doc04912220251223075807.pdf
Vmg Properties LLC, Petitioner V City Of Lansing, Respondent · 24-003541-TT
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Docket #24-003541 VALUATION DISCLOSURE OF V/L Christiansen Road Lansing, MI 48911 PREPARE FOR: MICHIGAN TAX TRIBUNAL PREPARED BY TERESSA BOWERS, MAAO CITY OF LANSING 124 W MICHIGAN AVE 3fP FLOOR, CITY HALL LANSNG MI 48933
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mr = = Docket #24-003541 Michigan Tax Tribunal 611 W Ottawa Street Lansing, MI 48909-8195 RE: V/L Christiansen Road 33-01-01-32-376-212 To Whom It May Concern: The purpose of the examination of this property is to develop an estimate of market value of the fee simple interest of the subject property for tax year 2023. The sales utilized in this report are the most recently closed comparable sales from the subject’s immediate market area. The sales comparison approach was the determining factor in the subjects estimated value. It is my opinion that the subject property has a fair market value of $12,400. Sincerely, SA En Teressa Bowers, MAAO
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Docket #24-003541 Table of Contents Cover Page........ceceuunuee 1 Letter Of TranSMItLal.... occurences essere sass esses esses esses ans 2 Table of Contents....... 3 Purpose of thie Valuations smsmsmsssmismsses mummies sserssssssssssnarsarssmsesassansrssssssseses 4 Maps, Diagrams and Photographs.... Identification and History of Subject Property. Site Data & Zoning...... Highest and Best Use. Residential Report...... Selection of Comparabl Sales Comparison Grid...... Conclusion of Value by Sales Comparison Approach. Assessor Certification.........ccveeevecnnnncnnee 16-17 Qualifications & LICENSE.......occvvuerururemerueierineierraaes ...18-20 Addendum
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Docket #24-003541 PURPOSE OF THE VALUATION DISCLOSURE This report was prepared for the purpose of estimating the “as is” market value of the fee simple interest as of December 31, 2023. INTENDED USER AND USE OF THE VALUATION DISCLOSURE The intended user of this valuation disclosure is for the Michigan Tax Tribunal. DIFINITIONS Definition of Market Value The most probable price which a property should bring in a competitive and open market under all condition’s requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: e Buyer and seller are typically motived e Both parties are well informed or well advised and acting in what they consider their own best interest e Areasonable time is allowed for exposure to the open market e Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and e Price represents a normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale The above definition is suggested by the Uniform Standards of Professional Appraisal Practice (USPAP) and is the basis of this valuation. Market Value “as-is” is an estimate of market value of the property in the condition observed upon inspection and as it physically and legally exits as of the date of valuation is prepared. Definition of Estate Interest
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Rm Ep rear Docket #24-003541 a Comp #1 & 5 Rd W Holmes Rd w Walgreens Comp #2 & 3 [as (W) = Kroger T p o . OLD EVERETT [4 H svanaugh Rd NEIGHBORHOOD ES & naugh 5 i ily Subject y Benjamin F. ; Davis Park - tirup St
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Docket #24-003541 Location and Address Owners Name: VMG Properties LLC Location: Vacant lot: Christiansen Road Lansing, MI 489 Parcel Number: 33-01-01-32-376-212 Legal Description: LOT 230 & 231 PLEASANT GROVE SUB Property Rights Appraised: _X Fee Simple __ Leasehold __ Other Assignment Type: Michigan Tax Tribunal Valuation Disclosure Is property currently for sale:_X No __Yes date for sale: Neighborhood *Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood Characteristics: Location: Growth: Urban __ Suburban ___ Rural XxX X Stable ___ Slow Vacant Land Neighborhood Description: Located within the City of Lansing of predominantly single-family housing and some vacant lots. The area has normal amenities and public services, recreational facilities, house of worship and schools. Neighborhood Boundaries: North of Jolly Road, East of Pleasant Grove Road, West of M L King Jr. Blvd and South of Holmes Road.
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as —— = Docket #24-003541 SITE DATA Is the highest best use of the subject property as improved (or as proposed per plans and specification: the present use? _X Yes __ No (explain) Utilities Public Other (describe) Electricity Gas Water Sanitary Sewer Off-site Improvements - Public Other (describe) Type Street X Alley Are the utilities and offsite improvements typical for the market area? _X Yes ___ No (Explain) Comments: The subject and all comparable have access to municipal utilities. Are there any adverse site conditions or external factors (easements, environmental conditions etc.? Yes, No No If yes, describe
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Docket #24-003541 HIGHEST AND BEST USE The site is valued for its highest and best use which may be defined as, “The reasonable and probable use that supports the highest present value of vacant land or improved property, as of the effective date of the valuation. The highest and best use would be vacant. Comments: Properties adjacent to the subject include single family residential and vacant lots. The subject features and locational characteristics can accommodate multi family or similar living use.
