and reporting requirements, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The following must be performed, at a minimum: (1) a visual inspection of the exterior areas of the subject property from at least the street, (2) inspection of the neighborhood, (3) inspection of each of the comparable sales from at least the street, (4) research, verification, and analysis of data from reliable public and/or private sources, and (5) reporting of analysis, opinions, and conclusions in this appraisal report. Adequate information must be obtained about the physical characteristics (including, but not limited to, condition, room count, gross living area, etc.) of the subject property from the exterior-only inspection and reliable public and/or available private sources to perform this valuation. The same type of data sources should be used for comparable sales such as, but not limited to, tax and assessment records, prior inspections, valuation files, MLS data, information provided by the property owner, etc. The extent of the inspection of subject is as follows: An exterior-only inspection from the street will be performed. The interior of the subject property will not be accessed; however, photographs were reviewed. In accordance with R 792.10273 Rule 273, “The appeal for each subsequent year for which an assessment has been established is added automatically to the petition for an assessment dispute as to the valuation or exemption of property at the time of hearing. For purposes of this rule, a subsequent tax year assessment is established by April 1 of that tax year.”1 Intended Use The intended use of this valuation report is for the Michigan Tax Tribunal to evaluate the property that is the subject of this report for purposes of a property tax appeal. This report is intended only for use in the scheduled Michigan Tax Tribunal hearing for the docket number referenced within this report. This report is not intended for any other use. Client and Intended User The client is the City of Ann Arbor. The intended users of this valuation disclosure are the client and the Michigan Tax Tribunal and their duly authorized representatives. This report is intended for use only by the client and above-stated intended users. Use of this report by others is not intended. Definitions of Value Definition of Market Value The most probable price, as of a specific date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a 1 “Tax Tribunal Rules.” Michigan Tax Tribunal. Accessed April 22, 2026. www.michigan.gov/taxtrib/entire- tribunal/assets/tax-tribunal-rules#273.
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VALUATION REPORT MTT DOCKET 25-002733 3 competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress.2 Definition of Assessed Value Generally the same as state equalized value unless an equalization factor has been applied by the county in which the property is located or the State.3 Definition of State Equalized Value (SEV) One half (1/2) of your property's true cash value.4 Definition of True Cash Value The fair market value or the usual selling price of property.5 Definition of Taxable Value The value used to calculate your property taxes. A property's taxable value can only increase annually by the rate of inflation or 5%, whichever is less, unless there is an addition to the property (i.e., physical improvement or omitted property) or the property's ownership transferred during a previous tax year. See MCL 211.27a and MCL 211.34d. A property's taxable value can also decrease if there is a physical loss to the property. See MCL 211.34d. Taxable value may not be the same as the property’s true cash value, assessed value, or state equalized value, but may not be greater than the property’s assessed value or state equalized value.6 Property Rights Appraised The property rights being appraised are that of fee simple estate of the subject property. Absolute ownership unencumbered by any other interest of estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.7 Effective Date of Value Opinion The effective date of the value opinion contained herein is December 31, 2024 and December 31, 2025. Date of Appraisal Report The date of this report is October 20, 2026. 2 Appraisal Institute, The Dictionary of Real Estate Appraisal 7th Ed. (Chicago: Appraisal Institute, 2022). 3 "Glossary of Terms.” Michigan Tax Tribunal. Accessed April 22, 2026, https://www.michigan.gov/taxtrib/faq/glossary-of-terms. 4 Ibid. 5 Ibid. 6 Ibid. 7 Appraisal Institute, The Dictionary of Real Estate Appraisal 7th Ed. (Chicago: Appraisal Institute, 2022).
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VALUATION REPORT MTT DOCKET 25-002733 4 MARKET ANALYSIS The subject property is located in the City of Ann Arbor, home to the University of Michigan. Ann Arbor continues to receive national recognition as one of the most desirable places to live in the United States and is widely regarded as one of the most highly educated communities in the country. According to the U.S. Census Bureau, the population of Ann Arbor is estimated at approximately 122,925 residents, reflecting overall stability in recent years.8 According to Ann Arbor residential market data (FlexMLS), the median sale price increased approximately 8.05% in 2025 compared to the prior year, with year-to-date median values increasing approximately 4.22%. Market activity indicators suggest a slightly moderating yet still competitive market, with average days on market reported at approximately 29 days year-to-date, increasing to approximately 34 days in December 2024. According to the Federal Housing Finance Agency (FHFA), Ann Arbor’s Housing Price Index (HPI) continued to show positive appreciation trends in 2025. The local market experienced a 1-year HPI increase of 2.99% and a 5-year increase of 43.51%. Preliminary indicators for 2026 suggest continued appreciation, although at a moderated pace compared to prior years, consistent with broader national housing trends. At the state level, Michigan’s HPI increased approximately 5.48% over one year and 47.96% over five years in 2025. Nationally, the United States recorded a 1-year HPI increase of 1.82% and a 5-year increase of 43.20% in 2025, reflecting a continued but slowing rate of appreciation due to higher interest rates and affordability constraints. Overall, the Ann Arbor housing market remains stable and supported by strong economic fundamentals, including the presence of a major university, a highly educated population, and consistent housing demand. While price appreciation continues into 2026, the pace of growth has moderated, indicating a shift toward a more balanced market environment. Definition of Housing Price Index (HPI) The FHFA House Price Index® (FHFA HPI®) is a broad economic measure of the movement of single- family house prices in the United States. Although FHFA constructs several indexes for different market geographies and periods, it often references the entire suite of indexes as the “FHFA HPI®”. All the indexes are created in the same technical manner. The flagship FHFA HPI® is the purchase-only index which uses seasonally adjusted, purchase-only (PO) data; and is the data most referenced in press releases, news stories, and social media. FHFA created additional indexes to address questions about house price changes in other market segments such as the all-transections (AT) index that includes refinances data, or the expanded PO index that includes purchase data on entire single-family property market. The FHFA HPI® measures average price changes in sales or refinancings on the same properties. We obtain this information by reviewing transactions on single-family properties with mortgages purchased or securitized by Fannie Mae or Freddie Mac. We update the FHFA HPI® as the Enterprises purchase or securitize additional mortgages. The new mortgage acquisitions are used to identify repeat transactions for the most recent period and each subsequent period since 1975.9 8 U.S. Census Bureau QuickFacts_ Ann Arbor city, Michigan accessed 2026.04.15 9 “Data Sets.” Federal Housing Financing Agency. Accessed April 15, 2026.
