Keiswetter Supporting Docs Packet for SC Petition 7.29.26.pdf

Matthew D Keiswetter Petitioner V City Of Petoskey Respondent · 26-002887-TT

← View full record

Text extracted from the reviewed PDF, organized by page. OCR and reading order may contain errors; confirm details in the PDF below.

Appraiser and/or Data Collector

 Independence Certification



 The Lender certifies that the above referenced appraisal has been completed in

 compliance with all current appraisal independence requirements as defined by the

 Dodd-Frank Wall Street Reform and Consumer Protection Act, the Interagency

 Appraisal and Evaluation Guidelines, Fannie Mae, Freddie Mac and the Federal Housing

 Administration, in strict adherence to our non-influence policy and process:



 Borrower Name: Mathew Keiswetter



 Property Address: 1321 Waukazoo Ave Petoskey MI 49770

 Loan number: 1114631

 Date: 2026-01-19



* No employee, director, officer or agent of the lender or any other third party acting as joint

 venture partner, independent contractor, appraisal company, appraisal management

 company or partner on behalf of the lender has influenced or attempted to influence the

 development, reporting, result, or review of the appraisal in any manner.



* The Lender/Client named on the appraisal report submitted the appraisal order through a

 secure self-managed appraisal software platform, or through approved and compliant 3rd

 party integration.



* Appraiser selection was performed by a non-compensated member of the Lender.

 Appraiser selection was performed utilizing a selection methodology of management-

 approved policies based on the location of the subject property, appraiser availability and

 historical quality and performance metrics.



* The appraiser's compensation was not in any way dependent on the value arrived at or the

 closing of the loan. The appraiser was compensated directly by the Lender and not by a

 Lender staff member that receives compensation based on loan sales.



* The terms and conditions of the engagement contract between the Lender and the

 appraiser prohibit the appraiser from inappropriate communication with the Lender

 origination staff or attempting to obtain value/loan information from the borrower/property

 owner.



* No estimate regarding the Subject Property's value, proposed loan amount or proposed

 loan-to-value ratio was provided or communicated by the Lender to the appraiser.



« For all transactions: By proper use of a secure self-managed appraisal software platform,

 the Lender's loan production staff is unaware of the identity of the appraiser until the final

 appraisal report is delivered. Likewise the appraiser is provided with only the Lender's

 company name and address for inclusion in the appraisal report and is never provided with

 the identity or contact information of the originator of the loan. For purchase transactions,

 the purchase agreement was provided to the appraiser as required by USPAP Standards

 Rule 1-5(a).



* All communication between the selected appraiser and The Lender was conducted through

 the Lender's Appraisal Department. The Lender is unaware of any communication to the

 appraiser for this appraisal assignment made by anyone that is in violation of the terms of

 current Appraiser Independence Requirements.

1321 Waukazoo Ave

 Petoskey, MI 49770

 See attached addenda.



 Valon Mortgage [Vesta]

 14647 S 50th St, Ste A-150

 Phoenix, AZ 85044



 465,000



 01/19/2026



 Jeffrey Scott FitzGerald

Appraisal Services of Northern Michigan, LLC

 122 N Otsego Ave

 Gaylord, MI 49735

 (989) 705-1272

 asonmllc@gmail.com

Keiswetter

 26019



 1321 Waukazoo Ave Petoskey MI 49770

 Mathew Keiswetter KEISWETTER MATTHEW DUROSS Emmet

 See attached addenda.

 52-19-05-300-149 2024 8,225

 Petoskey MLS-24 9707.00

 0 0SUBJECT



 Valon Mortgage [Vesta] 14647 S 50th St, Ste A-150, Phoenix, AZ 85044



 MLS/Online Data. Subject property has not been listed for sale in the past 12 months.



CONTRACT



 85

 1

 150 1 1

 Neighborhood is bound to the north by N Conway Rd, south to Atkinson rd, 850 65 10

 east to Bellmer Rd and west to US 131. 285 35 3

 Residential setting in close proximity to public amenities and recreational areas. It is important to note thatNEIGHBORHOOD



 Market conditions in Emmet county are stable to slighly increasing overall for the past

 12-14 months after seeing larger increases over the prior 24-36 months with a continued lower than average amount of available homes for

 sale.This is based on minimal data of Multi Family home sales in the past 24 months.



 94x128 12,032 sf Recantangluar School

 COP R-2 Single Family Residential District



 See attached

 addenda.



SITE Public City Ashalt

 Natural Gas City None

 X 26047C0427D 06/01/2022



 Concrete/Avg Sub/LVP/Cpt/Avg

 Wood/Avg GWB/Avg

 2 1 1,656 Asphat/Avg Wood/Avg

 0 Eaves/Avg Ctile/Avg

 Csmt/Vinyl/Avg Tile/Fib

 Duplex Combo/Avg

 1980 Yes/Avg

 20 4

 2 0 Paved

 Gas Deck None 4

 None Porches 0

 None NoneIMPROVEMENTS 2 2 2 0 2 2

 6 3 1.1 1,500

 6 3 2.1 1,812



 None Noted



 At time of observation Unit 1 was undergoing

 complete renovation and not liveable. Unit 2 was in average to average plus condition overall with no problems noted. This appraisal is being

 done "Subject to" completion and will be in Average to Good condition overall.

Keiswetter

 26019



 None noted

IMPROVEMENTS



 1321 Waukazoo Ave 1014 Emmet St 513 Liberty St 315 W Mitchell St

 Petoskey, MI 49770 Petoskey, MI 49770 Petoskey, MI 49770 Petoskey, MI 49770

 0.43 miles NW 0.78 miles NW 0.91 miles NW

 1,850 2,000 2,650 1,538

 0.56 1.27 1.46 1.09



 Inspection NMICHMLS#478295 DOM 42 NMICHMLS#464984 DOM 34 NMICHMLS#476295 DOM 32

 Yearly Yearly Yearly Yearly

DATA Residential Residential Residential Res/Comm 46 ~65 ~126 ~115

 Average Plus Average Average Plus AverageRENTAL 3,312 1,574 1,816 1,406



 3,312 1,574 2,000 1,816 2,650 1,406 1,538COMPARABLE 6 3 1.1 1,500 4 2 1 975 1,250 6 3 1 1,155 1,700 4 2 1.0 756 950

 6 3 2.1 1,812 3 1 1 599 750 4 1 1 661 950 4 1 1.0 650 588



 None Noted None Noted None Noted None Noted



 Minimal overall rental data. The rents are all based on data available on line. The appraiser did not review leases or terms.



 01/01/2026 12/31/2027 1,850 1,850 1,700 1,700

 Vacant Vacant 0 0 1,700 1,700

SCHEDULE

RENT 1,850 3,400



 1,850 3,400SUBJECT

 Unit 1 is vacant and under renovations. Rents are based on unit

 2 current rents.



 Online Data

HISTORY Online Data

SALE 07/31/2025

PRIOR $01269/81 MLS/Online Data MLS/Online Data MLS/Online Data

 02/04/2026 02/04/2026 02/04/2026 02/04/2026

 SUBJECT HAS TRANSFERED IN THE PAST 36 MONTHS.THE

 CURRENT OWNER WAS NOW THE SOLE OWNER AFTER TRANSFERRING BETWEEN FAMILY MEMBERS. SUBJECT TRANSFERED

 BETWEN FAMILY MEMBERS FOR $0 ON 07/31/2025. NO SALES OF COMPARABLES WITHIN THE PAST 12 MONTHS.