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Docket #24-003541 RESIDENTIAL REPORT The Analysis of three separate approaches to value, sales, cost, and income approach are considered within appraisals reports, they may not be applicable to each, and every property being appraised. The cost approach was not used in this appraisal report because there are no improvements that contribute value to the property. The income capitalization approach is based on the concept that value is created by the expectations of future benefits and higher earnings should result in higher values. Income producing real estate is purchased for the right to receive future income. The income Capitalization approach consist of methods to analyze a property’s capacity to generate income, and a reversion and convert these monetary benefits into an estimate of value. The income approach was not used in this report. The Sales Comparison approach is based on the principle of substitution which suggest that, within competitive markets, similar products will realize similar prices. Inherent in this concept is the premise that a purchaser would not pay more for a property than the cost to acquire another property with the same amenities and utility. Sales Comparison is the primary approach for the subject property profile. The final steps in the valuation process are review and reconciliation of the data and conclusions. In reaching a final conclusion of value, the entire process involving the approaches that were estimated must be reviewed for accuracy, completeness, and consistency. After analysis, evaluation, and reconciliation of the indications a value is estimated.
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Docket #24-003541 Subject Property oy we Re oad hal TA 3 FT a0, I > 00 A Ce > 082672022 ie vr - $5 s - a Front view
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Docket #24-003541 Comparable #1 9 3 ns 1 i A NT Front view Vacant lot- Viking Road Sale Price $10,000 Sale Date: 12/15/2023
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Docket #24-003541 Vacant lot — Sale Price Sale Date: tion i Ferrol St $10,000 03/28/2023 Comparable #2 Front view
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Docket #24-003541 Vacant Lot - Sale Price: Sale Date: Comparable #3 Front view Ferrol $10,000 03/28/2023
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TE RIA E Docket #24-003541 Sales Comparison Grid Feature Subject Comparable #1 Comparable #2 Comparable #3 Address Christiansen Rd | Viking Rd Ferrof St Ferrol St Proximity to Subject Sale Price $ $10,000 $10,000 $10,000 Sale Price/Gross $ 76 .50 .50 Area Data Source(s) Assessor Assessor Records Assessor Records Assessor Records Record Valuation Source(s) | Assessor Assessor Records Assessor Records Assessor Records Record Description +(-) Adjustment +(-) +) Adjustment Adjustment Sale or Financing Conventional Conventional Conventional Conventional Concessions Date of Sale/Time 12/15/2023 03/28/2023 03/28/2023 Location Average Average Average Average Leasehold/Fee Fee Simple Fee Simple Fee Simple Fee Simple Simple Site 17,232 13,062 +2,419 19,884 -1,538 19,884 -1,538 View Residential Residential Residential Residential Net Adjustment +2,419 -1,538 -1,538 Total Adjusted/Sales $12,419 $8,462 +8,462 Price
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= — Docket #24-003541 Conclusion by Sales Comparison Report The subject property was compared to all three recent sales having similar characteristics. All have generally similar zoning and land use classification and development potential. Based on an inspection of the subject property my opinion of the market value, is $12,400.
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Docket #24-003541 ASSESSOR'S CERTIFICATION: The Assessor certifies and agrees that: 1. | have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this valuation disclosure report. 2. | performed a complete visual inspection of the land area of the subject property, unless otherwise indicated in this report. 3. | developed my opinion of the market value of real property that is the subject of this report based on the sales comparison approach to value. | have adequate comparable market data to develop a reliable sales comparison approach for this valuation disclosure assignment. The cost and income approaches to value were not used in this report. 4. | researched, verified, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this valuation disclosure, and the prior sales of the subject property for a minimum of three years prior to the effective date of this valuation disclosure, unless otherwise indicated in this report. 5. | researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 6. | selected and used comparable sales that are locational, physically, and functionally the most similar to the subject property. 7. I have not used comparable sales that were the result of combining and a land sale with the contract purchase price of a home that has been built or will be built on the land. 8. | have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 9. I have knowledge and experience in assessing this type of property in this market area. 10. | am aware of, and have access to, the necessary and appropriate public sources, such as
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Docket #24-003541 12. | have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 13. | stated in this valuation disclosure report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 14. | have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. | did not base, either partially or completely, my analysis and/or opinion of market value in this valuation disclosure report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or any other basis prohibited by law. 15. My employment and/or compensation for performing this valuation disclosure or any future or anticipated valuation disclosure was not conditioned on any agreement or understanding, written or otherwise, that | would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result of occurrence of a specific subsequent event ( such as approval of a pending mortgage loan application). 16. | personally prepared all conclusions and opinions about the real estate that were set forth in this valuation disclosure report. If | relied on significant real property valuation disclosure assistance from any individuals in their performance of this valuation disclosure or the preparation of this valuation disclosure report, | have named such individual(s) and disclosed the specific tasks performed in this valuation disclosure report. | certify that any individual so named is qualified to perform the tasks. | have not authorized anyone to make a change to any item in this valuation disclosure report; therefore, any change made to this valuation disclosure is unauthorized and | will take no responsibility for it.
