APPRAISAL REPORT - 25-003147.pdf
Taylor Cole, Brandon Cole, Petitioners V City Of Ann Arbor, Respondent · 25-003147-TT
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HEARING: WEDNESDAY, OCTOBER 21, 2026 | 10:30 AM MICHIGAN TAX TRIBUNAL RESIDENTIAL APPRAISAL REPORT MTT DOCKET NUMBER: 25-003147 PETITIONER: TAYLOR COLE, BRANDON COLE RESPONDENT: CITY OF ANN ARBOR YEAR: 2025 & 2026 ADDRESS: 2203 MELROSE AV PARCEL NUMBER: 09-09-34-215-005
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APPRAISAL REPORT MTT DOCKET 25-003147 TABLE OF CONTENTS EXECUTIVE SUMMARY ......................................................................................................................... 1 APPRAISAL 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 Highest & Best Use of Site As If Vacant ..................................................................................................... 5 Highest & Best Use of Site As Improved .................................................................................................... 6 PROPERTY DESCRIPTION ...................................................................................................................... 7 Identification of Property .......................................................................................................................... 7 Sales History of Property ........................................................................................................................... 7 Site Description & Analysis ....................................................................................................................... 7 Improvements Description & Analysis ...................................................................................................... 8 COST APPROACH ................................................................................................................................ 11 Land Sale Analysis ................................................................................................................................... 11 Revised Valuation Report ........................................................................................................................ 12 Cost Approach Value Conclusion ............................................................................................................ 15 INCOME CAPITALIZATION APPROACH ................................................................................................ 16 SALES COMPARISON APPROACH ........................................................................................................ 17 Comparable Search ................................................................................................................................. 17 2025 Comparables .................................................................................................................................. 18 2026 Comparables .................................................................................................................................. 19 2025 Sales Grid ........................................................................................................................................ 20 2026 Sales Grid ........................................................................................................................................ 21 Prior Sales ................................................................................................................................................ 22 Adjustments ............................................................................................................................................ 22 2025 Sales Comparison Approach Value Conclusion .............................................................................. 25 2026 Sales Comparison Approach Value Conclusion .............................................................................. 26 FINAL RECONCILIATION & OPINION OF VALUE ................................................................................... 27 2025 Reconciliation ................................................................................................................................. 27 2026 Reconciliation ................................................................................................................................. 28 SUBJECT PHOTOS ............................................................................................................................... 29
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APPRAISAL REPORT MTT DOCKET 25-003147 COMPARABLE SALE PHOTOS .............................................................................................................. 31 SALE COMPARABLE MAP ................................................................................................................... 38 CERTIFICATION .................................................................................................................................. 40 Statement of Assumptions and Limiting Conditions ............................................................................... 40 Certification ............................................................................................................................................. 41 APPENDIX .......................................................................................................................................... 42
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APPRAISAL REPORT MTT DOCKET 25-003147 1 EXECUTIVE SUMMARY PROPERTY DESCRIPTION Property Address 2203 Melrose Ave Parcel Number 09-09-34-215-005 Site Size 0.466 ac / 99 ff Description of Improvements The subject is a 2,972 square foot multistory house clad in siding and stone with a basement, an enclosed porch, and attached garage and was built in 1941. Year Built 1941 Zoning Designation R1A 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 Appraisal Report September 30, 2026 Preparer Heather Hyatt, Senior Appraiser, MMAO ORIGINAL VALUATION SUMMARY Year TCV SEV TV 2025 $1,085,800 542,900 542,900 2026 $1,103,600 551,800 551,800 RESPONDENT’S REVISED VALUE OPINION Year TCV SEV TV 2025 $1,190,000 595,000 595,000 2026 $1,200,000 600,000 600,000
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APPRAISAL REPORT MTT DOCKET 25-003147 2 APPRAISAL PREMISES Scope of Work The scope of work for this valuation is defined by the complexity of this appraisal 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 23, 2025. www.michigan.gov/taxtrib/entire- tribunal/assets/tax-tribunal-rules#273.
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APPRAISAL REPORT MTT DOCKET 25-003147 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. Definition of Fee Simple Estate 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 September 30, 2026. 2 Appraisal Institute, The Dictionary of Real Estate Appraisal 7th Ed. (Chicago: Appraisal Institute, 2022). 3 "Glossary of Terms.” Michigan Tax Tribunal. Accessed September 21, 2026. https://www.michigan.gov/taxtrib/glossary-of-terms 4 Ibid. 5 Ibid. 6 Ibid. 7 Appraisal Institute, The Dictionary of Real Appraisal 7th Ed. (Chicago: Appraisal Institute: 2022).
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APPRAISAL REPORT MTT DOCKET 25-003147 4 MARKET ANALYSIS The subject property is located in the City of Ann Arbor, home to the University of Michigan. Ann Arbor consistently receives awards touting it as one of the best places to live in the U.S and is known to be one of the most highly educated cities in the U.S. According to the U.S. Census Bureau, as of 2024, 97.9% of persons in the city are high school graduates and 77.9% hold bachelor’s degrees. The 2024 population of Ann Arbor is estimated by the U.S. Census Bureau to be 122,925, an increase of 8.7% over a fourteen-year period or 0.62% per year. There are 50,499 households with 2.19 persons per household.8 According to the Federal Housing Finance Agency (FHFA) fourth quarter 2024 and fourth quarter 2025 Housing Price Index (HPI) analysis, Ann Arbor has a 1-Year HPI of 5.63% for 2024 and 2.99% for 2025 and a 5-Year HPI of 45.12% and 43.51% respectively. In comparison, Michigan has a 1- Year HPI of 4.60% for 2024 and 5.48% for 2025 and a 5-Year HPI of 56.86% and 47.96% respectively. The United States has a 1- Year HPI of 4.51% for 2024 and 1.82% for 2025 and a 5-Year HPI of 57.13% and 43.20% respectively.9 According to the FlexMLS Market Summary for December 2024 and December 2025, the median year to date residential sale price in Ann Arbor for 2024 compared to 2023 increased 4.22% and for December 2025 compared to 2024 increased 4.26%. The median year to date days on market (DOM) for residential Ann Arbor sales in 2024 and 2025 was 14 days each year.10 Definition of Housing Price Index (HPI) The FHFA House Price Index (FHFA HPI) is a broad measure of the movement of single-family house prices in the United States. The HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac since January 1975.11 8 “QuickFacts.” U.S. Census Bureau, Ann Arbor City, Michigan. Accessed April 15, 2026. https://www.census.gov/quickfacts/fact/table/annarborcitymichigan/PST045221#PST045221 9 “FHFA Summary Tables.” Federal Housing Finance Agency. Accessed April 8, 2026. https://www.fhfa.gov/data/hpi/datasets?tab=hpi-calculator 10 “Market Summary.” FlexMLS. Accessed April 15, 2026. https://ric.flexmls.com/ 11 “Data Sets.” Federal Housing Financing Agency. Accessed April 15, 2026. https://www.fhfa.gov/faqs/hpi
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APPRAISAL REPORT MTT DOCKET 25-003147 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 property that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity.12 The four tests of highest and best use as they pertain to the subject property are presented below: Highest & Best Use of Site As If Vacant Legally Permissible The subject property is located in specific zoning classification R1A, Single-Family Dwelling. Per zoning regulations, this district is intended to provide an environment of detached single-family dwellings, along with other related facilities that serve the residents in the district such as schools, recreational facilities, parks, and religious assembly. These districts should be convenient to commercial facilities in other zoning districts and to public transportation.13 Permitted uses by right in this zoning district include: Residential – Adult Foster Care, Single-Family Dwelling, Library, Child Care Center, Institution of Higher Learning, Public, Schools, Public, Christmas Tree Sales, and Special Event Sales. 14 There are no known deed restrictions. There are no other known legal requirements or constraints that impose a burden on the subject property that is inconsistent with comparable properties in subject’s market area or permitted uses. Physically Possible All of the uses permitted on the site are physically possible to construct. The size and shape of the site is sufficient for a typical single-family house in keeping with the neighborhood. While it would not necessarily be prohibitive for foster care, child care, or public use development, it would be unlikely given the character of the street and consistent use of sites as residential. The site is easily accessible via an arterial street. Typical utilities are available at the site. Financially Feasible Of the primary legally permissible and physically possible uses, a single-family dwelling is considered the most probable use of the site. Given the purpose and use of this appraisal, financial feasibility of hypothetical developments of foster care, child care, or public institutions was not performed. The site is surrounded by single-family residences. Vacant sites in subject’s neighborhood are scarce and in high demand for construction of single-family residences. 12 Appraisal Institute, The Dictionary of Real Estate Appraisal 7th Ed. (Chicago: Appraisal Institute, 2022). 13 Unified Development Code, Code of Ordinances Eleventh Edition, City of Ann Arbor, Michigan, Chapter 55, Effective August 10, 2025, p 17. 14 Unified Development Code, Code of Ordinances Eleventh Edition, City of Ann Arbor, Michigan, Chapter 55, Effective August 10, 2025, p 34-44.