Keiswetter

 26019

 0 0 0

 0 0 0



 1321 Waukazoo Ave 315 W Mitchell St 1014 Emmet St 5062 Cook Ave

 Petoskey, MI 49770 Petoskey, MI 49770 Petoskey, MI 49770 Conway, MI 49722

 0.91 miles NW 0.43 miles NW 5.60 miles NE

 199,000 205,000 399,000

 141.54 130.24 165.97

 3,400 1,538 2,000 2,568

 129.39 102.50 155.37

 99,500 102,500 133,000

 24,875 29,286 24,938

 66,333 68,333 79,800



 NMICHMLS#476295 DOM 32 NMICHMLS#478295 DOM 0 NMICHMLS#477705 DOM 56

 Assessor/Online Data Assessor/Online Data Assessor/Online Data



 Cash Conv Conv

 None Noted None Noted None Noted

 06/02/2025 +3,940 11/12/2025 0 10/20/2025 0

 Residential Residential Residential Residential

 Fee Simple Fee Simple Fee Simple Fee Simple

 12,032 sf 4900 sf 0 4356 sf 0 16118 sf 0

 School Commerical Residential Res/Lmtd Site -5,000

 Duplex Duplex Duplex Triplex

 Average Plus Average +19,900 Average +20,500 Average Plus

 46 ~126 0 ~85 0 ~45 0

 Average Plus Average +19,900 Average +20,500 Average PlusAPPROACH 3,312 1,406 +137,200 1,574 +125,100 2,404 +65,400



 6 3 1.1 4 2 1.0 +3,623 4 2 1.0 +3,623 6 2 1.0 +3,623

 6 3 2.1 4 1 1.0 +11,083 3 1 1.0 +11,083 7 2 1.0 +11,083COMPARISON

 3 1 1.0 -25,960

SALES

 1,656 Sq.Ft. 756 sq.ft. +13,500 435 sq.ft. +18,315 0 sq.ft +24,840

 0 0 0 0

 Average Average Average Average

 FWA/HWBB/None FWA/None 0 FWA/None 0 HWBB/None 0

 None Noted None Noted None Noted None Noted

 4G/4OS 2OS +34,602 2OS +34,602 2OS +34,602

 Porches/Deck Porches +2,500 Porch/Cvd.P 0 Porches/Deck

 None Noted None Noted None Noted None Noted



 246,248 233,723 108,588



 445,248 438,723 507,588

 222,624 219,362 169,196

 55,656 62,675 31,724

 148,416 146,241 101,518

 205,955 2 411,910 139.09 3,312 460,666

 47,530 12 570,360 132,458 6 794,748

 See attached addenda.



 465,000

 3,400 138.5 470,900

INCOME



 465,000 470,900 641,106

 Final opinion of value falls within a reasonable range of the adjusted sales prices. The appraiser could not bracket the final opinion of value on

 the high end with actual sales price as there were no similar sales. Final opinon of value is also supported by the income approach and the cost

 approach as well as the adjusted sales prices. The appraiser searched a 40 mile radius and 36 months to try and find a similar mutli family home

 that brackets the subjects final opinion of value on the high end and found none. Appraiser found several with 5 or more units which would not be

 considered comparable to the subject property.

RECONCILIATION Subject to completion per

 specs and plans



 465,000 01/19/2026

Keiswetter

 26019



 1321 Waukazoo Ave 621 Emmet St

 Petoskey, MI 49770 Petoskey, MI 49770

 0.59 miles NW

 350,000

 111.01

 3,400 2,950

 118.64

 116,667

 35,000

 116,667



 NMICHMLS#472594 DOM 183

 Assessor/Online Data/Peer



 Conv

 None Noted

 05/02/2024 +12,845

 Residential Residential

 Fee Simple Fee Simple

 12,032 sf 10,498 sf 0

 School ResidentialAPPROACH Duplex Triplex

 Average Plus Average Plus

 46 ~90

 Average Plus Average PlusCOMPARISON

 3,312 3,153 +11,400

SALES

 6 3 1.1 5 1 1.0 +3,623

 6 3 2.1 3 1 1.0 +11,083

 2 1 1.0 -25,960



 1,656 Sq.Ft. 683 sq.ft. +14,595

 0 0

 Average Average

 FWA/HWBB/None FWA/None 0

 None Noted None Noted

 4G/4OS 3OS +34,602

 Porches/Deck Cvd.Porches 0

 None Noted None Noted



 62,188



 412,188

 137,396

 41,219

 137,396



 07/31/2025

 $0

 1269/81 MLS/Online DataHISTORY 02/04/2026 02/04/2026

SALE



 The subject is approximately 40 miles from my office. This assignment requires geographic competency as part of the scope of work. I

 have spent sufficient time in the subjects market and understand the nuances of the local market and the supply and demand factors relating to the specific

 property type and the location involved. The necessary understanding of local market conditions provides the bridge between a sale and a comparable sale

 or a rental and a comparable rental.The appraiser is a member of the Water Wonderland MLS Board and NGRLRMLS with recipricol access to the EUP MLS

 board and NMICH MLS Board. The appraiser has access to the local tax data as well as assessors information through various sources.

 The appraiser certifies and agrees that this appraisal was prepared in accordance with the requirements of Title XI of the Financial Institutions, Reform,

 Recovery, and Enforcement Act (FIRREA) of 1989, as amended (12 U.S.C. 3331 et seq.), and any applicable implementing regulations in effect at the time

 the appraiser signs the appraisal certification.COMMENTS/



 Subject exceeds a 10% difference in the predominant value. This is due to the predominant value data including homes of all size, style, quality, condition,ANALYSIS GLA, room counts, waterfront and non waterfront property.



 * State of Michigan does not require the presence of Smoke Detectors, CO detectors or Straps for hotwater heaters.

Keiswetter

 26019



COMMENTS

ADDITIONAL



 The appraiser did not find similar site sales in the

 subjects immediate market area. Appraiser used the assessor online data to determine an estimated value of site value. Appraiser estimates the

 subjects site value to be $48500.00



 48,500

 Solomon Cost Calc Est/Lcl Bldrs/Online Data 3,312 234.24 775,803

 Q4 01/2026 Basement 1,656 22.54 37,326APPROACH Porches/Deck 8,500

COST Due to the current cost of construction, the cost approach is less 968 50.09 48,487

 reliable and current cost estimating guides do not represent individual 870,116

 market area costs of labor and materials. Therefore the cost approach

 was given less consideration 290,010 290,010

 580,106

 12,500



 40 641,106



INFORMATION

PUD

Keiswetter

26019

Keiswetter

26019

Keiswetter

 26019



 Jeffrey Scott FitzGerald

 Appraisal Services of Northern Michigan, LLC

 122 N Otsego Ave, Gaylord, MI 49735



 (989) 705-1272

 asonmllc@gmail.com

 02/10/2026

 01/19/2026

 1204068727



 MI

 07/31/2027



 1321 Waukazoo Ave

 Petoskey, MI 49770



 465,000



 Appraisal Marketplace, LLC

 Valon Mortgage [Vesta]

 14647 S 50th St, Ste A-150, Phoenix, AZ

85044

Keiswetter

 26019



 1321 Waukazoo Ave Petoskey MI 49770

 Mathew Keiswetter



 0 0 0

 0 0 0

 0 0 0

 0 0 0



 0 0 0

 0 0 0

 0 0 0

 0 0 0

 0 0 0ANALYSIS

&



 Normal seller contributions are much more prevalent than actual concessions. 0RESEARCH

MARKET



 Foreclosures are a factor with regard that they do occur however they do not appear to be affecting overall recent and current market prices.