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me m—— corm Docket #24-003541 Qualifications Teressa Bowers Sr. Residential Appraiser City of Lansing Certification: Michigan Advance Assessing Officer & Certified Personal Property Examiner #9695 Experience: 2019 Present - Senior Residential Appraiser for the City of Lansing 1999 — Administrative Assistant for the City of Lansing 2019 Affiliations: Michigan Assessors Association Other Appraisal related Course Work 2020 State Tax Commission MAAO Program Principal of Appraising Introduction to Appraisal Statistics Land Value Determination Basic Income Commercial and Industrial Real Property Valuation Equalization and Data Collection Basic Property Tax Administration
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Docket #24-003541 2019 State Tax Commission MCAO Program Real and Personal Property Appraisal Concepts Land Valuing Determinations Legal Descriptions and Tax Maps The Assessors Manual Development of Economic Condition Factors Sales Studies and the Equalization Process Income Approach Exemptions and Transfer of Ownership Property Tax Administration 2019 Michigan Assessors Associations Course New, Loss, Additions, Losses & Adjustments
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Docket #24-003541 SUPERVISORY APPRAISER’S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. | directly supervised the appraiser for this valuation disclosure assignment, have read the valuation disclosure report, and agree with the assessor's analysis, opinions, statements, conclusions, and the assessor's certification. 2. l accept full responsibility for the contents of this valuation disclosure report including, but not limited to, the assessor's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this valuation disclosure report is an employee of the supervisory assessor, is qualified to perform this valuation disclosure, and is acceptable to perform this valuation disclosure under the applicable state law. APPRAISER SUPERVISOR APPRAISER (ONLY IF REQUIRED) Signature Signature Name: TERESSA BOWERS Name: Company Name: CITY OF LANSNG Company Name: Company Address: 124 W MICHIGAN AVE, 3%° FLOOR Company Address: Telephone Number: 517-483-4026 Telephone Number: Email Address: TERESSA.BOWERS@LANSINGMI.GOV Email Address: Date of Signature and Report: 11/13/2024 Date of Signature and Report State Certification #R9695 State Certification # Effective Date of Appraisal: ADDRESS OF PROPERTY APPRAISED Vacant lot — Christiansen LANSING, MI 48911 Subject Property [X ] Did inspect the subject property from street Date of Inspection: [X] Did inspect the comparable sales from street Date of Inspection:
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Docket #24-003541 Addendum e Record Card of Comparable e A street map that shows the location of the subject property and of all comparable that the appraiser used: e A sketch of the land that indicates the dimensions. e Photographs (either in black and white or color) that show the front, back, and street scene of the subject property, that are appropriately identified. e Photographs (either in black and white or color) that show the front of each comparable sale and that are appropriately identified. Generally, photographs should be originals that are produced by photography or electronic imaging; however, copies of photographs from a multiple listing service or from the appraiser's files are acceptable if they are clear and descriptive. e Any other data—as an attachment or addendum to the appraisal report form—that are necessary to provide an adequately supported opinion of market value