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APPRAISAL REPORT MTT DOCKET 25-003147 6 Maximally Productive Based on the above, the concluded legally permissible, physically possible, financially feasible, and maximally productive use of the site as if vacant is to improve with a single-family dwelling due to the high demand for high quality single-family residences in subject’s neighborhood. The specifics of the construction are not within the scope of this appraisal. Highest & Best Use of Site As Improved The site is improved with a single-family residence built in 1941. Legally Permissible As discussed above, the subject’s zoning allows for any of the above options. The subject property is located in specific zoning classification R1A, Single-Family Dwelling district. Per zoning regulations, this district is intended to provide an environment of single-family detached dwelling, along with other related facilities. These districts should be convenient to commercial facilities in other zoning districts and to public transportation.15 Permitted uses by right in this zoning district include: Residential – Adult Foster Care, Single-Family Dwelling, Library, Child Care Center, Institution of Higher Learning, Public, Schools, Public, Christmas Tree Sales, and Special Event Sales.16 There are no known deed restrictions. There are no other known legal requirements or constraints that impose a burden on the subject property that is inconsistent with comparable properties in subject’s market area or permitted uses. Physically Possible All of the uses permitted on the site are physically possible to construct. The size and shape of the site is sufficient for a typical single-family house in keeping with the neighborhood. While, it would not necessarily be prohibitive for foster care, child care, or public use development, it would be unlikely given the character of the street and consistent use of sites as residential. The site is easily accessible via an arterial street. Typical utilities are available at the site. Financially Feasible Of the primary legally permissible and physically possible uses, a single-family dwelling is considered the most probable use of the site. Given the purpose and use of this appraisal, financial feasibility of hypothetical developments of foster care or public institutions was not performed. The site is surrounded by single-family residences. Buyers in subject’s neighborhood value historic single-family homes. Maximally Productive Based on the current conditions, the concluded legally permissible, physically possible, financially feasible, and maximally productive use of the site as improved is the existing use as a single-family residence. 15 Unified Development Code, Code of Ordinances Eleventh Edition, City of Ann Arbor, Michigan, Chapter 55, Effective August 10, 2025, p 17. 16 Unified Development Code, Code of Ordinances Eleventh Edition, City of Ann Arbor, Michigan, Chapter 55, Effective August 10, 2025, p 34-44.
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APPRAISAL REPORT MTT DOCKET 25-003147 7 PROPERTY DESCRIPTION Identification of Property Property Address 2203 MELROSE AVE Parcel Number 09-09-34-215-005 Legal Description LOT 16 ASSESSORS PLAT NO 37 Owner BRANDON S & TAYLOR C COLE Sales History of Property The property was acquired by the current owner on May 16, 2024 in an apparent arms-length transaction for $1,100,000. There have been no known additional transfers or marketing attempts of subject property within the past three years. Effective the date of transfer, there was a first mortgage recorded in Liber 5554/Page 782 for $766,550 and a second mortgage recorded in Liber 555/Page 448 for $250,000 for a total of $1,016,550 or 92.4% of the purchase price. Site Description & Analysis The subject property is located in central Ann Arbor within Angell Elementary School district. Angell elementary is an established neighborhood close to the University of Michigan campus in high demand, with many custom historic homes built in the early 1900s. The subject’s neighborhood is primarily bound by Geddes Avenue to the north, Washtenaw Avenue to the southwest, and Huron Parkway to east. The Ann Arbor Observer City Guide describes the Angell School neighborhood as follows: Homes served by Angell School range from fraternities and student apartments near the U-M campus to exclusive homes to the north and east, including residences of prominent university and medical school faculty. Bordering on the 123-acre Nichols Arboretum, a wooded natural area sloping down to the Huron River, Angell in its northern reaches is parklike itself. The riverside areas are among the city’s most expensive neighborhoods, with stately mansions and large, secluded homes. East of the Arb, the streets north of Geddes are lined with one-of-a-kind homes from the decades on either side of World War II. Perched on the slopes overlooking the river are newer custom-built houses, many in mid-century modern styles. Many are architectural showpieces—including the Frank Lloyd Wright–designed Palmer House on Orchard Hills Dr., where visitors can stay overnight. South of Geddes are the winding, wooded streets of another top-dollar neighborhood, Ann Arbor Hills, also with many custom-designed homes. … Angell grads go on to Tappan or Scarlett middle schools and meet up again at Huron High.
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APPRAISAL REPORT MTT DOCKET 25-003147 8 Bike lanes: Hill, Glazier, and Fuller have bike lanes, and so does part of Geddes. Campus areas are well supplied with bike infrastructure, and the Gallup Park Pathway runs east to north along the Huron River. Walking: Angell School has a Walk Score of 81, and many parts of the neighborhood are within walking distance of shopping on South University. Areas north of Geddes require a car to run errands.17 The subject property is located on the northeast side of Melrose Avenue on a 0.466 acre, nearly rectangular site with approximately 99 front feet and 215 feet deep. Melrose Avenue is a local street. The neighborhood may be accessed via Washtenaw Avenue, an arterial street. Students in this location attend Angell Elementary School, Tappan Middle School, and Huron High School. The subject is located less than a half mile from grocery stores, retail stores, restaurants, churches and parks, approximately 1.25 miles from the center of University of Michigan Campus and Medical Center, less than two miles from Main Street and Kerrytown, and approximately two miles from highway access. The close proximity to these Ann Arbor amenities is considered a positive characteristic in this market. Improvements Description & Analysis Design (Style) Multi-Story Year Built 1941 Quality of Construction Good Condition Average Gross Living Area 2,972 square feet Bedroom Count 4 Bedrooms Bath Count 3 Full Baths, 1 Half Bath Basement Area 1,416 square feet Basement Finished Area 150 square feet Cooling Central Air Garage / Carport 2-Car Attached Garage Porch / Patio / Deck Enclosed Porch The subject property is a multi-story, four-bedroom, three full baths, and one-half bath, single-family residence with an enclosed porch and attached garage, built in 1941. 17 “City Guide,” Ann Arbor Observer, Accessed November 25, 2025, https:// https://annarborobserver.com/guide/angell-3/.