 MLS/Online data



 The appraiser found no "comparable" sales or listings in the past 12 months. For this reason the appraiser must enter "0" at the top of page 2

 as well as this form as it states specifically "comparable" sales and listings. Housing availability remains at historical low levels and this is not

 uncommon. The appraiser checked boxes to match page 1 neighborhood trends. Please see supplemental addendum for additional market

 condition data.



PROJECTS

CONDO/CO-OP



 Jeffrey Scott FitzGerald

 Appraisal Services of Northern Michigan, LLC

 122 N Otsego Ave, Gaylord, MI 49735APPRAISER 1204068727 MI



 asonmllc@gmail.com

 Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009

26019

 Mathew Keiswetter

 1321 Waukazoo Ave

 Petoskey Emmet MI 49770

 Valon Mortgage [Vesta]



GENERAL NEIGHBORHOOD COMMENTS:



Regarding "OTHER" in the Land Use percentage portion of the Neighborhood Section, the OTHER land use always pertains to Vacant. There are other

appraisal software forms which allow the appraiser to type in the specific word of "Vacant" or an alternative desired description. However, in this

WinTotal/Aurora software, the software cannot be customized at this time to allow the input of "Vacant." This is not an 'omission' on the part of the

appraiser. The appraiser considers the category of "Other" to be synonymous with "Vacant."



THE SEARCH AREA IS EXPANDED FOR COMPARABLES BEYOND DESCRIBED NEIGHBORHOOD TO THE NEXT CLOSEST AREAS, TO PROVIDE

REASONABLE AND ADEQUATE SAMPLE OF COMPARABLES. THE ATTACHED MARKET CONDITIONS FORM, (BOTH THE SALES AND LISTING

INFORMATION) IS ALSO EXPANDED ACCORDINGLY.



THESE RESEARCH PARAMETERS PROVIDE A MORE REALISTIC AND ACCURATE VALUATION PROCESS, THAN CONFINING THE SEARCH TO THE

IMMEDIATE NEIGHBORHOOD. SINCE BUYERS IN THIS MARKET DO NOT CONFINE THEIR SEARCHES TO A SINGLE NEIGHBORHOOD AND INSTEAD

CONSIDER THE BEST ALTERNATIVES IN A WIDER MARKET AREA, THE SEARCH FOR COMPARABLES TO ANALYZE IN THIS APPRAISAL IS EXPANDED TO

MIRROR THESE MARKET TENDENCIES.



SALES COMPARISON: THE APPRAISER RESEARCHED, VERIFIED, ANALYZED, AND REPORTED ON THE PRIOR SALES OF COMPARABLE SALES FOR A

MINIMUM OF ONE YEAR PRIOR TO THE DATE OF SALE OF THE COMPARABLE SALE, UNLESS OTHERWISE INDICATED IN THIS REPORT. THE

APPRAISER SELECTED AND USED SALES THAT ARE SIMILAR TO THE SUBJECT PROPERTY LOCATION, PHYSICAL ATTRIBUTES AND UTILITY.



THE APPRAISER HAS MADE ADJUSTMENTS ON THE SALES GRID TO THE SALES AND LISTINGS WHICH REFLECT THE MARKET'S REACTION IN THE

APPRAISERS OPINION, TO THE DIFFERENCES BETWEEN THE SUBJECT PROPERTY AND THE SALES AND LISTINGS. THE APPRAISER'S OPINIONS HAVE

BEEN FORMULATED FIRST ON A MATCHED-PAIR ANALYSIS, WHEN POSSIBLE. HOWEVER, OFTEN THERE IS NOT A SPECIFIC MATCHED PAIR ANALYSIS

AVAILABLE WITH WHICH TO QUANTIFY AN ADJUSTMENT. IN SUCH CASES, THE APPRAISER IS STILL COMPELLED TO MAKE AN ADJUSTMENT BASED

ON CAREFULLY CONSIDERED AND CONTINUALLY-UPDATED OBSERVATIONS OF MARKET ACTIONS.



THE APPRAISER FIRST ATTEMPTED TO FIND AND USE SALES WITH SIMILAR SITE SIZE, OR AT LEAST SIMILAR SITE VALUE AND/OR SIMILAR UTILITY.

SITE VALUE ADJUSTMENTS MADE TO SALES' LOTS OR PARCELS ARE MADE FOR VARIATIONS IN SIZE, VIEW OR OTHER ATTRIBUTES AS DESCRIBED,

BUT MOST OFTEN ON THE NET VALUE VARIANCE, REGARDLESS OF SIZE VARIANCES.



TYPICALLY, MOST WEIGHT IS APPLIED TO SALES WITHIN THE SUBJECT NEIGHBORHOOD, IF POSSIBLE. OFTEN TIMES IN THIS GENERALLY RURAL

NORTHERN MICHIGAN REGION IT IS NECESSARY TO EMPLOY OTHERWISE SIMILAR SALES WHICH ARE LOCATED IN COMPETING NEIGHBORHOODS TO

THE SUBJECT'S SPECIFIC LOCATION.



SOMETIMES IT IS NECESSARY FOR THE APPRAISER TO UTILIZE SALES OF DIFFERENT STYLE THAN THE SUBJECT. THIS OFTEN COINCIDES WITH

BUYERS' AVAILABLE CHOICES IN THE MARKET. CIRCUMSTANCES OFTEN FACING BUYERS IN THIS MARKET ARE THAT THEY TOO MUST CONSIDER

HOUSES OF DIFFERING STYLES IN ORDER TO BUY A HOME WHICH SUITS THEIR FAMILY'S NEEDS FOR HOUSE SIZE AND UTILITY (ROOM COUNT AND

BATHS), AND SITE SIZE, ETC.



ADDITIONALLY, BUYERS IN NORTHERN MICHIGAN OFTEN CONSIDER COMPETING LOCATIONS WHICH MIGHT BE LOCATED SEVERAL MILES AWAY

FROM EACH OTHER. FOR EXAMPLE, TWO LOCATIONS MIGHT HAVE SIMILAR ATTRIBUTES AND LINKAGE TO A COMMON CENTRAL BUSINESS

DISTRICT. ONE SUCH LOCATION MIGHT BE SITUATED 10 MILES NORTH OF THE ECONOMIC CENTER OR MUNICIPALITY, WHILE A SIMILAR LOCATION

MIGHT BE A SIMILAR DISTANCE OF 10 MILES SOUTH OF THE SAME TOWN. THIS SCENARIO COULD RESULT IN REASONABLE SALES THAT ARE

LOCATED 20 MILES FROM EACH OTHER. IN A LOW-DENSITY RURAL MARKET, UNDERWRITING OFTEN ALLOWS THE USE OF SALES OF UP TO 20 MILES

OR MORE DISTANCE DEPENDING UPON PERTINENT CIRCUMSTANCES FOR THE SUBJECT.



NO DIFFERENCE IN VALUE OR MARKETABILITY ASSOCIATED WITH THE SINGLE FACT THAT A PROPERTY IS LOCATED EAST OR WEST OF MAJOR

ROADWAYS SUCH AS I-75 HIGHWAY THAT RUNS NORTH/SOUTH THROUGH THE STATE OF MICHIGAN.



ADDITIONAL COMMENTS:



THE APPRAISAL FEE CHARGED CONTEMPLATES ONLY THE REPORT PROVIDED AND DOES NOT CONTEMPLATE FUTURE REQUESTS FOR COURT

TESTIMONY. SHOULD THIS REPORT SUBSEQUENTLY REQUIRE A COURT APPEARANCE OR TESTIMONY REGARDING THIS PARTICULAR FILE, SUCH

TRIP, AND TESTIMONY WILL BE BILLED UP TO $150.00 PER HOUR WITH A FOUR HOUR MINIMUM. SUBSEQUENT CONSULTATION AND APPROPRIATE

REVISIONS, IF REQUIRED DUE TO MATERIAL DEFECTS BETWEEN THE SUBJECT PROPERTY AND THIS APPRAISAL REPORT WILL BE PROVIDED AT NO

CHARGE. LIABILITY IS LIMITED TO THE FEES IMPOSED BY THE APPRAISER ONLY.