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VALUATION REPORT MTT DOCKET 25-002733 5 HIGHEST & BEST USE The highest and best use is defined as follows: Definition of Highest and Best Use The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legally permissibility, physical possibility, financial feasibility, and maximum productivity. Alternatively, the probable use of land or improved property-specific with respect to the user and timing of the use that is adequately supported and results in the highest value.10 The highest and best use of the subject property as improved is the present use. The subject as improved is a legally permissible use based on its current zoning. Also, the lot size, shape, physical condition and land-to-building ratio allow the present structure and indicate a good utilization of the improvements. The subject’s neighborhood consists primarily of single-family residences and there is no evidence that this is likely to change in the foreseeable future. Based on current market conditions, the present use and structure as a single-family residence is its financially feasible and maximally productive use. Zoning and Property Restrictions Description and Analysis The subject property is located within the R1B zoning classification, designated as a Single-Family Dwelling District. These districts are intended to encourage the preservation and continuation of the longstanding residential fabric in existing neighborhoods of predominantly single-family dwellings, along with other related facilities that serve the residents in these districts.11. 10 Appraisal Institute, The Dictionary of Real Estate Appraisal 6th Ed. (Chicago: Appraisal Institute, 2015). 11 UDC Edition 11 8-10-2025, Code of Ordinance City of Ann Arbor MI
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VALUATION REPORT MTT DOCKET 25-002733 6 PROPERTY DESCRIPTION Identification of Property Property Address 2515 Essex Rd Parcel Number 09-12-03-306-001 Legal Description N 1/2 LOT 344 & ALL LOT 345 ANN ARBOR WOODS NO 3 Owner Peter Grant Sales History of Property The property was acquired by the current owner on July 15, 2010, for $210,000 via warranty deed (L:4800/P:600). There are no known additional transfers or marketing attempts of the subject property within the past three years. Site Description & Analysis The subject property is a 0.292 acre regular-shaped parcel located in Ann Arbor Woods—a tree-lined neighborhood situated within walking distance of Buhr Park and Allen Elementary School. Most of the homes in this neighborhood are charming 3-bedroom brick ranch homes built in the 1960’s on similar sized platted lots. The neighborhood is bound by E Stadium Blvd to the north, Packard Rd to the southwest. Students attend Allen Elementary School, Tappan Middle School, and Pioneer High School. The subject property is within walking distance to Trader Joe’s, and minutes from Arborland and Whole Foods. Shopping, dining, public transportation, the University of Michigan Campus, and the Big House are some of the many conveniences this location has to offer. The close proximity to these Ann Arbor amenities is considered a positive characteristic in this market.
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VALUATION REPORT MTT DOCKET 25-002733 7 Improvements Description & Analysis Design (Style) Ranch, C-BC Year Built 1960 Quality of Construction Average Condition Average Gross Living Area 1,630 square feet Bedroom Count 4 Bedrooms Bath Count 3 Full Baths Basement Area 1,374 square feet Basement Finished Area 1,000 square feet Heating and Cooling Forced Air Heat / Central Air Garage / Carport 2-Car Attached Garage Porch / Patio / Deck Concrete Covered Porch / Treated Wood Deck The subject property is a brick ranch containing approximately 1,630 square feet of living area. The home includes four bedrooms, three full bathrooms, and central air conditioning. Exterior improvements consist of a deck, a shed, brick pavers, and an attached two-car garage. A $150,000 permit for a 256 square foot addition among other improvements was issued 08/16/24 and completed by December 31st 2024.