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APPRAISAL REPORT MTT DOCKET 25-003147 9 Prior to the Petitioner’s purchase of subject, permits were issued for a new furnace and air conditioner in 2021 and radon mitigation in 2024. According to seller’s disclosures, a new roof was installed on the house and garage in 2021 through 2023, respectively; there was mold and asbestos remediation in the basement, attic, and garage in 2024. The disclosure indicated there had been evidence of water in the basement and there were no known electrical problems. In the lead-based paint disclosure required for all homes for sale and constructed prior to 1978, the seller’s indicated there were no known lead-based hazards. Following Petitioner’s 05/16/2024 purchase of subject, on 07/05/2024, there was a building permit issued for radon mitigation and an electrical permit issued with the following description, “Overhead to underground service. Rewire house, add subpanel. Wall-mounted EV.” No additional permits have been issued for the subject. Additionally, based on June 2024 contractor documentation submitted by Petitioner, the whole house was painted, floor refinished or replaced, and a kitchen remodel completed prior to the effective date of the 2025 assessment, December 31, 2024. Year Assessed Value SEV Taxable Value 2026 551,800 551,800 551,800 2025 542,900 542,900 542,900 2024 483,800 483,800 274,401 The above chart summarizes the subject’s assessed, state equalized, and taxable values from the current tax year, 2026, and previous two years. There was a 100% Principal Residence Exemption (PRE) claimed effective 05/16/2024. There were no NEW/ADDITIONS or LOSS/LOSSES applied during this three-year period. In 2024, the assessed value and SEV were determined via the mass appraisal approach and established at 50% market value. The 2024 taxable value was established via the capped rate formula with an increase of 5% from 2023. In 2025, the taxable value uncapped to be equal to the 2025 assessed value, due to the 05/16/2024 purchase of subject by the current owners. The Petitioner appealed the assessment at the 2025 March Board of Review (MBOR); the Board determined the assessment to be accurate. The MBOR 2025 assessed value of 542,900 is indicative of a market value of $1,085,800. The 2026 inflation rate multiplier was 1.027 or an increase of 2.7%. Based on the capped value formula, the 2026 taxable value would have increased to 557,558, however, the taxable value cannot exceed the assessed value. Therefore the 2026 taxable and assessed value were established at 551,800 based on the mass appraisal approach. The 2026 assessed value of 551,800 is indicative of a market value of $1,103,600. The Petitioner appealed the assessment at the 2026 MBOR; the Board determined the assessment to be accurate.
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APPRAISAL REPORT MTT DOCKET 25-003147 10 In accordance with MCL 211.27a(2): “(2) Except as otherwise provided in subsection (3), for taxes levied in 1995 and for each year after 1995, the taxable value of each parcel of property is the lesser of the following:(a) The property's taxable value in the immediately preceding year minus any losses, multiplied by the lesser of 1.05 or the inflation rate, plus all additions. ….(b) The property's current state equalized valuation.”18 18 The General Property Tax Act Act 206 of 1893, Section 211.27a, accessed https://www.legislature.mi.gov/(S(y1b1mhhbgegu43ifjynpep4d))/mileg.aspx?page=getobject&objectname=mcl- 211-27a 01/11/2024.
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APPRAISAL REPORT MTT DOCKET 25-003147 11 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. The subject property was built in 1941. For purposes of this valuation, due to the age of the subject property and difficulty estimating depreciation, the cost approach is considered less reliable than the sales comparison approach in concluding credible assignment results. However, 2025 and 2026 revised cost approaches were developed to most accurately reflect the land and improvements. ECF tables are provided in the Appendix. Land Sale Analysis There were four comparable land sales within the subject’s market neighborhood in 2024 and 2025 as shown in the table below. 2024-2025 LAND SALES in SUBJECT’S ECF and ADJACENT NEIGHBORHOOD Parcel Number Street Address Sale Date Sale Price Net Acreage Price Per Acre Actual Front Ft Price Per FF 09-09-34-406-004 1360 FAIRLANE DR 04/08/24 $570,000 0.44 $1,304,347 156 $3,654 09-09-34-302-013 2100 TUOMY RD 08/20/24 $339,500 0.46 $744,518 124 $2,738 09-09-34-413-005 -006 2731-51 WASHTENAW AVE 06/18/25 $700,000 0.91 $426,829 125 $2,593 09-09-35-300-018 3081 OVERRIDGE DR 09/05/25 $500,000 0.46 $1,084,599 104 $4,808 Land sales are scarce in subject’s neighborhood market area due to the lack of vacant land. The market has been thoroughly searched and the sales reported are deemed the best recent sales available for comparables that are in close proximity to the subject, and similar in size. The subject’s neighborhood is considered highly desirable, therefore the most important factor is location of the comparables. All four land comparables are all located less than one mile from the subject property, sold in 2024 and 2025 and are similar in character to the subject property. All comparables were confirmed closed via deed, Property Transfer Affidavit (PTA), or Multiple Listing Service (MLS). The subject property is located on a 0.466 acre, mostly rectangular corner lot with 99 front feet on Melrose Avenue. The four comparables range in size from 0.44 acres to 0.91 acres with 104 to 156 front feet. The vacant land comparables sold in 2024 through 2025 and range in price from $339,500 to $700,000. There was not enough data to extract a reliable market adjustment for these four land sales. Indicated values were analyzed based on price per front foot with consideration given to the overall acreage. Price per front foot is a standard unit of comparison for residential lots in a platted subdivision. These four comparables range in price from $2,593 to $4,808 per front foot. The median value per front foot of these four land comparables is $3,196. Rounding to $3,200 per front foot and applying this value
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APPRAISAL REPORT MTT DOCKET 25-003147 12 to the subject property front footage of 99.0 feet results in an indicated subject land value of $316,800. For purposes of this valuation, the estimated land value is rounded to $320,000. Revised Valuation Report For purposes of this valuation, due to the age of the subject property and difficulty estimating depreciation, the cost approach is considered less reliable than the sales comparison approach in concluding credible assignment results. A straight-line depreciation determination for the subject property is based on the State Tax Commission Assessor’s Manual Depreciation Table for Residences for all classes. Depreciation in the table is expressed in terms of remaining economic life or as a percent good. The depreciation tables include consideration for physical deterioration and normal obsolescence. The subject property was built in 1941, therefore normal depreciation based on this age had already been factored into the original assessment. Depreciation is also factored into the revised assessment adjusted slightly for repairs and maintenance.
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APPRAISAL REPORT MTT DOCKET 25-003147 13 Revised 2025 Valuation Report APPRAISAL REPORT Revised 2025 Valuation Report MTT DOCKET 25-003147 2025 REVISED 2025 Est. COLE CITY OF ANN ERB BRANDON MELROSE AV MI 48104 S$ & TAYLOR C Family Cost New 482 1 120 176 240 42 Inch (Unfinished) 462 or: Brick Foundation: 1 2,358 Built-Ins Appliance Allow. 1 7,334 ww Deck w/Roof (Roof po Notes: Cost Depr. 13
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APPRAISAL REPORT
MTT DOCKET 25-003147
14
Revised 2026 Valuation Report
APPRAISAL REPORT
MTT DOCKET 25-003147
Revised 2026 Valuation Report
2026 REVISED
Valuation Report
DB:
2026Aa
COLE BRANDON
S
& TAYLOR
C
2203 MELROSE AV
{
OF ANN ARBOR
gle Family
2
STORY,
B-A
Cls
B-10
Blt
1541
Foundat:
Depr.