UNLESS OTHERWISE SPECIFIED THIS APPRAISAL SHOULD NOT BE USED FOR ASSESSMENT ADJUSTMENT. ADDITIONALLY IS SHOULD NOT BE USED

AS AN AID IN OBTAINING HAZARD INSURANCE, OR AS A DETAILED HOME INSPECTION FOR THE SPECIFIC CONDITION OF ALL STRUCTURAL,

ELECTRICAL, OR MECHANICAL COMPONENTS, OR FOR ANY OTHER REASON THAN THE STATED PURPOSE. THIS IS AN APPRAISAL REPORT; NOT A

HOME INSPECTION.



THE DIFFERENCE BETWEEN APPRAISALS AND HOME INSPECTIONS:



APPRAISALS ARE FOR LENDERS (UNLESS OTHERWISE INDICATED). HOME INSPECTIONS ARE FOR BUYERS.



LENDERS OBTAIN APPRAISAL REPORTS TO LEARN THE ESTIMATED VALUE OF THE PROPERTY, CONFIRM THAT THE SUBJECT PROPERTY MEETS THE

LOAN PROGRAMS' SPECIFIC MINIMUM PROPERTY REQUIREMENTS, AND TO EVALUATE A HOME AND PROPERTY'S MARKETABILITY.



APPRAISALS SHOULD NOT BE RELIED UPON AS SUCH BY BUYERS. APPRAISAL REPORTS ARE DIFFERENT FROM HOME INSPECTIONS.

HOME INSPECTIONS PROVIDE THE BUYER WITH MORE DETAILED AND SPECIFIC INFORMATION IN REGARD TO THE PHYSICAL CONDITION OF

STRUCTURE, CONSTRUCTION, ROOF AND FOUNDATION, ELECTRICAL COMPONENTS, MECHANICAL SYSTEMS, SUCH AS HEATING AIR CONDITIONING,

PLUMBING, AND APPLIANCES. HOME INSPECTIONS AID A BUYER IN IDENTIFYING WHAT ITEMS NEED TO BE REPAIRED OR REPLACE. HOME

INSPECTIONS ALSO HELP THE BUYER ESTIMATE THE REMAINING USEFUL LIFE OF THE MAJOR SYSTEMS, EQUIPMENT, STRUCTURE, AND FINISHES.



MARKET CONDITION FORM COMMENTS:



Petoskey Multi-Family/Residential Market Trends (Past 24 Months)



Value Growth: Average home values in the Petoskey area increased by approximately 2.2% over the last year, with some



metrics indicating a much higher surge in median sale prices, highlighting a competitive, high-demand market.



Inventory & Demand: The Petoskey market is characterized by a slow addition of new housing stock, resulting in exceptionally



low vacancy rates for existing apartment units.

26019

 Mathew Keiswetter

 1321 Waukazoo Ave

 Petoskey Emmet MI 49770

 Valon Mortgage [Vesta]



Data sources included: Zillow.com, Realtor.com, Redfin.com, AI Overview, NMICHMLS



Search Criteria was input into a search in the local MLS Service to best provide analysis for the Market Conditions Form attached in this appraisal

report. This allows analysis of the Market Segment which best brackets the subject property.



The appraiser did not pre-determine a price range. First, the appraiser searched strictly for properties in the subject's area with reasonable

physical similarities to the subject's house, land, and location. The resulting MLS data sheets generated by the initial search for all the prospective

Listings and Sales were reviewed by the appraiser, to find the most similar properties to the subject.



The subject home has 3312 sq. ft. (finished above grade) on two story. See the attached photos and sketch page for details. All measurements are

taken the nearest inch or tenth of a foot and the area is rounded to the nearest whole square foot.

The Subject property has been measured according to the ANSI Z765-2021 measurement standard. The square footage details for all comparable

sales are taken from MLS records, tax records, or previous appraisal files and the best known information is utilized. There are often inaccuracies or

inconsistencies in the measurements in the MLS and tax records but these sources are considered as the best available. No Square foot data is

guaranteed.



GSE Requirements:

Fannie Mae announced in December 2021 that it requires appraisers to use the ANSI Z765 Standard.

The Fannie Mae Selling Guide, has always required appraisers to use exterior building dimensions per floor to calculate the above grade GLA for

single family dwellings and PUDS



Appraisals are made as of the effective date of their appraisal (Unless otherwise note)

This assumes three paramount conditions on the effective appraisal date:

1) Physical Condition of the Subject

2) Demand in the market due to supply which is limited at the time

3) Current mortgage interest rates at 6.5-7% +/-

If any of these three factors changes, the value indicated herein for the subject could be significantly different than the value as of the effective date

of this appraisal.



Final Reconciliation



THE SALES COMPARISON APPROACH IS USED TO REFLECT THE SUBJECT'S MARKET VALUE.



The appraiser utilized the Solomon Adjustment Calculator tool as a guideline for adjustments within the sales grid. While Paired sales analysis is the

preferred method, there is not enough data to provide for paired sales analysis on most, if not all, features and therefore the use of the Solomon

Adjustment Calculator was employed.



Conditions of Appraisal



The UTILITIES WERE ON AND OPERATIONAL, as of the date of inspection.



Comparable photos are either from MLS/appraisers files/new photos. The appraiser uses the best available photo to show the comparable at time of

sale for the best understanding of its overall style, quality and condition at time of sale.



• Small Income: Site - Highest and Best Use

The subject zoning code is R2 Residential as verified by Emmet County. The subject as improved is a legally permissible use

based on its current zoning. The lot size, shape, physical condition and land to building ratio allow the present structure and

indicate a good utilization of the improvements. Based upon the current market conditions, the present use as a single family

residence is its financially feasible and maximally productive use. The highest and best use is its present use.



• Small Income: Additional Comments

 Clarification of Intended Use and Intended User:

The Intended User of this appraisal report is the Client. The Intended Use is to evaluate the property that is the subject of this

appraisal for a value basis and to learn the current market value based on typical market exposure. No additional Intended

Users are identified by the appraiser.



THE APPRAISER HAS INFORMED THE CLIENT WHETHER OR NOT HE/SHE HAS PERFORMED A PRIOR APPRAISAL ON

THE SUBJECT WITHIN THE PAST 36 MONTHS, PRIOR TO ACCEPTING THIS ASSIGNMENT. A PRIOR APPRAISAL HAS

NOT IMPACTED THE VALUE INDICATION FOR THIS THE CURRENT APPRAISAL ASSIGNMENT.



THIS APPRAISER COMPLIED WITH USPAP GUIDES IN THE COMPLETION OF THIS APPRAISAL ASSIGNMENT, AND

ENCOURAGES THE CLIENT TO EXPECT REVIEW APPRAISERS FOR THIS REPORT TO COMPLY WITH USPAP

STANDARDS 1, 2 & 3, PARTICULARLY IN REGARD TO BIAS IN THE REVIEW APPRAISAL PROCESS. IT IS REQUESTED

THAT THE CLIENT REQUIRE WELL-SUPPORTED, UN-BIASED AND REASONED CONCLUSIONS FOR DIFFERING VALUE

INDICATIONS BY A REVIEWER, AND PROVIDE THE ORIGINAL APPRAISER AN OPPORTUNITY TO EVALUATE AND

RESPOND TO ANY REVIEW ISSUES, PRIOR TO THE CLIENT TAKING ANY ACTION.