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01/29/2025 History Info Printout 02:03 PM 33-01-01-32-376-212 Property Address: 4917 CHRISTIANSEN RD VMG PROPERTIES LLC 6739 S WASHINGTON AVE LANSING, MI 48911-6502 TAX HISTORY 2024 TAXABLE 8,900 BOR/MTT 8,900 ASSESSED 8,900 BOR/MTT 8,900 PRE/MBT % 0.0000 BOR/MTT 0.0000 SCHOOL 33020 SUM TAXES 621.93 SUM INTRST 0.00 SUM PAID 621.93 SUM PMT DATE 08/14/2024 SUM RECPT NO 00008514 WIN TAXES 97.59 WIN INTRST 0.00 WIN PAID 97.59 WIN PMT DATE 01/27/2025 WIN RECPT NO 00027384 VIL TAXES 0.00 VIL INTRST 0.00 VIL PAID 0.00 VIL PMT DATE VIL RECPT NO
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Parcel Number: Grantor GARCIA RAYMUNDO LEE INGHAM COUNTY LAND BANK INGHAM COUNTY BEACH DONALD E & Property Address CHRISTIANSEN RD owner's Name/Address VMG PROPERTIES LLC 6739 S WASHINGTON AVE LANSING, MI 48911-6502 Tax Description property exempt from Ad valorem taxes and assessed on the Special Act Roll pursuant to PA 261 of 2003 expiring 02/09/2027. LOT 230 & 231 PLEASANT GROVE SUB Comments/Influences 33-01-01-32-376-212 Jurisdiction: CITY OF LANSING County: Ingham Pri Grantee sale sale Inst. Terms of sale Liber Price Date Type & Page VMG PROPERTIES LLC 0 03/06/2023 wD 20-MULTI PARCEL SALE REF 2023 01231 GARCIA RAYMUNDO LEE 38,300 02/09/2022 wp 19-MULTI PARCEL ARM'S LE 2022 00734 INGHAM COUNTY LAND BNK FS 0 10/26/2011 QC 33-TO BE DETERMINED 2011 04287 INGHAM COUNTY TREASURER 0 04/06/2011 OTH 33-TO BE DETERMINED L3418 P79 Class: RESIDENTIAL-VACAN Zoning: Building Permit(s) Date School: LANSING PUBLIC SCHOOL DIST New Building (SFR) 01/03/2024 P.R.E. 0% DEMOLITION 06/27/2013 MAP #: P -3230 -0328 2024 Est Tcv 17,751 Improved X vacant Land value Estimates for Land Table 47G.47G Public * Factors * Improvements Description Frontage Depth Front Depth Rate d . 7) FF 80.00 215.40 1.0000 1.1094 200_ 1 pirt Roa 80 Actual Front Feet, 0.40 Total Acres Total E Gravel Road X Paved Road — . X Storm Sewer Work Description for Permit PB23-1998, Issued 01/03/ Xx sidewalk family home ) work Description for Permit PD13-0036, Issued 06/27/ X [Water FAMILY DWELLING X Sewer X Electric X Gas X curb X Street Lights Standard utilities underground Utils. Topography of Site X Level Rolling Low High Landscaped Swamp wooded pond waterfront Ravine by Year Land Building Assessed value value value who when what 2024 8,900 0 8,900 * JwH 08/26/2022 EXTERIOR P 2023 0 0 0 TB 06/24/2021 SITE ONLY 2022 0 0 0 LMT 06/09/1999 DATA ENTER 2021 0 0 0
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Parcel Number: 33-01-01-32-376-212, Land Image ase Lang 1753s! wT **%* Information herein deemed reliable but not guaranteed***
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Parcel Number: 33-01-01-30-478-012 Jurisdiction: Grantor S Price ABC HOMES LLC INGHAM COUNTY TREASURER SHEPARD ANDRE ABC HOMES LLC Property Address VIKING RD P.R.E. 0% owner's Name/Address MAP #: P -3231 -0172 SHEPARD ANDRE 98 W 11TH ST HOLLAND, MI 49423 Improved X Vacant Public Improvements Dirt Road Taxpayer's Name/Address Gravel Road ABC HOMES LLC paved Road 913 Ww HOLMES RD, #240F Storm Sewer LANSING, MI 48910 sidewalk water a— Sewer Tax Description Electric LOTS 442 PLEASANT GROVE SUB NO 1 Gas Comments/Influences curb Street Lights Standard Utilities underground Utils. Topography of Site Level Rolling Low High Landscaped Swamp wooded Pond waterfront Ravine wetland Flood Plain who when what DKC 08/09/2023 CITY OF LANSING Grantee sale 5,500 10/28/2022 QC 13-GOVERNMENT Class: RESIDENTIAL-VACAN Zoning: School: LANSING PUBLIC SCHOOL DIST TB 07/09/2021 EXTERIOR I SER 09/07/2005 SITE ONLY 2021 0 County: Ingham Prin sale Inst. Terms of sale Liber Date Type & Page 10,000 12/15/2023 MLC 32-SPLIT VACANT 2023 045071 2022 038940 Building Permit(s) Date DEMOLITION 05/13/2021 Electrical Permit 01/30/2020 ALTERATIONS 09/17/2001 2024 Est Tcv 21,685 Land value Estimates for Land Table 47A.47A * Factors * Frontage Depth Front Depth Rate %Ad FF 70.00 186.60 1.0000 1.0326 300 10 70 Actual Front Feet, 0.30 Total Acres Description Total Es work Description for Permit PD21-0030, Issued 05/13/2 work Description for Permit PE20-0122, Issued 01/30/2 electrical inspection per requirements of the BwL work Description for Permit B011342, Issued 09/17/2001 REMODELING AND ALTERATIONS Assessed value 2024 10,800 0 10,800 2023 0 0 0 0 0 Year Land 2022 0 0 0