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VALUATION REPORT MTT DOCKET 25-002733 8 Property Tax Description & Analysis Year Assessed Value SEV Taxable Value 2026 338,100 338,100 204,004 2025 314,300 314,300 198,641 2024 227,500 227,500 136,607 The above chart summarizes the subject’s assessed, state equalized, and taxable values from 2026, 2025, and 2024 established by the March Board of Review (MBOR). The assessed values and State Equalized Values (SEV) were determined by the mass appraisal approach and set at 50% market value. The 2025 values established by the MBOR include New and Additions. There was a 256 square foot addition, a 84 square foot shed, 500 square foot deck, and 200 square feet of pavers were added to the roll for 2025 and a concrete terrace was removed. As such, 57,800 in New and Additions were added to the Assessed and Taxable Values for 2025. An adjustment was made for the conversion of a half bath to a full. The resulting Assessed Value and SEV was 314,300. The 2025 inflation rate multiplier was 1.031 or an increase of 3.1% applied in the capped value formula to calculate the 2025 Taxable Value as follows: 2025 Taxable Value = (2024 Taxable Value-Losses) x Inflation Rate Multiplier + Additions = (136,607-0) x 1.031 + 57,800 = 198,641
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VALUATION REPORT MTT DOCKET 25-002733 9 COST APPROACH Assessments in Michigan use a mass appraisal technique, deriving an estimate of value based on the cost to construct buildings. The cost is calculated utilizing the BS&A Equalizer Assessing Program, which is based on the Michigan State Tax Commission Assessor’s Manual Cost Rates. A depreciation factor is then applied based on the effective age of the subject property. This amount is further adjusted based on economic condition factors within the market. Based on this approach, the following value was determined for the subject property: Land Value (rounded) Bldg Value (rounded) TOTAL TCV (rounded) 2026 $140,000 $536,300 $676,300 2025 $140,000 $488,600 $628,600 The subject property was built in 1960. Due to the age of the subject property and difficulty estimated depreciation, the cost approach was not individually redeveloped as part of this valuation. For purposes of this valuation, the cost approach is considered less reliable than the sales comparison approach in concluding credible assignment results, but relevant for the 2024 improvements because there is no depreciation estimate. Please see the 2025 Valuation Report in Appendix/below and Land Value Analysis below for further details. Land Value Analysis Vacant land sales are limited in the subject’s neighborhood due to the lack of available parcels within the established Ann Arbor Woods neighborhood. A comprehensive market search was conducted, and the selected sales represent the most recent and comparable transactions in close proximity to the subject property. These comparables, which sold between March 2023 and September 2025, are generally similar in size and character to the subject. Each sale was confirmed through a recorded deed, Property Transfer Affidavit (PTA), or the Multiple Listing Service (MLS). The comparables listed in the chart below are considered the most reliable indicators of vacant land value in the subject’s market area. The subject property is located on 0.292 acres and has a frontage of 91 feet. PARCEL NUMBER PROPERTY ADDRESS SALE DATE SALE PRICE LAND (AC) LAND (FF) UNIT RATE $/FF 09-12-04-204-049 1228 JEWETT AV 09/27/25 $115,000 0.23 72 $1,597 09-12-02-321-020 3325 PACKARD DR 02/24/23 $98,000 0.27 68 $1,441 09-12-03-305-074 2655 POWELL AV 03/28/24 $165,000 0.21 66 $2,500 09-12-03-305-086 2941 KIMBERLY RD 12/05/25 $165,000 0.15 65 $2,538 Based on the analysis of comparable sales, front foot was determined to be the most appropriate and commonly accepted unit of comparison for residential parcels in the subject’s neighborhood. The selected vacant land comparables reflect a range of $1,441-$2538 per front foot. The vacant land sales in the subject area support the original valuation of $1,800 per front foot.
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VALUATION REPORT MTT DOCKET 25-002733 10 2024 Subject Valuation Report Without Addition
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VALUATION REPORT MTT DOCKET 25-002733 11 2025 Subject Valuation Report without Additions
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VALUATION REPORT MTT DOCKET 25-002733 12 2025 Subject Valuation Report with Additions
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VALUATION REPORT MTT DOCKET 25-002733 13 2026 Subject Valuation Report
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VALUATION REPORT MTT DOCKET 25-002733 14 The items attributable to NEW and ADDITIONS are as follows: A permit was issued 8/16/2024 for $150,000 for a 256 square foot one story addition over a crawl space. The work was completed at the end of 2024 and the value was added as ADDITIONS. The following were also added as ADDITIONS: a 500 square foot treated wood deck, an 84 square foot shed, and 200 square feet of brick pavers. A 714 square foot concrete terrace was removed as a loss. A half bath was also changed to a full bath, however the change was made as an adjustment and not included in the ADDITIONS. The new construction had an effective age of 1, whereas the existing square footage had an effective age of 50. Because they are on different depreciation schedules, a blended overall effective age of 42 was necessary to properly value the additional square footage, while maintaining the effective age of the original square footage. Using a blended effective age is a standard appraisal method and technique. A weighted or blended effective age is generally used when an improvement has been expanded by an addition of similar quality subsequent the original construction date. The age of the entire improvement should be weighted to recognize that part of the improvement is new and part of the improvement is older. This method establishes a weighted effective age based on the percentage of the total square footage that is attributable to the original structure and to the addition. Therefore, a blended effective age was calculated based on the proportion of square footage allocated at the original effective age of 50 (50% good) versus the new effective age of 1 (99% good) as shown below. BLENDED EFF AGE = ((ORIG SF x ORIG EFF AGE) + (NEW SF x NEW EFF AGE)) / TOTAL SF = ((1,374 SF x 50) + (256 SF x 1)) / 1630 = 42 or 58% GOOD Altogether, $115,600 TCV (57,800 TV) was added in consideration of ADDITIONS. Based on the cost approach, the following TCV value was determined for the subject property: Land Value (rounded) Bldg Value (rounded) TOTAL TCV (rounded) 2025 $140,000 $488,500 $628,500 The 2025 Taxable Value increased in accordance with IRM and ADDITIONS of 115,600 attributable to a one-story addition, treated wood deck, shed, and brick pavers. The IRM utilized for 2025 was 1.031 or an increase of 3.1%. The 2025 Taxable Value was calculated in accordance with the following capped value formula: (2024 TAXABLE VALUE – LOSSES) IRM + ADDITIONS = 2024 CAPPED VALUE (136,607 – 0) 1.031 +57,800 = 198,641 = 2025 TAXABLE VALUE (TV)
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VALUATION REPORT MTT DOCKET 25-002733 15 Subtracting the true cash value the 2025 Valuation Report After Additions from the true cash value in the 2025 Valuation Report Before Additions and then subtracting the bathroom adjustment of 2,388 leads to the total true cash value added from the ADDITIONS. 628,515 (2025 TCV After Additions) – 510,547 (2025 TCV Before Additions) = 117,968 = 117,968 – 2,388 (Bathroom Adjustment) = 115,600 (rounded) TVC added from ADDITIONS In summary, based on analysis of land comparables, the estimated land value of subject of $140,000 is supported. The subject property was built in 1960. Due to the subject’s age and difficulty in estimating depreciation, the cost approach was not individually redeveloped for purposes of this appraisal, but the original cost approach is considered in support of the overall reconciliation. Based on the cost approach, the overall TCV of subject is $628,500. The cost approach is more relevant in determining the value of ADDITIONS, since these elements were added new to the roll for 2025, so depreciation is not as relevant. To determine the value attributable to ADDITIONS, the 2024 valuation report was compared with the 2025 valuation report. Altogether, the TCV of ADDITIONS, new construction that was in existence for the 2025 roll that was not on the 2024 roll, is $115,600 TCV (57,800 TV). The resulting taxable value, using the capped value formula, is calculated to be 198,641.