Cost
2s
Basement
2
st
Slab
1st
Overhang
20
Total
541,469
Other Additions/Adjustments
Recreation Room
150
4,809
482
25,927
13,482
1
3
shed)
14,088
1
2,328
Built-Ins
Zppliance Allow.
1
3,763
1
10,341
1
12,473
w/Roof
(Roof portion)
176
4,812
2,502
(0S5€
AA HILLS
&
TUOMY
14Page 19
APPRAISAL REPORT MTT DOCKET 25-003147 15 Land Value (rounded) Bldg Value (rounded) TOTAL TCV (rounded) 2025 $320,000 $876,100 $1,196,100 2026 $320,000 $895,400 $1,215,400 Cost Approach Value Conclusion In summary, based on analysis of land comparables, the estimated land value of subject is $320,000. The subject property was built in 1941. Revised 2025 and 2026 Valuation Reports indicate building values of $876,100 and $895,400, respectively. Due to the subject’s age and difficulty in estimating depreciation, the cost approach was not relied on to conclude value, but supports the value conclusion of the overall reconciliation. Based on the cost approach, the overall 2025 True Cash Value (TCV) of subject is $1,196,100 and the 2026 TCV is $1,215,400.
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APPRAISAL REPORT MTT DOCKET 25-003147 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. In 2025 and 2026, approximately 91% 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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APPRAISAL REPORT MTT DOCKET 25-003147 17 SALES COMPARISON APPROACH 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, of similar quality and bracket subject’s square footage, physical characteristics, and amenities. All comparables were confirmed closed via deed. All 2024 and 2025 sales in subject’s neighborhood market were analyzed and compared. There were 28 multistory sales in 2024 and 2025 in subject’s neighborhood market within 25% of subject’s square footage of 2,972 square feet ranging from $257 to $645 per square foot. The median price per square foot in this data set was $458. Applying the median price per square foot to the subject property’s square footage indicates a value for subject property of $1,361,176. All available comparable sale photos were reviewed for similarities in quality, condition, size, and location to that of the subject. Each of the primary comparable properties utilized within this report was driven by, however, subject and comparable photos provided herein may be from Assessor’s files or MLS Listings for a more accurate depiction of condition at time of sale. The subject property is located in an established neighborhood close to the University of Michigan campus in high demand filled primarily with houses built in the early to mid 1900’s. The subject property is a good quality siding and stone house built in 1941 with 2,972 square feet and located on an almost half acre lot. MLS photos, seller’s disclosures, permits issued, and contractor invoices were carefully reviewed to determine quality and condition of subject. Due diligence was expended in selecting properties that are similar in size, quality, condition, and proximity to the subject property on similar sized parcels. While it was not possible to select comparables that were exactly the same as the subject property, care was taken in bracketing characteristics of the subject. The seven best available comparables were selected for 2025 and 2026. All comparables are within 17% subject’s square footage, are in similar condition to the subject, on similar sized parcels, equipped with 2 car garages, sold within ten months of the effective date of the appraisal, and are located within 0.67 miles of subject in the same market neighborhood. These seven comparables selected effectively bracket the subject property features and adjustments were made as appropriate for credible assignment results.
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APPRAISAL REPORT MTT DOCKET 25-003147 18 2025 Comparables COMP 1A COMP 2A COMP 3A • COMPARABLE 1A sold for $1,100,000 on 12/06/2024 2301 Vinewood Blvd is located .34 miles north of the subject within subject’s neighborhood market boundaries and sold less than one month prior to tax day. It is a two-story brick and sided property, similar in quality to the subject. It is slightly smaller in size and located on a slightly smaller lot than subject, and similar quality to the subject. The property had some basement water issues that were patched and knob and tube wiring, and there is no central air conditioning. Comparable 1A has a modest kitchen in terms of size and materials and unrenovated bathrooms, similar to the subject. Following the sale of Comparable 1, permits were issued for a kitchen remodel completed in 2026. Overall, Comparable 1A is considered slightly inferior to the subject property. • COMPARABLE 2A sold for $1,173,050 on 11/18/2024 2640 Overridge Dr is located 0.56 miles southeast of subject property within the same neighborhood and sold within two months of the effective date of this appraisal. It is a two-story sided home, built the same year as the subject and is within 100 square feet of the subject’s size on a slightly larger parcel. According to the seller’s disclosure, there was dampness noted in the basement. The modest-size kitchen appears to be updated to market standards. The bathrooms appear to be in good repair, but some of the finishes are outdated. Following the sale, there was an extensive renovation. Comparable 2A required the least gross and net adjustments of all three comparables and would have likely drawn from the same buyer pool as the subject. • COMPARABLE 3A sold for $1,100,000 on 03/08/2024 3045 Foxcroft Rd is located approximately 0.62 miles east of the subject in the same neighborhood and sold ten months prior to the effective age of the appraisal. It is located on a slightly larger lot, and is within 100 square feet of the subject’s size. Comparable 3A is a multistory home sightly inferior in quality compared to the subject with outdated kitchen and bathroom finishes. The seller’s disclosure noted there were water issues that were patched and fixed. Following the sale of Comparable 3A, there were permits issued for an extensive renovation. Comparable 3A effectively brackets many features of the subject.
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APPRAISAL REPORT MTT DOCKET 25-003147 19 2026 Comparables COMP 1B COMP 2B COMP 3B COMP 4B • COMPARABLE 1B sold for $1,080,900 on 06/13/2025 2315 Adare Rd is located 0.11 miles southwest of the subject on a connecting street within the same neighborhood as subject, is slightly smaller than subject and located on a smaller parcel. It is a multi-story structure similar in effective age as the subject, but inferior in overall quality. The property sold approximately seven months prior to the effective date of the appraisal. Overall, the quality is inferior to the subject, but Comparable 1B effectively bracketing many features. • COMPARABLE 2B sold for $1,447,000 on 05/22/2025 862 Belfield Cir is located approximately 0.49 miles north of the subject in the same neighborhood on a larger parcel. It is slightly smaller than the subject with the same number of bathrooms. It is superior in quality and slightly superior in condition to the subject, with basement finish that is higher quality than the subject and other comparables. Overall, while this comparable is generally superior to the subject, appropriate adjustments have been made. Comparable 2B effectively brackets subject features. • COMPARABLE 3B sold for $1,420,000 on 11/14/2025 2969 Heather Way is a sided multistory home located 0.60 miles east of the subject within the same neighborhood. It sold within two months prior to the effective date of the appraisal. The architectural quality is superior to the subject and it is newer than the subject with a lower effective age. It is larger than the subject on a slightly larger lot. The kitchen and bathrooms appear to be in good condition with minimal upgrades. Overall Comparable 3B is superior to the subject and effectively brackets subject features. • COMPARABLE 4B sold for $1,150,000 on 12/08/2025 3075 Hunting Valley Rd is a brick and sided multistory home located 0.67 miles east of the subject within the same neighborhood. It sold within one month prior to the effective date of the appraisal and is slightly smaller than the subject. The quality and condition are similar to the subject with some upgrades. Due to date of sale, similarity in style, quality, condition and the least gross adjustments are needed of all the comparables, Comparable 4B is the best comparable available.