REGARDING "DISTANCE" OF COMPARABLE SALES AND "DATE OF SALE" CONSIDERATIONS:

THE APPRAISER FIRST RESEARCHED POTENTIAL COMPARABLE SALES WHICH ARE LOCATED WITHIN 1 MILE OF

THE SUBJECT AND WHICH OCCURRED WITHIN 90 DAYS OF THE EFFECTIVE DATE OF THIS APPRAISAL. MOST

OFTEN, IN THIS RURAL/LOW-DENSITY MARKET, IT IS NECESSARY TO USE COMPS WHICH EXCEED 1 MILE AND

WHICH ARE OLDER THAN 90 DAYS. NO ALTERNATIVE SALES HAVE BEEN FOUND WHICH WOULD BE CONSIDERED

BOTH MORE RELIABLE AND CLOSER IN PROXIMITY OR MORE RECENT THAN THE COMPARABLES SELECTED FOR

THIS APPRAISAL. NONE WERE FOUND THAT WOULD REQUIRE LESS ADJUSTMENT. THE COMPARABLES USED IN

THIS REPORT ARE DEEMED ADEQUATE TO PROVIDE A REASONABLY-SUPPORTED VALUE CONCLUSION. SOME

POTENTIAL COMPARABLES ARE DISCARDED FROM USE, BECAUSE AFTER RESEARCH AND CONVERSATIONS WITH

AGENTS INVOLVED IN THE SALE, CIRCUMSTANCES SURROUNDING THE SALE DID NOT REFLECT A TYPICAL OR

OTHERWISE RELIABLE SALE.



REGARDING VARYING DESIGN OF HOUSES:

THE APPRAISER FIRST RESEARCHED SIMILAR STYLE HOMES TO THE SUBJECT. DUE TO A LOW-DENSITY,

LOW-POPULATION RURAL AREA, THERE ARE RELATIVELY FEW SALES EXCHANGING IN THE MARKET ANNUALLY.

THIS DECREASES THE CHANCES OF FINDING MORE SIMILAR PROPERTIES FOR ANY GIVEN PROPERTY TYPE. WITH

A LOW NUMBER OF POTENTIAL COMPARABLES, IT OFTEN NECESSITATES THE USE OF HOUSES WITH DIFFERING

26019

 Mathew Keiswetter

 1321 Waukazoo Ave

 Petoskey Emmet MI 49770

 Valon Mortgage [Vesta]



STYLES BY APPRAISERS IN THIS MARKET, WHILE MEETING OTHER CRITERIA FOR SIMILAR ATTRIBUTES SUCH AS

LOCATION, SITE & BUILDING SIZES, AGE, QUALITY, CONDITION, APPEAL AND UTILITY. THIS COINCIDES WITH

BUYERS' CHOICES IN THIS MARKET, WHO OFTEN MUST ALSO CONSIDER HOUSES OF VARYING STYLES IN ORDER

TO MEET THEIR NEEDS FOR HOME SIZE, UTILITY AND LOCATION, ETC. BECAUSE BUYERS MUST SOMETIMES

CONSIDER VARYING STYLES IN THIS MARKET, IT SUPPORTS THE USE OF OTHERWISE SIMILAR HOUSES AND

POTENTIAL COMPARABLE SALES TO BE INCLUDED IN THIS REPORT, IN LIEU OF SAME-DESIGN COMPS.



“The appraiser has not identified any purchaser, borrower or seller as an intended user of this appraisal, and no such party

should use or rely on this appraisal for any purpose. Such parties are advised to obtain an appraisal from an appraiser of their

own choosing if they require an appraisal for their own use. Any reference to or use of this appraisal report by a purchaser,

borrower or seller for their own purposes, including without limitation for the purposes of a property purchase decision or an

appraisal contingency in a purchase agreement, is at such party’s own risk and is not intended or authorized by the appraiser.”



• Small Income: Current Owner

KEISWETTER MATTHEW DUROSS



• Small Income: Legal Description

COM AT SW COR OF SEC 5, TH S89*54'E ALG S LN OF SEC 659.5', TH N0*13'W 138' TO POB. TH S89*54'E 162', TH

N0*13'W 94', TH N89*54'W 162', TH S0*13'E 94' TO POB. EXC. R/W ON W SECTION 5, T34N, R5W.



• Small Income: Sales Comparison - Summary

Appraiser found no similar "comparable" sales in the subjects immediate neighborhood. The appraiser expanded the scope of

the search to include sales with both superior and inferior features. This resulted in a wider range of values with some

adjustments exceeding standard guidelines and sales exceeding 1 mile in proximity. This was both unavoidable and

understandable. Appraiser gave similar weight to the sales comparison approach and income approach. Sale #3 required the

least amount of adjustments by percentage however all sales exceeded adjustment guidelines. This is not uncommon in a

market with minimal overall sales occurring in a 12 month selling cycle. Sale #4 is a slighly older sale however similar in above

ground GLA. Appraiser could not bracket the subjects GLA on the high end as there were no similar sales with 4 or less units.

The appraiser exanded the scope of the search to 36 months and 75 miles.



02/10/2026

Mathew Keiswetter

1321 Waukazoo Ave

Petoskey Emmet MI 49770

Valon Mortgage [Vesta]



 1321 Waukazoo Ave



 12

 6

 3.2

 Residential

 School

 12,032 sf

 Average Plus

 46

Mathew Keiswetter

1321 Waukazoo Ave

Petoskey Emmet MI 49770

Valon Mortgage [Vesta]

Mathew Keiswetter

1321 Waukazoo Ave

Petoskey Emmet MI 49770

Valon Mortgage [Vesta]



 1321 Waukazoo Ave



 3,312

 46

Mathew Keiswetter

1321 Waukazoo Ave

Petoskey Emmet MI 49770

Valon Mortgage [Vesta]



 1321 Waukazoo Ave



 3,312

 46

Mathew Keiswetter

1321 Waukazoo Ave

Petoskey Emmet MI 49770

Valon Mortgage [Vesta]



 1321 Waukazoo Ave



 3,312

 46

Mathew Keiswetter

1321 Waukazoo Ave

Petoskey Emmet MI 49770

Valon Mortgage [Vesta]



 1321 Waukazoo Ave



 3,312

 46

Mathew Keiswetter

1321 Waukazoo Ave

Petoskey Emmet MI 49770

Valon Mortgage [Vesta]



 1321 Waukazoo Ave



 3,312

 46

Mathew Keiswetter

1321 Waukazoo Ave

Petoskey Emmet MI 49770

Valon Mortgage [Vesta]



 1321 Waukazoo Ave



 3,312

 46

Mathew Keiswetter

1321 Waukazoo Ave

Petoskey Emmet MI 49770

Valon Mortgage [Vesta]



 1321 Waukazoo Ave



 3,312

 46

Mathew Keiswetter

1321 Waukazoo Ave

Petoskey Emmet MI 49770

Valon Mortgage [Vesta]



 1321 Waukazoo Ave



 3,312

 46

Mathew Keiswetter

1321 Waukazoo Ave

Petoskey Emmet MI 49770

Valon Mortgage [Vesta]



 1014 Emmet St

 0.43 miles NW

 1,574

 ~65



 513 Liberty St

 0.78 miles NW

 1,816

 ~126



 315 W Mitchell St

 0.91 miles NW

 1,406

 ~115

Mathew Keiswetter

1321 Waukazoo Ave

Petoskey Emmet MI 49770

Valon Mortgage [Vesta]