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VALUATION REPORT MTT DOCKET 25-002733 16 INCOME CAPITALIZATION APPROACH Although considered, the income approach was not relevant, as the subject is owner occupied and owner occupancy is a typical use of single-family homes in subject’s neighborhood. As of the date of valuation, approximately 93% of the owners in subject’s neighborhood were claiming their dwelling as their principal residence. As a result, there is a lack of non-owner-occupied sales with known rental data to extract an accurate Gross Rent Multiplier (GRM), and the income capitalization approach was not developed. Additionally, sales of income properties in subject market area for similar residences may be included in the sales comparison approach, so will be factored into the valuation in this manner. The income approach is not applicable in concluding credible assignment results.
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VALUATION REPORT MTT DOCKET 25-002733 17 SALES COMPARISON APPROACH 2025 Sales Grid
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VALUATION REPORT MTT DOCKET 25-002733 18 2026 Sales Grid
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VALUATION REPORT MTT DOCKET 25-002733 19 Comparable Search The market has been thoroughly searched and the sales reported are deemed to be the best sales available that properly weigh the major elements of comparison. Due diligence has been expended in searching for comparables that are in close proximity to the subject property, in similar condition and bracket subject’s square footage, physical characteristics, and amenities. All comparables are ranch homes with brick/siding exterior that were constructed within three years of the subject property. All comparables were confirmed closed via deed. All available comparable sale photos were reviewed for similarities in condition and quality to that of the subject. Subject and comparable photos provided may be from online listing or assessor’s files. The appraiser physically drove by each of the primary comparable properties utilized within this report. Adjustments Time Adjustment Time adjustments were applied to the relevant comparable sales to reflect changes in market conditions between the contract date and the effective date of valuation. These adjustments were derived from the most recent quarterly data published by the Federal Housing Finance Agency (FHFA) Housing Price Index (HPI) for the applicable Metropolitan Statistical Area (MSA), along with local market statistics reported through Flex MLS for the years 2025 and 2026. Based on this data, the market experienced a moderate appreciation of approximately 6% in 2025 (.5% per month), followed by a continued but slower increase of approximately 3% into 2026 (.25% per month). Adjustments were applied monthly to reflect these gradual changes. Features and Amenities Adjustments for differences in features and amenities between comparable properties and subject property were extracted from market data. The methodology used to determine these adjustments was dependent on available data and may have included, but was not limited to, grouped data analysis and/or paired sales analysis. Consideration was given to expectations and procedures of appraiser’s peers with expertise in subject market area. Adjustments made in the sales grid and discussed in this section were deemed necessary for credible assignment results. 2025 - Comparable Sales Comparable Sale 1A sold for $530,000 on 6/12/2024 2416 Essex is a 3-bedroom, two full bathroom residence constructed in 1959 and located a few houses down the street from the subject property. This property is a 1,385 square-foot brick ranch with a one car attached garage and 500 square feet of basement finish. Positive adjustments were made for square footage, basement finish, 1 full bathroom, a fireplace, and having a one car garage instead of a two car.
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VALUATION REPORT MTT DOCKET 25-002733 20 Comparable Sale 2A sold for $580,000 on 11/20/2024 2730 Manchester is a 3-bedroom, two full and one half bathroom residence constructed in 1960 and located 0.23 miles from the subject. This property is a 1,438 square-foot brick ranch with a two car detached garage and 800 square feet of basement finish. Minor adjustments were made for square footage, a half bathroom, basement finish, and for it having a detached garage. It required the least adjustments; therefore, greatest weight was given to this comparable. Comparable Sale 3A sold for $555,000 on 5/21/2024 2317 Yorkshire is a 4-bedroom, two full bathroom residence constructed in 1959 and is 0.33 miles from the subject. This property is a 1,305 square-foot ranch with a two car attached garage and 660 square feet of basement finish. Positive adjustments were made for square footage, a full bathroom, basement finish, and for having a detached garage. 2026 - Comparable Sales Comparable Sale 1B sold for $600,000 on 9/12/2025 2789 Colony is a 3-bedroom, two full bathroom residence constructed in 1962 and is located 0.31 miles from the subject. This property is a 1,530 square foot ranch with a two car attached garage and 600 square feet of basement finish. This property required the least adjustments; therefore, greatest weight was given to this comparable. Minor adjustments were made for square footage, a full bathroom, and basement finish. Comparable Sale 2B sold for $530,000 on 06/10/2025 2441 Buckingham is a 3-bedroom, three full bathroom residence constructed in 1958 and located 0.35 miles from the subject. This property is a 1,292 square-foot ranch with a two car detached garage and 550 square feet of basement finish. Positive adjustments were made for square footage, basement finish, and for having a detached garage. Comparable Sale 3B sold for $525,000 on 2/7/2025 5 Medford is a 3-bedroom, two full bathroom residence constructed in 1958. This property is a 1,305 square foot ranch with a one car detached garage and 1000 square feet of basement finish. Adjustments were made for square footage, a full bathroom, and for the garage being detached and only one car. Prior Sales A 36-month sales history search of the subject property and a 12-month sales history search of the comparable properties has been conducted. None of the comparable properties had sold within 12 months. July 15, 2010, was the last date of sale for the subject property. This property was transferred from LADERMAN MARK & HANNA ERIN to GRANT PETER & DIANNA MELANIE. A warranty deed 4800/600 was used to verify this transaction.