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APPRAISAL REPORT MTT DOCKET 25-003147 20 2025 Sales Grid
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APPRAISAL REPORT MTT DOCKET 25-003147 21 2026 Sales Grid
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APPRAISAL REPORT MTT DOCKET 25-003147 22 Prior Sales A 36-month sales history search of the subject property and a 12-month sales history search of comparable properties has been conducted. The sales (if any other than those listed in the sales grid) are noted below. The subject property was purchased by the current owners on 05/16/2024 for $1,100,000 in an arm’s length transaction. There were no relevant sales of comparable properties within twelve months prior to the sale used in the grid. There was a transfer of ownership from the trust to an individual on 12/03/2024 for Comparable 1A, however, the non-arms length conveyance has no bearing on market value. ITEM SUBJECT COMP 1A COMP 2A COMP 3A Date of Prior Sale / Transfer 05/16/2024 12/03/2024 None Recorded None Recorded Price of Prior Sale / Transfer $1,100,000 $0 None Recorded None Recorded Data Source Assessor’s Record Assessor’s Record Assessor’s Record Assessor’s Record Effective Date of Data Source 09/29/2026 09/29/2026 09/29/2026 09/29/2026 ITEM SUBJECT COMP 1B COMP 2B COMP 3B COMP 4B Date of Prior Sale / Transfer 05/16/2024 None Recorded None Recorded None Recorded None Recorded Price of Prior Sale / Transfer $1,100,000 None Recorded None Recorded None Recorded None Recorded Data Source Assessor’s Record Assessor’s Record Assessor’s Record Assessor’s Record Assessor’s Record Effective Date of Data Source 09/29/2026 09/29/2026 09/29/2026 09/29/2026 09/29/2026 Adjustments Time Adjustment A time adjustment has been applied to the applicable sale comparables from sale date to effective date of each valuation. The adjustments were derived from the most recent quarterly statistics published by the Federal Housing Finance Agency’s (FHFA) Housing Price Index (HPI) by Metropolitan Statistical Area (MSA) and the FlexMLS 2024 and 2025 statistics. Based on these statistics, adjustments were applied to the relevant comparables based on a 6% market increase in 2024 and 3% overall market increase in 2025. Appropriate adjustments (rounded) were made for comparables and rounded to the nearest $1,000, based on these published figures. 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, analysis of building permits, MLS data 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.
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APPRAISAL REPORT MTT DOCKET 25-003147 23 Square Footage Square footage adjustments take into consideration the law of diminishing returns, and extraction of land value, and other amenities. Regression analysis of comparables in subject’s neighborhood indicates that each additional square foot adds $175 in market value. There was no adjustment for less than 100 square feet difference in square footage, as it is considered an indiscernible market difference to most buyers. Condition The subject property was built in 1941. Physical depreciation is normal and expected in the subject and comparable properties given their chronological and effective ages, consistent with market standards. MLS photos and information, current and historic building permit data, and Petitioner builder contracts were reviewed to determine condition of subject property and comparable properties. Due diligence has been expended in selecting comparables that were similar in quality, condition, and effective age to the subject property. Adjustments for construction were extracted from market-based sales of similar properties, data from building permits, and paired sales when available. Appropriate adjustments were made as appropriate when differences in quality or effective age with relevant market impact. Prior to the Petitioner’s purchase of subject, permits were issued or seller’s disclosure’s indicated the following items repairs, maintenance, or improvements were conducted: Additionally, the seller’s disclosure indicated there had been evidence of water in the basement and there were no known electrical problems. In the lead-based paint disclosure, required for all homes for sale and constructed prior to 1978, the seller’s indicated there were no known lead-based hazards. The 2026 Petition to the Board of Review indicated, “The property required $172,000 in mandatory safety/code-compliance repairs upon purchase (June 2024),…” Petitioner’s stated, “We were compelled to immediately contract for over $172,000 in essential repairs simply to bring the home to a safe and livable condition. These repairs were not cosmetic upgrades – they were mandatory safety and code- compliance corrections…” However, following Petitioner’s purchase of subject on 05/16/2024, there were only two building permits issued. On 07/05/2024, there was a building permit issued for radon mitigation and an electrical permit issued with the following description, “Overhead to underground service. Rewire house, add subpanel. Wall-mounted EV.” No additional permits have been issued for the subject since the Petitioner’s purchase. Petitioner provided the 2025 and 2026 March Board of Review a copy of a contract from Acclaim Construction. Contractor’s Scope of Work and Responsibilities, dated 06/11/2024, indicated the
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APPRAISAL REPORT MTT DOCKET 25-003147 24 contractor shall “complete the Work by 08-31-24.” The following table includes work included in permits or in Petitioner’s statement and contractor estimate to complete in 2024. Within three years prior to the Petitioner’s purchase, the following work was completed on the subject property: new furnace and air conditioner installed, new roof installed, and professional mitigation of radon, asbestos, and mold. Following the purchase, in 2024, Petitioner indicated they “immediately contract[ed] for over $172,000 in essential repairs.” However, the stated condition appears to be typical for an older home in subject’s market area. Furthermore, Petitioner’s Principal Residence Exemption (PRE) Affidavit indicates they occupied the property on the date of purchase and the only permits issued were for electrical work and radon mitigation. Nonetheless, maintenance conducted by the Petitioner included painting throughout the entire house, flooring replacement and repair, adding attic insulation, and plumbing repairs. Improvements and