 315 W Mitchell St

 0.91 miles NW

 199,000



 8

 3

 2

 Residential

 Commerical

 4900 sf

 Average

 ~126



 1014 Emmet St

 0.43 miles NW

 205,000



 7

 3

 2

 Residential

 Residential

 4356 sf

 Average

 ~85



 5062 Cook Ave

 5.60 miles NE

 399,000



 16

 5

 3

 Residential

 Res/Lmtd Site

 16118 sf

 Average Plus

 ~45

Mathew Keiswetter

1321 Waukazoo Ave

Petoskey Emmet MI 49770

Valon Mortgage [Vesta]



 621 Emmet St

 0.59 miles NW

 350,000



 10

 3

 3

 Residential

 Residential

 10,498 sf

 Average Plus

 ~90

Mathew Keiswetter

1321 Waukazoo Ave

Petoskey Emmet MI 49770

Valon Mortgage [Vesta]

Mathew Keiswetter

1321 Waukazoo Ave

Petoskey Emmet MI 49770

Valon Mortgage [Vesta]

Mathew Keiswetter

1321 Waukazoo Ave

Petoskey Emmet MI 49770

Valon Mortgage [Vesta]

Mathew Keiswetter

 1321 Waukazoo Ave

 Petoskey Emmet MI 49770

 Valon Mortgage [Vesta]



 23'



 Wood Deck 12'

 [529 Sq ft] 12'



 5' 18' 18'

 18' Living 30'

 30' Bath Bath

 Unit 2 First Floor Dining Bedroom Bedroom Bedroom

 [906 Sq ft] Bath

 1First Floor Family Unit

 [750 Sq ft] Living Bedroom zunit 2 First Floor Unit 2 Second Floor

 Bath (half) [906 Sq ft] [750 Sq ft]

 Bath (half)

 Kitchen Kitchen Bedroom Bedroom

 8' 22' 22'22' 8'



 22' 30' 30'



 Unit 2 Attached

 [484 Sq ft] Unit 1 Attached

 [484 Sq ft] 12'



 22'

 22' 18' 30'



 Unit 2 Basement

 [906 Sq ft] Unit 1 Basement

 Laundry [750 Sq ft]



 Mechanical



 8' 22' 22' 8'



 TOTAL Sketch by a la mode Area Calculations Summary



Living Area Calculation Details

Unit 1First Floor 750 Sq ft 30 × 25 = 750



Unit 2 First Floor 906 Sq ft 30 × 27 = 810

 8 × 12 = 96



zunit 2 First Floor 906 Sq ft 30 × 27 = 810

 8 × 12 = 96



Unit 2 Second Floor 750 Sq ft 25 × 30 = 750



Total Living Area (Rounded): 3312 Sq ft

Non-living Area

Unit 1 Basement 750 Sq ft 25 × 30 = 750



Wood Deck 529 Sq ft 23 × 23 = 529



Unit 1 Attached 484 Sq ft 22 × 22 = 484



Unit 2 Attached 484 Sq ft 22 × 22 = 484



Unit 2 Basement 906 Sq ft 30 × 27 = 810

 8 × 12 = 96

Keiswetter

 26019

 Mathew Keiswetter

 1321 Waukazoo Ave

 Petoskey Emmet MI 49770

 Valon Mortgage [Vesta]



 0-180 Days

Exposure is based on properties appropriately priced in the market area.



STATE OF MICHIGAN: IN THE STATE OF MICHIGAN, REAL ESTATE APPRAISERS ARE REQUIRED TO BE LICENSED OR

CERTIFIED, AND ARE REGULATED BY THE MICHIGAN DEPARTMENT OF LABOR & REGULATORY AFFAIRS, LICENSING

DIVISION, P.O. BOX 30018, LANSING, MICHIGAN 48909



 Jeffrey Scott FitzGerald

 02/10/2026

 1204068727



 MI

 07/31/2027

 01/19/2026

License



 DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS

 BUREAU OF PROFESSIONAL LICENSING

 P.O. BOX 30670

 LANSING, MI 48909



 STATE OF MICHIGAN - DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS



 BUREAU OF PROFESSIONAL LICENSING



 CERTIFIED RESIDENTIAL REAL ESTATE APPRAISER

 LICENSE



 JEFFREY SCOTT FITZGERALD



 LICENSE NO. EXPIRATION DATE



 1204068727 07/31/2027 251L2090LSkL

 JEFFREY SCOTT FITZGERALD

 122 N OTSEGO AVE

 GAYLORD MI 49735



 COMPLAINT INFORMATION:

 THE ISSUANCE OF THIS LICENSE SHOULD NOT BE CONSTRUED

 AS A WAIVER, DISMISSALOR ACQUIESCENCE TO ANY

 COMPLAINTS OR VIOLATIONS PENDING AGAINST THE LICENSEE,

 ITS AGENTS OR EMPLOYEES.



 FUTURE CONTACTS:

 YOU SHOULD DIRECT INQUIRIES REGARDING THIS LICENSE OR

 ADDRESS CHANGES TO THE DEPARTMENT OF LICENSING AND

 REGULATORY AFFAIRS BY EMAILING BPLHELP@MICHIGAN.GOV

 OR CALL (517) 241-0199



 GRETCHEN WHITHER

 ARTE STATE OF MICHIGAN

 DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS



 BUREAU OF PROFESSIONAL LICENSING



 CERTIFIED RESIDENTIAL REAL ESTATE APPRAISER LICENSE



JEFFREY SCOTT FITZGERALD



 LICENSE NO. EXPIRATION DATE JH DOCINARITSDULY.

 1204068727 07/31/2027 25162090kL5k6 THE STATE OF MICHGAN



 Form SCNLTR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

E&0



Accelerant National Insurance Company

(A Stock Company)

400 Northridge Road, Suite 800

Sandy Springs, GA 30350



 REAL ESTATE PROFESSIONAL

 ERRORS AND OMISSIONS INSURANCE POLICY

 DECLARATIONS



NOTICE: THIS IS A “CLAIMS MADE AND REPORTED” POLICY. THIS POLICY REQUIRES THAT A CLAIM BE MADE

AGAINST THE INSURED DURING THE POLICY PERIOD AND REPORTED TO THE INSURER, IN WRITING, DURING

THE POLICY PERIOD OR EXTENDED REPORTING PERIOD.



 DEFENSE COSTS WITHIN LIMITS

THIS POLICY CONTAINS PROVISIONS WHICH LIMIT THE AMOUNT OF CLAIM EXPENSES THE INSURER [IS

RESPONSIBLE TO PAY IN CONNECTION WITH CLAIMS, CLAIM EXPENSES SHALL BE SUBJECT TO ANY

DEDUCTIBLE AMOUNT. THE PAYMENT OF CLAIM EXPENSES WILL REDUCE THE LIMITS OF LIABILITY STATED

IN ITEM 4. OF THE DECLARATIONS.



 PLEASE READ YOUR POLICY CAREFULLY.



 Policy Number: NRE40PL101312-01 Renewal of: NRE40PL101312-00



 1. Named Insured: Appraisal Services of Northern Michigan, LLC



 2. Address: 122 N, Otsego Avenue

 Gaylord , MI 49735



 3. Policy Period: From: February 27, 2025 To: February 27, 2026

 12:01 A.M. Standard Time at the address of the Named Insured as stated in item 2, Above.