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VALUATION REPORT MTT DOCKET 25-002733 21 Supplemental Sales Analysis In addition to the sales utilized in the sales comparable approach, provided below is a chart of supplemental sales in 0072 ECF Area that were also considered in the market analysis for the subject property. PROPERTY ADDRESS SALE DATE SALE PRICE SF $/SF 2240 NEEDHAM RD 06/12/24 $536,000 1,556 $344 2244 MEDFORD RD 04/26/24 $452,000 1,305 $346 2445 DORCHESTER RD 02/15/24 $522,651 1,156 $452 2308 YORKSHIRE RD 03/26/24 $465,000 1,188 $391 2232 INDEPENDENCE BLV 10/21/24 $545,000 1,172 $465 2438 MANCHESTER RD 02/21/24 $490,000 1,586 $309 2600 ESSEX RD 06/18/24 $630,000 1,292 $488 2783 MANCHESTER RD 10/29/24 $528,783 1,757 $301 2114 NEEDHAM RD 01/16/25 $495,000 1,339 $370 2441 NOTTINGHAM RD 06/06/25 $535,000 1,156 $463 2510 MANCHESTER RD 12/11/25 $400,000 1,798 $222 2209 INDEPENDENCE BLV 10/14/25 $500,000 1,192 $419 Median $381 Mean $381 The additional sales included in the chart provide insight into the market and serve as supplemental value indicators. Due to the date of sale, condition of the home and square footage differences in relation to the subject property, these sales were not included in the sales comparison. The unadjusted supplemental sales indicate a range of $222 to $408 per square feet and an average unit rate of $381 per square feet and a median of $381 per square feet. Sales Comparison Approach Value Conclusion The 2025 comparables were selected and analyzed in the Sales Grid. Prior to adjusting the three market comparable sales for 2025, the prices ranged from $530,000 to $580,000. Adjustments were made to reflect sale date and differences in features and amenities. As a result of the adjustments, the indicated values range from $621,700 to $648,500. All three comparables required reasonable adjustments and have a median value of $629,400. Greatest weight was given to Comp 2A because it required the least adjustments. Therefore, the 2025 indicated value for the subject property is $630,000. The Sales Comparison Grid includes the most representative 2026 transactions identified for analysis. Prior to adjusting the three market comparable sales for 2026, the prices ranged from $525,000 to $600,000. Adjustments were made to reflect sale date and differences in features and amenities. As a result of the adjustments, the indicated values range from $602,800 to $642,400. All three comparables required reasonable adjustments and had a median value of $615,000. Comp 1B emerged as the most comparable property. Therefore, the 2026 indicated value for the subject property is $640,000.
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VALUATION REPORT MTT DOCKET 25-002733 22 FINAL RECONCILIATION & OPINION OF VALUE The appeal of the subject property to the Michigan Tax Tribunal was initiated for tax year 2025. Pursuant to Tribunal direction, the subsequent tax year, 2026, is automatically included in the valuation appeal once the assessment has been established for that tax year. Therefore, the scope of this valuation report includes market value opinions for the 2025 and 2026 tax years. Reconciliation is utilized to estimate a reliable and defensible value conclusion. The primary criteria considered in the reconciliation of value are appropriateness, accuracy, and quantity and quality of evidence. The three traditional approaches to value have been considered for the purpose of estimating the market value for the subject property—the cost approach, sales comparison approach, and income approach. Furthermore, the income approach is not relevant, as owner occupancy is predominant. The cost approach, utilizing the mass appraisal technique, indicated a True Cash Value (TCV) of $628,600 for 2025, and $676,200 for 2026. A comparison was conducted of the 2024 Valuation Report and 2025 Valuation Report to isolate the value attributable to ADDITIONS for a 256 sf addition, a 500 sf deck, an 84 sf shed, and 200 sf of brick pavers. Through this analysis, it was determined that the value of ADDITIONS was $115,600 TCV (57,800 TV). This is supported by the amount listed on the building permit of $150,000. Due to the age of the subject property and difficulty in estimating depreciation, the cost approach is generally deemed less reliable than the sales comparison approach in concluding credible assignment results. However, it is relevant for this valuation since there were new ADDITIONS added to the subject property that are new, thus depreciation is less relevant. Therefore, the cost approach becomes more reliable in estimating the value attributable to ADDITIONS, and, consequently, the