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APPRAISAL REPORT MTT DOCKET 25-003147 25 upgrades included extensive electrical work including underground electric work, new panel, rewiring, fixtures, car charger, and generator prep. Additionally, the kitchen and pantry were remodeled. Petitioner indicated the cost was $172,000. While cost of improvements is a useful data point, in accordance with MCL 211.27, “the purchase price paid…Is not the presumptive true cash value.” Because permits were not issued for much of the completed work, there is minimal detail provided on the extent of the remodel. An extraordinary assumption was made for purposes of this appraisal that the kitchen remodel included only a replacement of the stated items and were the same quality as the original and the cabinets were not replaced. Based on review of typical permits for similar work and associated market, the market value for the stated work was determined to be approximately $60,000. Most significantly, comparables in similar condition to the subject were selected to conclude value in the sales comparison approach with credible assignment results. 2025 Sales Comparison Approach Value Conclusion Comparables 1A through 3A are sale comparables in subject’s market. The comparables range from $1,100,000 to $1,173,050. After adjustments, the indicated value range is $1,190,050 to $1,211,000. The median indicated value of all three comparables is $1,193,000. Comparable 2A is the most similar to the subject in terms of overall characteristics, site size, location, condition, and required the least gross adjustments of all the comparables. Therefore, greatest weight was given to Comparable 2A. Comparable 2A sold for $1,173,050 and, indicated a post-adjusted value as of 12/31/2024 of $1,190,050. Therefore, the rounded concluded value estimate of $1,190,000 ($400.40 per square foot) is the best value indication. Subject sale analysis The subject property was purchased on 05/16/2024 for $1,100,000. The market increase from the date of sale to tax day, December 31, 2024 is estimated to be approximately 3.5% for this seven-month period. Therefore if the subject were in the same condition as the time of sale, the estimated value as of December 31, 2024, based on the sale of subject would be $1,138,500. However, according to Petitioner’s and permit documentation, there were repairs and improvements made immediately following the purchase in excess of $172,000. It is estimated that at the low end of the range, these improvements would increase the value of the subject by at least $60,000. Adding the value of repairs, maintenance, and improvements to the market adjusted sale price results in a 2024 value indication of subject as of December 31, 2024 of $1,198,500. Therefore, the subject sale reconciled to tax day supports the sales comparison approach value indication and suggests the condition of the subject was already factored into the original sale price. The market value estimate of $1,190,000, as of December 31, 2024, is indicative of a revised assessed value of 595,000 and a revised taxable value of 595,000 as determined via the sales comparison approach. RESPONDENT’S REVISED 2025 VALUE OPINION Year TCV SEV TV 2025 $1,190,000 595,000 595,000
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APPRAISAL REPORT MTT DOCKET 25-003147 26 2026 Sales Comparison Approach Value Conclusion Comparables 1B through 4B are sale comparables in subject’s market. The comparables range from $1,080,900 to $1,447,000. After adjustments, the range is $1,200,679 to $1,274,500. The median indicated value of all four comparables is $1,222,160. The four comparables effectively bracket the characteristics of the subject property. Overall, Comparable 4B is most similar to the subject property in terms of quality and condition and required the least gross adjustments, therefore greatest weight was given to Comp 4B. Comparable 4B indicates a post-adjusted value as of 12/31/2025 of $1,200,679. Therefore, the rounded concluded value estimate of $1,200,000 ($403.77 per square foot) is the best value indication. The market value estimate of $1,200,000, as of December 31, 2025, is indicative of a revised assessed value of $600,000 and revised taxable value of 600,000 as determined via the sales comparison approach. RESPONDENT’S REVISED 2026 VALUE OPINION Year TCV SEV TV 2026 $1,200,000 600,000 600,000
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APPRAISAL REPORT MTT DOCKET 25-003147 27 FINAL RECONCILIATION & OPINION OF VALUE There are three approaches to value that were taken into consideration in the valuation of the subject property: the cost approach, the income approach and the sales comparison approach. Although considered, the income approach was deemed not relevant, as the subject is owner occupied and owner occupancy is a typical use of single-family homes in subject’s neighborhood. Additionally, sales of income properties in subject market area for similar residences may be included in the sales comparison approach, so they are factored into the valuation in this manner. The income approach is not applicable in concluding credible assignment results. 2025 Reconciliation The cost approach, utilizing the mass appraisal technique, indicated a True Cash Value (TCV) of $1,196,100 Due to the age of the subject property and difficulty in estimating depreciation, the cost approach is deemed less reliable than the sales comparison approach in concluding credible assignment results. While the value supports the concluded value, it was not relied on for the value conclusion for 2025. The subject was purchased on 05/16/2024 for $1,100,000. The indicated market adjusted value of subject as of 12/31/2024 is $1,138,500. Following the purchase, in 2024, Petitioner indicated they “immediately contract[ed] for over $172,000 in essential repairs.” The estimated market value attributed to the post- sale repairs, maintenance, and improvements is estimated to be $60,000. Adding the value of the repairs, maintenance, and improvements to the market adjusted sales prices results in a 2024 value indication of subject as of December 31, 2024 of $1,198,500. Overall, the sales comparison approach is considered most reliable because it reflects the behavior in this market. Comparables 1A through 3A indicated a tight post adjusted range of $1,190,050 to $1,211,000. The median indicated value of all three comparables is $1,193,000. The value conclusion was based on Comparable 2A due to its similarity to the subject in terms of overall characteristics, site size, location, condition, and required the least gross adjustments of all the comparables. Therefore, greatest weight was given to Comparable 2A. Comparable 2A sold for $1,173,050 and, indicated a post-adjusted value as of 12/31/2024 of $1,190,050. Therefore, the rounded concluded value estimate of $1,190,000 ($400.40 per square foot) is the best value indication. The market value estimate of $1,190,000, as of December 31, 2024, is indicative of a revised assessed value of 595,000 and a revised taxable value of 595,000. Therefore, the City of Ann Arbor respectfully requests the 2025 values be revised as follows: RESPONDENT’S REVISED 2025 VALUE OPINION Year TCV SEV TV 2025 $1,190,000 595,000 595,000
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APPRAISAL REPORT MTT DOCKET 25-003147 28 2026 Reconciliation The cost approach, utilizing the mass appraisal technique, indicated a True Cash Value (TCV) of $1,215,400. Due to the age of the subject property and difficulty in estimating depreciation, the cost approach is deemed less reliable than the sales comparison approach in concluding credible assignment results. While the value supports the concluded value, it was not relied on for the value conclusion for 2026. Overall, the sales comparison approach is considered most reliable because it reflects the behavior in this market. Comparables 1B through 4B are sale comparables in subject’s market and indicate a post- adjusted range of $1,200,679 to $1,274,500. The median indicated value of all four comparables is $1,222,160. The four comparables effectively bracket the characteristics of the subject property. Overall, Comparable 4B is most similar to the subject property in terms of quality and character and required the least gross adjustments, therefore greatest weight was given to Comp 4B. Comparable 4B indicates a post-adjusted value as of 12/31/2025 of $1,200,679. Therefore, the rounded concluded value estimate of $1,200,000 ($403.77 per square foot) is the best value indication. The market value estimate of $1,200,000, as of December 31, 2025, is indicative of a revised assessed value of $600,000 and revised taxable value of 600,000. Therefore, the City of Ann Arbor respectfully requests that the 2026 values be revised as follows: RESPONDENT’S REVISED 2026 VALUE OPINION Year TCV SEV TV 2026 $1,200,000 600,000 600,000