 4. Limit of Liability:

 A. Each Claim Limit of Liability $ 1,000,000

 B. Policy Aggregate Limitof Liability ~$ 1,000,000



 5. Deductible: $5,000 Each Claim



 6. Policy Premium: $1,263



 7. Retroactive Date: March 20, 2009



 8. Notice to Company: Notice of a Claim or Potential Claim should be sent to:

 OREP Insurance Services: info@orep.org

 6353 El Cajon Blvd, Suite 124-605

 San Diego, CA 92115



 9. Program Administrator: OREP Insurance Services, LLC — info@orep.org



 10. Forms and Endorsements Attached at Policy Inception: See Schedule of Forms



 If required by state law, this policy will be countersigned by an authorized representative of the Company.



 Date: February 13, 2025 By: of aac Peck

 Authorized Representative



 N DEC 40002 04 22 Page 1 of 1



 Form SCNLTR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Cost Breakdown



1323 Waukazoo Remodel Project



 MAX SPEND GOAL

 $s 20,000.00



 Date: 02-02-2026

EXPENSES oo



 New Furnace 1323 $ 6,500.00

Cabinets $ 5425.00 § 5426.00



DEMO LABOR $ 1,021.00

 New DOORS-inc closets $ 2,980.00

Window Replacements $ 12,865.00

 Flooring: Vinyl $ 5,390.00

Plumbing $ 1,064.00

popiacesPainting& Drywall $ 3,800.00 s aco e—

 Kitchan Counter Tops s 12.865.00

 Bathroom Vanities $ 3,390.00



New Bathroom Shower &Toilat $ 11,400.00

TILE s 1,450.00

 Carpet Upstairs s 3,067.00

 s 17,81000 § 62,233.00



 Total Spent 17,

 Total Remaiing $

 TOTAL COST:



 Form SCNLTR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Kitchen Drawing



 El

 Hl

 Hi



Form SCNLTR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

03/20/2026 1

 2026 BOARD OF REVIEW DECISION



 FROM



 Assessing Department

 City of Petoskey

 P.O. Box 25

 Rogers City, Mi 49779



 NAME AND ADDRESS OF OWNER OR PERSON NAMED ON ASSESSMENT ROLL: PROPERTY IDENTIFICATION: (Parcel Code required. Property address

 and legal description optional.)

 $95KEISWETTERMICHIGAN MATTHEWST D 52-19-05-300-149 1321 WAUKAZOO AV



 PETOSKEY MI 49770



 COM AT SW COR OF SEC 5, TH S89*54'E ALG S LN OF SEC

 659.5", TH NO*13'W 138' TO POB. TH S89*54'E 162', TH

 NO*13'W 94", TH N89*54'W 162', TH S0*13'E 94' TO POB. EXC.

 R/W ON W SECTION 5, T34N, RSW.



 THIS PROPERTY IS CLASSIFIED 401 (RESIDENTIAL-IMPROVED)



 Thank you for attending this years March Board of Review. The Board has reviewed the information you supplied and the data necessary

 to compute your assessment and taxable value.

 The Board has completed their review of parcel number 52-19-05-300-149

 They have made the following determination based on the information you supplied.



 Board of Review Comments



 PARTIAL RECAP. ONLY 50% TRANSFER



 2026 ORIGINAL ASSESSED VALUE 460,400 |



[2026 "BOARD OF REVIEW" ASSESSED VALUE 460,400 |



 (If the above amounts are the same, no revisions have occured)



 2026 ORIGINAL TAXABLE VALUE 460,400



 2026 "BOARD OF REVIEW" TAXABLE VALUE 312,869



 2026 PRINCIPAL RESIDENCE EXEMPTION/QUALIFIED AG 0.0000



Please feel free to contact the assessor at the address listed above or call if you have any questions.

 If you disagree with the decision of the Board of Review regarding tentative taxable value, further appeal may be made to the Michigan Tax

Tribunal, by submitting a petition (available on their website at http:/www.mi.gov/taxtrib) by May 31 for Commercial Real, Industrial Real,

Developmental Real, Commercial Personal, Industrial Personal and Utility Personal Property by July 31 for Agricultural Real, Residential

Real, Timber - Cut Over Real, and Agricultural Personal Property.



Property Classification appeals ONLY may be appealed to the State Tax Commission by submitting a petition by June 30th and visiting their

Michigan Department of Treasury

 3128 (Rev. 11-13) L-4035a



 : Parcel No. 5§2-19-05-300-149 2026 Taxable Value Calculations Worksheet

 Issued under authority of P.A. 206 of 1893. Filing Is mandatory. Petition No. MBOR2026

 This form must be completed by the Board of Review (B of R) and made part of the Board of Review Record

 whenever a change is made to an individual parcel of property which causes Taxable Value to change.



 Complete Section 1 if the B of R changes Capped Value.

 SECTION 1

 By Assessor ByBofR

 2025 Final Taxable Value as set by Assessor, Board of Review or Michigan

 Tax Tribunal (Enter number into column labeled "By Assessor").................... = 160,992 160,992



 0 0



 = 0 0

 e STC Bulletin No. 3 of 1997 for



 2026 Capped Value = {2025 Taxable Value - Losses) X CPI + Additions

 = ( 160,992 0 YX 1.027 + 0



 = 165,338 By Bof R

 2026 Capped Value = 165,338



Complete Section 2 if the B of R changes Assessed Value.

SECTION 2

 By Assessor ByBofR

 2026 ASSESSEA VAIUE ......o..oovvvieeiovireorveceoecevonsiosoeesseoes ooo = 460,400 460,400

 2026 Tentative SEV = 2026 Assessed Value X 2026 Tentative Equalization Factor



 = 460,400 X 1.000



 = 460,400 By BofR

 2026 Tentative SEV = 460,400



2026 Tentative Taxable Value is the lesser of the 2026 Capped Value or the 2026 Tentative SEV.



2026 Tentative Taxable Value = 312,869

Michigan Department of Treasury A [ $1958

818 (Rev. 12-25)



Petition to Board of Review L-4035

This form is issued under the autharity of P.A. 208 of 1893, as amended. Filing is voluntary; however, you may not appeal to the Michigan Tax Tribunal unless you first protest

10 the Board of Review, excapt when the property is classified as commercial real, industrial real, or developmental real. You may not appeal property classification to the State

Tax Commission unless you first protest to the Board of Review.



TO BE COMPLETED BY OWNER OR OWNER'S AGENT

 Owner's Name {Please Print or Type) Pettioner's Name (If Other than Owner. Please Print or Type)

 Matthew Keiswetter

 Township or Clty County Year of Appeal

 Petoskey Emmet 2026

The undersigned protests the assessed value and/or the tentative taxable value and/or the property classification and/or the qualified

agricultural property exemption of the following described property:

 Property Identified (Parcel cade required. Property address and legal description optional.)

 Parcel Number 52-19-05-300-149



 Protested Item; Assessed Value Tentative Oa Taxable Status [| Classification O Qualified Agricultural

 Taxable Value (exemption) Property Exemption

 1, PROTEST OF ASSESSMENT

 Complete this section for a protest of assessed value, including assessed value changes associated with exempt status and denied or late filed

 personal property forms.

 Assessed Value Owner's Estimate of True Cash Value (Market Value)

 $460,400 $465,000

 2, PROTEST OF TAXABLE VALUE

 Complete this section for a protest of Taxable Value.



 Reason: Od Value of Losses O Value of Additions O Poverty Exemption Uncapping %

 3. PROTEST OF CLASSIFICATION

 Complete this section for a request to change the classification. The Board of Review must make their decision regarding classification in accordance

 with Section 211.34¢ of the Michigan Compiled Laws. The Board of Review shall not be influenced by the effect that a particular classification has on

 that property's status as a homeowner's principal residence or qualified agricultural property.)