TAXABLE VALUE. This approach supports the estimated value determined via the sales comparison approach for 2025. ADDITIONS are needed to determine the Taxable Value through the Capped Value Formula as shown below: (2024 TAXABLE VALUE – LOSSES) IRM + ADDITIONS = 2025 CAPPED VALUE (136,607 – 0) 1.031 + 57,800 = 198,641 = 2025 TAXABLE VALUE (TV) The sales comparison or market approach, however, is considered the most relevant and appropriate methodology for indicating a reasonable estimate of the true cash value of the subject property. This approach directly reflects the balance of supply and demand for property in the marketplace. In addition, adequate sales data was available within the subject property’s neighborhood and competing market areas to perform a reliable and credible value indication. The market value of a property is the price which a willing buyer will pay to a willing seller. Therefore, the final reconciliation of value was based on the sales comparison approach, which provides a reliable indicator of determining the market value of the subject property. In addition, the cost approach lends support to the value indicated by the sales comparison approach. For purposes of this valuation disclosure, as many amenities as possible were matched to the subject in an attempt to show the true cash value of the subject property through the sales comparison approach. In this approach to value, comparable properties will not always have the same exact amenities as the subject. All comparable properties share some, or most of the amenities with adjustments being made
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VALUATION REPORT MTT DOCKET 25-002733 23 for each difference—this results in the “Adjusted Value.” Every effort has been made to bracket the subject with comparables of similar square footage and amenities. The opinion of market value assumes a reasonable exposure time of up to six months for the subject property. 2025 Reconciliation Comparables 1A through 3A are sale comparables in subject’s market that sold in 2024. The comparables range from $530,000 to $580,000. After adjustments, the range is $621,700 to $648,500. All three selected comparables sold within two weeks and for $15,000 to $35,000 over their original asking price— indicating a strong and competitive market for homes located within Ann Arbor Woods. Comparable 2A is similar to the subject in terms of condition, curb appeal, quality of construction, and amenities, therefore, greatest weight was given to this comparable. Comparable 2 indicates a post-adjusted value of $629,400. Thus, the rounded concluded value estimate of $630,000 ($386.50 psf) is the best value indication. The market value estimate of $630,000, as of December 31, 2024, is indicative of a revised assessed value of 315,000 and a revised taxable value of 198,641. Therefore, the City of Ann Arbor respectfully requests the 2025 values be revised as follows: RESPONDENT’S REVISED VALUE OPINION Year TCV SEV TV 2025 $630,000 315,000 198,641 2026 Reconciliation Comparables 1B through 3B are sale comparables in subject’s market that sold in 2025. The comparables range from $525,000 to $600,00. After adjustments, the range is $602,800 to $642,400. Comparable 1B is similar to the subject in terms of condition, curb appeal, quality of construction, and amenities, therefore, greatest weight was given to this comparable. Comparable 2 indicates a post-adjusted value of $642,400. Thus, the rounded concluded value estimate of $640,000 ($392.64 psf) is the best value indication. The market value estimate of $640,000, as of December 31, 2025, is indicative of a revised assessed value of 320,000 and a revised taxable value of 204,004. Therefore, the City of Ann Arbor respectfully requests the 2026 values be revised as follows: RESPONDENT’S REVISED VALUE OPINION Year TCV SEV TV 2026 $640,000 320,000 204,004
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VALUATION REPORT MTT DOCKET 25-002733 24 SUBJECT PHOTOS SUBJECT FRONT 2515 Essex SUBJECT FLOOR PLAN
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VALUATION REPORT MTT DOCKET 25-002733 25 SUBJECT PLAT MAP SUBJECT AERIAL MAP
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VALUATION REPORT MTT DOCKET 25-002733 26 SUBJECT STREET SCENE 1 SUBJECT STREET SCENE 2
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VALUATION REPORT MTT DOCKET 25-002733 27 COMPARABLE SALE PHOTOS COMPARABLE SALE NO. 1A Sales Data Property ID No(s): 09-12-03-220-003 Property Address: 2416 Essex Date of Sale: 6/12/2024 Sale Price: $530,000 Verification: 5556/993 Style: Ranch C-BC (3 bed, 2 baths) Dwelling Size: 1,385 SF Year Built: 1959 Unit Rate: $382.67 per square foot