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APPRAISAL REPORT MTT DOCKET 25-003147 29 SUBJECT PHOTOS SUBJECT FRONT 2203 Melrose Ave SUBJECT FLOOR PLAN
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APPRAISAL REPORT MTT DOCKET 25-003147 30 SUBJECT PLAT MAP SUBJECT AERIAL MAP
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APPRAISAL REPORT MTT DOCKET 25-003147 31 COMPARABLE SALE PHOTOS COMPARABLE SALE 1A Sales Data Property ID No(s): 09-09-34-211-018 Property Address: 2301 Vinewood Blv Date of Sale: 12/06/2024 Sale Price: $1,100,000 Verification: 5573/521 Style: Multistory (5 bed, 3.1 baths) Dwelling Size: 2,470 sf Year Built: 1927 Unit Rate: $445.34 per square foot
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APPRAISAL REPORT MTT DOCKET 25-003147 32 COMPARABLE SALE 2A Sales Data Property ID No(s): 09-09-34-414-010 Property Address: 2640 Overridge Dr Date of Sale: 11/18/2024 Sale Price: $1,173,050 Verification: 5572/365 Style: Multistory (4 beds, 2.1 baths) Dwelling Size: 3,058 sf Year Built: 1941 Unit Rate: $383.60 per square foot
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APPRAISAL REPORT MTT DOCKET 25-003147 33 COMPARABLE SALE 3A Sales Data Property ID No(s): 09-09-34-103-005 Property Address: 3045 Foxcroft Rd Date of Sale: 03/08/2024 Sale Price: $1,100,000 Verification: 5547/951 Style: Multistory (4 Bed, 2.1 baths) Dwelling Size: 3,051 sf Year Built: 1965 Unit Rate: $360.54 per square foot
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APPRAISAL REPORT MTT DOCKET 25-003147 34 COMPARABLE SALE 1B Sales Data Property ID No(s): 09-09-34-303-009 Property Address: 2315 Adare Rd Date of Sale: 06/13/2025 Sale Price: $1,080,900 Verification: 5593/162 Style: Multistory (5 bed, 3.1 baths) Dwelling Size: 2,772 sf Year Built: 1978 Unit Rate: $389.94 per square foot
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APPRAISAL REPORT MTT DOCKET 25-003147 35 COMPARABLE SALE 2B Sales Data Property ID No(s): 09-09-34-210-020 Property Address: 862 Belfield Cir Date of Sale: 05/22/2025 Sale Price: $1,447,000 Verification: 5590/228 Style: Multistory (5 beds, 3.1 baths) Dwelling Size: 2,864 sf Year Built: 1973 Unit Rate: $505.24 per square foot
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APPRAISAL REPORT MTT DOCKET 25-003147 36 COMPARABLE SALE 3B Sales Data Property ID No(s): 09-09-34-102-016 Property Address: 2969 Heather Way Date of Sale: 11/14/2025 Sale Price: $1,420,000 Verification: 5595/207 Style: Multistory (4 Bed, 2.1 baths) Dwelling Size: 3,477 sf Year Built: 1996 Unit Rate: $408.40 per square foot
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APPRAISAL REPORT MTT DOCKET 25-003147 37 COMPARABLE SALE 4B Sales Data Property ID No(s): 09-09-34-105-004 Property Address: 3075 Hunting Valley Rd Date of Sale: 12/08/2025 Sale Price: $1,150,000 Verification: 5612/092 Style: Multistory (4 Bed, 2.2 baths) Dwelling Size: 2,653 sf Year Built: 1965 Unit Rate: $433.47 per square foot
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APPRAISAL REPORT MTT DOCKET 25-003147 39 SUBJECT COMP 4B COMP 2B COMP 3B APPRAISAL REPORT MTT DOCKET 25-003147 COMP 4B at SA 2203 Melrose Ave | 0 760 1,520 N ft 1:10,387 1 inch = 865.58 feet 39
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APPRAISAL REPORT MTT DOCKET 25-003147 40 CERTIFICATION Statement of Assumptions and Limiting Conditions The appraiser’s certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 3. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 4. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. State of Michigan Disclosure Appraisers are required to be licensed and are regulated by the State of Michigan Department of Licensing and Regulatory Affairs, P.O. Box 30004, Lansing, Michigan 48909. Heather Hyatt is currently licensed as a State-Licensed Real Estate Appraiser with the State of Michigan, License #1203074385.
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APPRAISAL REPORT MTT DOCKET 25-003147 41 Certification I certify that, to the best of my knowledge and belief: − The statements of fact contained in this report are true and correct. − The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. − I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. − I have performed assessing / appraisal services relating to the mass appraisal system for the City of Ann Arbor which may, in the normal course of business, have included the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. − I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. − My engagement in this assignment was not contingent upon developing or reporting predetermined results. − My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. − My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. − The report was written in compliance with the license issued by the State of Michigan Department of Licensing and Regulatory Affairs, excepting potential conflicts with the role as Michigan Master Assessing Officer that fall under the jurisdictional exception rule. − I have made a personal inspection of the property that is the subject of this report. − No one provided significant real property appraisal assistance to the person signing this certification. /s/ Heather Hyatt_________ Heather Hyatt, MMAO City of Ann Arbor State-Licensed Real Estate Appraiser, State of MI License #1203074385 Michigan Master Assessing Officer (MMAO), State of MI State Tax Commission Certificate #R-9399
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APPRAISAL REPORT MTT DOCKET 25-003147 42 APPENDIX • 2025 SALES GRID • 2026 SALES GRID • 2025 SUBJECT ORIGINAL RECORD CARD • 2026 SUBJECT ORIGINAL RECORD CARD • 2025 SUBJECT REVISED VALUATION REPORT • 2026 SUBJECT REVISED VALUATION REPORT • 2025 ECF STUDY • 2026 ECF STUDY • SUBJECT DEED • SUBJECT PTA • SUBJECT PRE
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APPRAISAL REPORT MTT DOCKET 25-003147 43 2025 Sales Grid
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APPRAISAL REPORT MTT DOCKET 25-003147 44 2026 Sales Grid
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APPRAISAL REPORT MTT DOCKET 25-003147 45 2025 Subject Original Record Card (1/2)
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APPRAISAL REPORT MTT DOCKET 25-003147 47 2026 Subject Original Record Card (1/2)
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APPRAISAL REPORT MTT DOCKET 25-003147 48 2026 Subject Original Record Card (2/2)
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APPRAISAL REPORT MTT DOCKET 25-003147 49 2025 Subject Revised Valuation Report APPRAISAL REPORT 2025 Subject Revised Valuation Report MTT DOCKET 25-003147 2025 REVISED 2025 Est. COLE BRANDON 2203 MELROSE AV CITY OF ANN ARBOR Ann Arbor, MI 48104 & TAYLOR C B-10 Blt 1541 gle Family Basement Slab Overhang ao ore o Base Cost Water/Sewer Built-Ins Appliance Allow. 1 7,334 replaces 1 10,462 5,348 1 12,619 g, 688 w/Roof (Roof porticn) 176 Totals: £98,748 Notes: BA HILLS & TUOMY SUBS) 2.400 => ICV: 49