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Parcel Number: 33-01-01-30-478-012, Land Image 100 186.6" Land 13082 sf *** Information herein deemed reliable but not guaranteed*** 186 6'
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parcel Number: 33-01-01-32-101-202 Jurisdiction: CITY OF LANSING County: Ingham pri Grantor Grantee : sale sale Inst. Terms of Sale Liber Price Date Type & Page LACLEAR JODY MICHAEL & MA 710 COLLEGE SE LLC 10,000 03/28/2023 wp 21-NOT USED/OTHER 2023 01855 Property Address Class: RESIDENTIAL-VACAN Zoning: Building Permit(s) Date FERROL ST School: LANSING PUBLIC SCHOOL DIST DEMOLITION 04/26/2023 P.R.E. 0% owner's Name/Address MAP #: SP-0190 -0030 710 COLLEGE SE LLC 31 ROBINHOOD DR SE 2024 Est TCv 16,831 GRAND RAPIDS, MI 49546 Improved X Vacant Land value Estimates for Land Table 47E.47E Public L * Factors * Improvements Description Frontage Depth Front Depth Rate %A bi oad FF 76.95 258.40 1.0000 1.2151 300 _ rt Roal 77 Actual Front Feet, 0.46 Total Acres Total E Tax Description Sravel Road Paved Roa THE WEST I7Z OF LOT 10, SUPERVISORS PLAT SOF Sewer work Description for Permit PD23-0027, Issued 04/26/2 Sidewalk Comments/Influences water Sewer Electric Gas Curb Street Lights Standard Utilities underground Utils. Topography of Site Level Ro1Ting Low High Landscaped Swamp wooded pond waterfront Ravine wetland Flood Plain who when what 0 TB 05/23/2023 EXTERIOR P 2023 0 0 0 JDH 08/30/2022 EXTERIOR P 2022 0 0 CIB 06/03/1999 DATA ENTER 2021 0 0 Year Land Building Assessed value value value 2024 8,400 14,000 0 0
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Parcel Number: 33-01-01-32-101-202, Land Image *** Information herein deemed reliable but not guaranteed*** 2a 4° 2 193339¢ Ein
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Parcel Number: 33-01-01-32-101-203 Jurisdiction: CITY OF LANSING County: Ingham Pri Grantor Grantee sale sale Inst. Terms of Sale Liber Price Date Type & Page LACLEAR JODY MICHAEL & MA 710 COLLEGE SE LLC 10,000 03/28/2023 wp 21-NOT USED/OTHER 2023 01855 Property Address Class: RESIDENTIAL-IMPRO Zoning: Building Permit(s) Date FERROL ST School: LANSING PUBLIC SCHOOL DIST P.R.E. 0% owner's Name/Address MAP #: SP-0190 -0030 710 COLLEGE SE LLC 31 ROBINHOOD DR SE 2024 Est Tcv 16,831 GRAND RAPIDS, MI 49546 Improved X Vacant Land value Estimates for Land Table 47E.47E Public * Factors * Improvements Description Frontage Depth Front Depth Rate %Ad v 7 FF 76.95 258.40 1.0000 1.2151 300 Lo Dirt Roa 77 Actual Front Feet, 0.46 Total Acres Total E Tax Description Gravel oad THE EAST 1/2 OF LOT 10, SUPERVIOSRS PLAT paved toa OF HOLOWAY SUB COT Sewer Sidewalk Comments/Influences water Sewer Electric Gas Curb Street Lights Standard utilities underground Utils. Topography of Site Level Rolling Low High Landscaped Swamp wooded pond waterfront Ravine wetland S— Flood Plain Year Land Building Assessed value value value who when what 2024 8,400 0 8,400 TB 05/23/2023 EXTERIOR P 2023 0 0 0 JDH 08/30/2022 EXTERIOR P 2022 0 0 0 CIB 06/03/1999 DATA ENTER 2021 0 0 0
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Parcel Number: 33-01-01-32-101-203, Land Image *** Information herein deemed reliable but not guaranteed*** Ig 204 —