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VALUATION REPORT MTT DOCKET 25-002733 28 COMPARABLE SALE NO. 2A Sales Data Property ID No(s): 09-12-03-308-013 Property Address: 2730 Manchester Date of Sale: 11/20/2024 Sale Price: $580,000 Verification: 5571/945 Style: Ranch C-BC (3 bed, 2.1 baths) Dwelling Size: 1,292 SF Year Built: 1960 Unit Rate: $403.34 per square foot
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VALUATION REPORT MTT DOCKET 25-002733 29 COMPARABLE SALE NO. 3A Sales Data Property ID No(s): 09-12-03-214-010 Property Address: 2317 Yorkshire Date of Sale: 5/21/2024 Sale Price: $555,000 Verification: 5555/162 Style: Ranch C-BC (4 bed, 2 baths) Dwelling Size: 1,305 SF Year Built: 1959 Unit Rate: $425.29 per square foot
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VALUATION REPORT MTT DOCKET 25-002733 30 COMPARABLE SALE NO. 1B Sales Data Property ID No(s): 09-12-03-308-030 Property Address: 2789 Colony Date of Sale: 9/12/2025 Sale Price: $600,000 Verification: 5603/271 Style: Ranch C-BC (3 bed, 2 baths) Dwelling Size: 1,539 SF Year Built: 1962 Unit Rate: $389.86.46 per square foot
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VALUATION REPORT MTT DOCKET 25-002733 31 COMPARABLE SALE NO. 2B Sales Data Property ID No(s): 09-12-03-210-017 Property Address: 2441 Buckingham Date of Sale: 6/10/2025 Sale Price: $530,000 Verification: 5592/518 Style: Ranch, C-BC (3 beds, 3 baths) Dwelling Size: 1,292 SF Year Built: 1958 Unit Rate: $410.22 per square foot
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VALUATION REPORT MTT DOCKET 25-002733 32 COMPARABLE SALE NO. 3B Sales Data Property ID No(s): 09-12-03-214-001 Property Address: 5 Medford Date of Sale: 2/7/2025 Sale Price: $525,000 Verification: 5578/771 Style: Ranch, C-BC (3 Bed, 2 baths) Dwelling Size: 1,305 SF Year Built: 1958 Unit Rate: $402.30 per square foot
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VALUATION REPORT MTT DOCKET 25-002733 33 SALE COMPARABLE MAP COMP 2A
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VALUATION REPORT MTT DOCKET 25-002733 34 SUBJECT COMP 1B
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VALUATION REPORT MTT DOCKET 25-002733 35 APPENDIX • 2025 SALES GRID • 2026 SALES GRID • 2024 SUBJECT RECORD CARD • 2025 SUBJECT RECORD CARD • 2026 SUBJECT RECORD CARD • 2024 SUBJECT VALUATION REPORT • 2025 SUBJECT VALUATION REPORT • 2026 SUBJECT VALUATION REPORT • SUBJECT DEED • COMP DEEDS • 2025 ECF STUDY 0072 ANN ARBOR WOODS • 2026 ECF STUDY 0072 ANN ARBOR WOODS
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VALUATION REPORT MTT DOCKET 25-002733 36 2025 Sales Grid
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VALUATION REPORT MTT DOCKET 25-002733 37 2026 Sales Grid
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VALUATION REPORT MTT DOCKET 25-002733 38 2024 Subject Record Card MTT DOCKET 25-002733 VALUATION REPORT ++2P393URIENS 20U 30 STQUITSI PIWSSP UTSISY UOTITWIOIUT mee 26¥6‘6TT | [009 ‘eT 00s ‘zs [tzoz] . SSTETR ‘meusaysEH 7 : B 1 30 Aaunop ‘oqIy wuy 3o A3TD DOL PISUSOTT 2L06 ‘ETT 006 ‘6€T 005 ‘2! 2202 5 5 ih | -600Z - 6661 (9) aubyaidop -IezTrembz sur Jzot‘oet | [006 ‘65T |0os ‘zs | szoz| 2L09‘9eT | | 00s ‘122 loco *seLt 005 ‘zs | vzoz) 3sum usuy oun anTEp 18420 maTAmY |enten anTEp antEn PTqEXEL | /TPUNQTIL |3O prog |pessassy SutpTTNg puwy Teg uTeTd POOTA 1 pusTasy sutawy 3UOIFIIEM puog pspooy dureng padeospue] ubTH #07 butTToM 13491 231s 30 Aydezsodoy -sTTan punozbrspun §3TITTTIN PIEPUEIS 534BTT 398735 qn) se 21230973 z8m85 z93EM | ATEMIPTS S9DUSNTIUT /SIUSWIOD ANNE XG € ON SUOOM heey, Serene MOEMY NN¥ SHE IOT TI ? ¥9E 10T Z/T N 956 ‘$0T = enTEA PUP "353 TEIOL SSIOY [POL 6270 ‘399 IUOII TRIN 16 Ln. pc uotadtiossg xs 996 ‘¥0T 00T 0SET 0000°T £95870 00°0F¥T 00°16 Tre aal Pow armq) | entre uosssy -(pys @3wy yadeq 2uozz yadsq ebeauozy uotadrIdseq sauswsaozduT + 5303083 o 2119 © SPOOM IOQIY UUY ZL0 ZLOO STQEl PUST 07 SSIFWTISH INTE) PUST auedeyp [ paaozdar X $0T8F IN 20QIY uuy 2 - Re Qu X3SST S1ST TYAL/. » 253 ¥ 3 BT TEE VWAL/ADI 6£0°SSP ADL 35% Tor | SOUT FINVTER WNVIQ * R WIZE INveo :3 dew SS3IPPY/WEN 5, IIUND © PesoTD) 0E¥8S| 866T/6T/0T | UOTSISAUC) 03 I0TIg ITWISG 0T0Z/ST/L0 %00T “3 8d S PSSOTD| 9660-0Z90TH| 0Z0Z/9T/L0 | WALTV/QQY STE STOOHDS DITENd YOSUY NNV :TOOWS Q¥ X3SST S152 snaeag) T8qumy ®aeq (s)avwzsg utpTTRE §T¥ :BUTUOZ OuaNI-TVIINZAISTE 55910 ssappy Aazedozg oc o-oot a33q 86L/569¥ HIONIT S.RE¥-£0 am| 800z/¥1/80 [00S ‘s6T [ JMVA NYWSEQVT| ENITMY ? WYS EOVESIZMG Boo a3zq ZSL/LYLY| ¥IKIO/QISH ION-1Z HIO| 6002/90/80 0 | Tua wom » nen wowsav NOON NREITVT @ 0°00T | a33q 009/008%| EIONTT S.WE¥-£0 am| 0T0z/ST/L0 |000°0TZ | N¥TZH ¥N¥IQ * WEI3d4 INVEO THI VNNVH ? NVA NORNIOYT a 00 | YEISNVEL AI¥3E08d ¥BE/PTLS YIELO/Q3SD ION-TZ HIO| ST0Z/T0/60 |00T | Tm WNVIQ * W ¥3134 INVEO NVISR UNVIQ ? W3I3d INVHD 3 suexz ig beg 3 ®dAz| ®38g |satza | UN auozg petyTIes z3qTT aT®s 30 swIsI -asuy ares |sres s93ueg z03uR1s « | | NN szoz/st/on uo peautid meusaysey :A3unod MORAY NN 30 ALID :UOTIDTPSTINL 100-30£-£0-Z1-60 :Isquny TedI® o [ol 38