 Classification of property on this year's assessment roll

 401 Residential

 Classification should be (check one of the following):



 0 Agricultural O Industrial I] Timber Cutover O Utility (Personal Property Only)

 O Commercial X Residential 7 Developmental

4. PROTEST OF EXEMPTION FOR QUALIFIED AGRICULTURAL PROPERTY

 If the assessor has denied or changed the percentage of the exemption from the 18 mills of local school operating tax for qualified agricultural proper-ty, the owner may appeal this action 10 the March Board of Review, THE BOARD OF REVIEW HAS NO AUTHORITY TO CONSIDER OR ACT UPONTHE EXEMPTION FROM THE 18 SCHOOL OPERATING MILLS FOR HOMEOWNER'S PRINCIPAL RESIDENCE PROPERTIES.)

Percent qualified agricultural exemption granted by assessor (Enter 0 if exemption Percent qualified agricultural exemption requested by owner (Enter 100 if fulldenied) fi)

 exemption requested) 0

REASON FOR PROTEST

State reason(s) for prolest of assessed value andlor tha tentative taxable value and/or taxable status and/or classification and/or qualified agricultural property exemption

 The Assessor proposes a 100% uncapping on the transfer of ownership of a 50% ownership interest in the property

618, Page 2

FOR BOARD OF REVIEW USE ONLY

INSTRUCTIONS: Incorporate a copy of this form and the assigned number in the Board of Review minutes

 Pelifion Number ER DE _ EN Od _ Perel Code e 1? 05 30C- (“2

 1. ASSESSED VALUE E nt LY

 Dispasition by Board of Review, The Board of Review must ae the reason ork its action Below. pe



 Denied O Assessed Value Changed From to [ ]

 Record of Vote — Board or three-member commyitee of board -

 Chairperson: iy Yes OO No joy Member: Yes O No ZZ Member: es J Ne a

 Initials nitials ~

 Reason for Board Action Potetitione &d44 AT Ri dF Ep STE INO, Te Sopp =



 teducfion AN AV

 If you disagrea with the decision of the Board of Review regarding tentative assessed value, you may appeal that decision by filing a petition with the Michigan Tax Tribunal

 al PO Box 30232, Lansing, MI 48909. Commercial Real, Industrial Real, Developmental Real, Commercial Personal, Industrial Personal and Utility Personal Property may

 be appealed by May 31. Agricultural Real, Residential Real, Timber-Cutover Real and Agricultural Personal Property may be appealed by July 31, The petition must be filed

 on a Michigan Tax Tribunal form or a form approved by the Michigan Tex Tribunal. Michigan TexT Tribunal forms are available at wiyw,michigan.govilaxigh,

 2, TENTATIVE TAXABLE VALUE’

 Disposition by Board of Review. Tho Board of Review st Site the reason for its action beiow

 Od Denied x Tentative Taxable Value Changed From Zl Lt oy HO 0 to 2 / J [1 ZA

 (See attached L-4035A)



 Record of Vote — Board or three-member co, op of Board

 Chairperson: Kes RL BL veri Aes HL 7% Member: [X ves LS

 Initials Initials

 Reason for Board Action

 Veco TV w 500,

 If you disagrae with the decision of the Board of coy regarding tentative taxable value, you may appeal that decision by filing a petition with the Michigan Tax Tribunal at

 PO Box 30232, Lansing MI 48909. Commercial Real, Industrial Real, Developmental Real, Commercial Personal, Industrial Personal and Utility Personal Property may be

 appealed by May 31. Agricultural Real, Residential Real, Timber-Cutaver Real and Agricultural Personal Property may be appealed by July 31, The petition must be filed on

 a Michigan Tax Tribunal form or a form approved by the @ Michigan Tax Tribunal, Michigan TaxT Tribunal forme are available 21 sovwe michigan govitaxidy

3. CLASSIFICATION

 Disposition by Board of Review. The Board of Review must per the reason for YT achion otow

 Il Denied O Classification Changed From to



 Record of Vote — Board or three-member commitiee of board

 Chairperson: O Yas O No Member: I) Yes 0 No Member: Yes O No

 Initials Initials Initials

 Reason for Board Action



 [f you disagree with the decision of the Board of Review regarding classification, you may appeal by sending Form 2167 to the Stala Tax Commission at PO Box 30471, by 30. June MI 48909, Lansing

 4. QUALIFIED AGRICULTURAL PROPERTY EXEMPTION NE ET I CRN A

 Disposition by Board of Review. The Board of Review mus! stata the reason for its action below.

 0 Exemption Request Denied Exemption percent modified from % to %

Record of Vole — Board or three-member committee of board

Chairperson: O Yes O No Member: O Yes Il No Member:

ne Tae rose THIS IS NOT A TAX BILL L-4400

 Notice of Assessment, Taxable Valuation, and Property Classification

 This form is issued under the authority of Public Act 206 of 1893, Sec. 211.24¢ and Sec.211.34c, as amended. This is a model assessment notice to be used by the local assessor.

 Assessing Department City of Petoskey PARCEL IDENTIFICATION

 PARCEL NUMBER: 52-19-05-300-149 P.O. Box 25

 Rogers City, Mi 49779 PROPERTY ADDRESS:

 1321 WAUKAZOO AV

 PETOSKEY, MI 49770



 SCHOOL DISTRICT CODE: 24070



 OWNER'S NAME & ADDRESS/PERSON NAMED ON ASSESSMENT ROLL: EXEMPTIONS

 KE SET TER MATTHEW D % Exempt As "Homeowners Principal Residence": .00%

 2 MICHIGAN ST % Exempt As "Qualified Agricultural Property": .00%

 PETOSKEY MI 49770 % Exempt As "MBT Industrial Personal": .00%

 % Exempt As "MBT Commercial Personal”: .00%



 Exempt As "Disabled Veteran or Surviving

 Spouse": 0 Yes No

 Exempt As "Qualified Forest Property": O Yes No



 Exempt As "Development Property": Yes No



 LEGAL DESCRIPTION:

 COM AT SW COR OF SEC 5, TH S89*54'E ALG S LN OF SEC 659.5", TH N0*13'W 138' TO POB. TH S89*54'E 162, TH NO*13'W 94',

 TH N89*54'W 162', TH S0*13'E 94' TO POB. EXC. RW ON W SECTION 5, T34N, R5W.



 ACCORDING TO MCL 211.34c THIS PROPERTY IS CLASSIFIED AS: 401 Residential



 PRIOR YEAR'S CLASSIFICATION IF DIFFERENT: 401 Residential

 The change in taxable value will increase/decrease your tax bill PRIOR AMOUNT CURRENT CHANGE FROM

 for the 2026 year by approximately: $15459 YEAR: 2925 TENTATIVE AMOURT RO EAR

 1. TAXABLE VALUE: 160,992 460,400 299,408

 2. ASSESSED VALUE: 406,200 460,400 54,200



 3. TENTATIVE EQUALIZATION FACTOR: 1.000

 4. STATE EQUALIZED VALUE (SEV): 406,200 460,400 54,200

 5. WAS THERE A TRANSFER OF OWNERSHIP IN025 THAT RESULTED IN A TAXABLE VALUE UNCAPPING? [x] Yes 0 No



 6. Assessor Change Reason(s):

 Market Adjustment



 The 2026 Inflation rate Multiplier is: 1.027

 Questions regarding the Notice of Assessment, Taxable Valuation, and Property Classification may be directed to the Following:

Name: : Telephone Number: Email Address:

 Allan Berg (989) 734-3555 info@assessingoffice.com



March Board of Review Appeal Information. The Board of Review will meet at the following dates and times:

 from 3:00pm - 9:00pm & Friday, March 13, 2026 from

← View full record