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VALUATION REPORT MTT DOCKET 25-002733 39 2024 Subject Record Card
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VALUATION REPORT MTT DOCKET 25-002733 40 2025 Subject Record Card
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VALUATION REPORT MTT DOCKET 25-002733 41 2025 Subject Record Card MTT DOCKET 25-002733 2025 Subject Record Card VALUATION REPORT +++P333UBIENS 30U ING STQETTSI PIWSSP UTSISY UOTITWIOFUL aes Tang I3un 41 :ua1 paazoddnsup :Keumtyy swell ung dum Ere — ————— EE CCIE LC ER (1) 4 otades TED 0002 oro —oot2 (OF) | stbutys areudsy x (¥) s300q anoxTeM| oradss Te 000T is 20013 off paus pr— TToM ze3EM u & (9) sz00q anoxTEM PpIresusy TH EE pn phd Tis ButaTT Tezques s1qe9) X| a M STI) I) 35 uwovawezoey| 0007 3008 (g) wre 3 | Imes /3I93EM (BT) mt - 3 | | usTUTZ 8g (6) | =] Ss “ns 1 usg usp 20073 33370u0))| sz000 oTINa| 8) mu in SA0ITY QuL OSyweIsy T pooy peaweIl sseT9 aTqnOg on | suten sT31 STwezsy suoas Susassu)) | I00T§ STIL dTWEId) Z -suop painog SPITS “ZTIOH ad PE H Fons Tis | 12018 dud) Bung stqnog. oo et asTTOL 3X7 Juswaseg (8) pd TAuTA butquntg Of LL uss pooy| ass? 7. — a®ey 1s38M ITOS 0°70 :sasTor ©3 3ubTey RE J Tenusy ‘Ieus3ZOS LES ows | Toms ac a |= oany ‘eusazos, i's 9s ime ¥ xX Y3eg BIN3IXTI ZT “3°S LET :3usweseg | abaeg Auwyy Ld y3aeg 8IN3IXTI ££ uoTIwAROXE (L) smoputy (2) (5) 83naxt3y sbezsay T J— T Butqumig (£1) 1PTIE — — 1 1 Aut fumuram $39T3IN0 "I9TF 30 "ON sbutTTe) (3) E iBT poo) x i | wm | -paof x3 x ~ z01303%3 (1) §3INIXTI JO “TEND/ ON 3930 + 118430 swoozpag| b 3008 weasis A3tandeg sotazeg sdury|o umm 20013 PUZ waxy azodzep £L5°88% :A°D°1 peawwrasy 20300dm0p ERE 21339012 (21) pu———— 30013 381/39 i 00s°Z X 6Z°56T :350D zdaq TE30L ane i. 8 :sbexwy aumeg 3-5-3 £96 °9EE © MeN 95¥g TPI0L s Poon “ou x|prros| | s200q 2877 moog Pa sbuey ueald ITS ITY TeI3ud) 1 — — . B 0€3 ‘1 :¥33¥ 30013 51) 0 :30073 "Ju0D ON zy -eby -oezzy| °PUTY PIvpuwas [PS ———— PIO X | waxy abezoag EE aaEMOIOTH| : POOH IUOTITPUOD ‘ 0 :poos & J “ESI N dumg 393 539507) 30 @2TS N UA) 100) 3 3®sy PeIIO, I T Tey cEaTy ®9 peausp-32e11q anz-1dex TzzadEp soeurng pe gasete| ¥ um pao0| x| xa pe: . Po HY 0 153000 “YOSH 34035 PooM qnl TzInIEL z93E8H BO . 0 :s300Q -oanY yazssH pasTey woozeauL JRS— ry] (— ER 28-2 ‘HONVY 1¢ PeUSTUTZ 2038TMOIT) 3ESH Pool paausp (300T3-uT) auetpwa| | 971 poon| | persuva :e1Aag Butpring YDUT Zp TUOTIEPUNOY &z035 7 qezeig POOR psausaupn ausTpe “T¥eD -oeT3 zeaswra) | Treskial TToM T :TTEM uowwoD A2035 1 qE3eIg ani oH Ppreoqeseg 51130973 pr— swezz poom X 0 -"usp suols £2035 7 30TIWIXF uEg us) I339M 30H Ps0I0F L ¥ I T 0 usp YITIG Kz03§ 1 z0TI9IXT 18398 yaeg $3907 /A ITY PeoI0d SwezI-y| BuTPTS 1IOTIMXT Loo boseazrioos PSpPTS OmL Tesodstq sbeqzen #350g o/A ITY peoI0| Suwyzeap 134300 xa1dng D :S5%TD| (x1005 1) add bz JOE SWeS/PuZ I3yseAYsSTQ T = Busyzanp 3u0zI| 0 SWOH uMOT Aatoede) zed) £1035 7 I0TISIUT doz x002 wesls E00 Poo uoTIETNSU] SWOH STTQON| 0961 :3TTNg Ie8f, 34A1|®93¥ | £30325 1 zoTa®auI T | "moTTY sowetrddy | “vera | Tro | ses X Woooxassavy] | Atvweg stbuts x sbezwy (LT) | s398Q/s9ud30d (91) seowrdazta (ST) sut-aTTRg (ST) Butoo)/butassH (TT) (-3u02) 3oou (g) 8di1 ButpTTNg 320z/61/0T uo pa3uTIg T00-30£-£0-ZT-60 :Isqumy T32I8q T 30 T SUTPTTNG TETIUSPTSSY
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VALUATION REPORT MTT DOCKET 25-002733 42 2026 Subject Record Card
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VALUATION REPORT MTT DOCKET 25-002733 43 2026 Subject Record Card
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VALUATION REPORT MTT DOCKET 25-002733 44 2024 Subject Valuation Report
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VALUATION REPORT MTT DOCKET 25-002733 45 2025 Subject Valuation Report
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VALUATION REPORT MTT DOCKET 25-002733 46 2026 Subject Valuation Report
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VALUATION REPORT MTT DOCKET 25-002733 47 Subject Deed
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VALUATION REPORT MTT DOCKET 25-002733 62 2025 ECF Study 0072 Ann Arbor Woods
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VALUATION REPORT MTT DOCKET 25-002733 63 2026 ECF Study 0072 Ann Arbor Woods