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APPRAISAL REPORT MTT DOCKET 25-003147 50 2026 Subject Revised Valuation Report APPRAISAL REPORT MTT DOCKET 25-003147 2026 Subject Revised Valuation Report S & TAYLOR C AV Ann Arbor, MI 48104 Cls B-10 Blt 1541 Siding 541,469 281,321 ons/Adjustments 150 4,808 2,301 482 23,827 13,482 woe vo V— - Ig oundation: 42 Inch (Unfinished) 4 2,328 1,211 1 2,328 1,211 Built-Ins Appliance Allow. 1 3,763 Fireplace s r 1 Story 1 10,341 r 2 Story 1 12,473 (Roof port Notes: 50
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APPRAISAL REPORT MTT DOCKET 25-003147 51 2025 ECF Study (1/2) MTT DOCKET 25-003147 2025 ECF Study (1/2) APPRAISAL REPORT cc 280'M0IST [esizes EEE 04 LHOHOYDA 5F0E] 2 280'M0IST leszeg Wr 590 400M S20 [re 260 HON [15%e§ WF 590 0d C0403 1222 [re ¥8 MOIST] £2 EE wr 50 04 AINE 0251] 2 280 HON BE] CED 8 NOLON MY C36 Irs 280" HON [75 54 wr sa) HO TMONINH 4572] E 280" HONW HE wr sa) H0300H43N0 0ST] 53 280'A0IST BE wr 900 HO MININOH0SL7] 1 280°M0IST lzsse$ wr 50 GHAHONLOTIZ| is V8 MOIST] eg Wr 500 [REE EED ze [080 wins] leeses Wr S| GdHOOWONTIONZ] £3 280 HON B= Wr S00| QUAMSIONOGNOTIIN] 2 VE HON [61 274 Wr 500] GHHONOHOBNIG3 TFSI = 280°M0IST = Wr 590 04 NHOHINY H TST] oc 280" HONW EEE Wr 590 01 0404038575] Jig v8 MOIST | 7B" leazsd wr sa) 40 INVRIVA 0082 E VE HON T7ors AE QHLNOWTRT7ZZ| es 280" HON FE Wr 50] Od TIWONONNYHSSINY] cc ¥8'A0LSZ| EE wr S| N18 NOLONMY SES 15 ¥8'AJ0LSZ, reorg Wr 590 HO300HHIN0SLEY] B__[ 080 wings] Ere WF 590 HONE STO0T| es v8 HON EE wr sw) AM EIR 1052] or WITT [E577 EEE HO NYOHIHS CELT i 380 HON | EE EE AVS30QI0E| ie 280" HON | 716" loves wr sa) 04 ANEXOH 081] & 280'A0IST EE wr 500 G4 NOY EZO0T| oc ¥8'AJ0LSZ, lgovrg wr 50 H0300H4IN0ENE] & Vi AOISZ| OF EE Wr oa] AVN EIHIYH OF ic 280 HON [roses wr sa) 3HIHSNO/3 05557] m 280 HON EY EEE ‘8 NOLONMHY SET] Irs ¥8'A0LSZ, loozrs wr sa) HIHOMINDN 1027] Irs 280°M0IST lees Wr 590 AMM H3HLYIH S08] cc 260°A0IST [rch WF S90 Gd /STIVAONINNHESKE] 3 ¥8'AJOLSZ) 005" levers Wr S00] WIOHOOTYONTIOUFEY [os VE HOLS 7% [EET CE VIR0IIHGLE| Jes 26-0" HON [poses Wr sa) 40 NYOHIHS BELT oc 280" Ad0ISZ 088° [778 EEE 04 04040385567] 3 280" HON l65 574 Wr 590 04 AUNEXOY 1271 Irs XIISTIL Jezzsd Wr 590 4030014300067] 55 26-0" HON [eos wr 50 Y1AHONDIHOBEZ | Irs 280 MOIST [F01e§ Wr sa) 04 LH0HOYD4 650¢] = 380 MOST [7575 EE “8 NOLONMEV SET sc 280" HON | £65" [2518 Wr S00] HMA NOWNH3ZISE] es 260" HONw | 0g6” [er ers wr 900 04 000MNTI9L55T Irs 280" HoNW log8c$ Wr 590 G4 LINISIHOEZL 5 06-0 HONE | TOL | EE] Wr oa] HQ NYO HS BTL] ee 260" HON | 820 [5 ves Wr sa) 04 NHOHLNY HESEZ| ec 280" HON EE EE 01 04040386557] ome | omg 1av/asY EH ALH3408d 51
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APPRAISAL REPORT MTT DOCKET 25-003147 52 2025 ECF Study (2/2) MTT DOCKET 25-003147 [i]t 000085 TS 0CSE TS O'ELTTS motes 0ETOTS 000C TS mossy moet EE EH EE El EEE SE kd IWS IY 2025 ECF Study (2/2) APPRAISAL REPORT 52 g g8|5|5 8|5|8|8|8 Cl EE EEE EE EE
Page 57
APPRAISAL REPORT
MTT DOCKET 25-003147
53
2026 ECF Study
MTT DOCKET 25-003147
APPRAISAL REPORT
2026 ECF Study
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53Page 58
APPRAISAL REPORT MTT DOCKET 25-003147 54 Subject Deed (1/2)
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APPRAISAL REPORT MTT DOCKET 25-003147 55 Subject Deed (2/2)
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APPRAISAL REPORT
MTT DOCKET 25-003147
56
Subject PTA
APPRAISAL REPORT
MTT DOCKET 25-003147
Subject PTA
MAY 24 2073
Michigan Department
of Treasury
L-4260
2766 (Rov. 06-16)
AD
Tole
Property Transfer Affidavit
SSES
This form Is issued undar authority of PA. 415 of 1904. Fikng
is mandatory
This form must be filed whenever real estate or some types of personal property are transferred (even
if you are not recording
a deed)
The completed
Affidavit must be filed by the new
with the
for the city or
|p where the property
is located within 45 days of the transfer. The
information on this form is NOT CONFIDENTIAL
1
Street Address of Property
“County
BB
Date of Transfer (or land contract signed)
2203 Melrose Ave., Ann Arbor, Michigan 48104
Washtenaw
May 16, 2024
4
Location of Real Estate (Check appropriate fiekd and enter name In the space below.)
[5
Purchase Price of Real Estate
[¥ city
[Crownship
~~ [J vinage
$1,100,000.00
[6
Sellers {Transferor) Name
Ann Arbor
Kathryn Hentschel, Stephen Hentschel and Anne C.
Hentschel
7
Properly Identification Number (PIN).
If you dort have a PIN, attach legal description.
[8.
Buyer's (Transferee) Name and Mailing Address
PIN. This number ranges from 10 to 25 digits.
It usually includes hyphens and
Brandon S. Cole and Taylor C. Cole
sometimes includes letters.
It is on the property tax bill and on the
assessment notice.
2203 Melrose Ave.
Ann Arbor, Mi 48104
08-08.34.215.005
5.
Buyer's (Transferee) Telephone Number
Ttems
10 - 15 are
op
However, by
FA Teepe
Se
| pen oe
10.
Type of Transfer.
Transfers include, but are not limited to, deeds, land contracts, transfers involving trusts of wills, certain long-term leases and
business interest
See page 2 for list
[Lend Contract
[tease
[J Deed
[other (specity)
111. Was property purchased from a financial institution? ~~ 12.
Is the transfer between related persons?
13. Amount of Down Payment
[ves
(
[Cdvee
Ine
14.
If you financed the purchase, did you pay market rate of interest?
15.
Amount Financed (Borrowed)
[ves
[Ine
Exemptions
3
[Certain types of transfers are exempt from uncapping.
If you believe this transfer is exempt. indicate below the type of exemption you are claiming.
If you
[claim an exemption, your assessor may request more information to support your claim
|
[[] Transfer from one spouse to the other spouse
|
[1 Change in ownership solely to exclude or include & spouse
|
[1 Transfer between certan family members *(see page 2)
|
[1 Transfer of that portion of a property subject to a life lease of life estate (until the Kfe lease or life estate expires)
[] Transter between certain family members of that portion of a property after the expration or termination of a life estate or life lease retained byl
transferor ** (see page 2)
[7] Transfer to effect the foreclosure or forfeiture of real property
Transfer by redemption from a tax sale
Transfer into a trust where the settior of the settior's spouse conveys property to the trust and is also the sole beneficiary of the trust
Transfer resulting from a court order unless the order specifies a monetary payment
Transfer creating or ending a joint tenancy if at least one person Is an onginal owner of the property (or hisiher spouse)
Transfer to
ish of r
a
y interest (
0}
Transfer of real estate through normal public trading of stocks
Transfer between entities under common control or among members of an affliated group
Transfer resulting from transactions that qualify as
tax-free reorganization under Section 368 of the Internal Revenue Code.
~]
Transfer of qualified agricultural property when the property remains qualified agricultural property and affidavit has been filed
| Transfer of qualified forest property when the property remains qualified forest property and affidavit has been filed
|
[7] Transfer of land with qualified conservation easement (land only - no improvements)
S-3/29
|
|
[[] other, specify
A
[ Certification
| certify that the information above is trie and complete to the best of my knowledge.
[Printed
Cle
Taylor Cc. tole
HB
Ure ( [4
osnee
| Daytime Phone Number
E-mail Address
EEEEESEEE
56Page 61
APPRAISAL REPORT MTT DOCKET 25-003147 57 Subject PRE APPRAISAL REPORT MTT DOCKET 25-003147 Subject PRE Michigan Department of Treasury RECEIVED 2368 (Rev. 04-19) ) Principal Residence Exemption (PRE) Affidavi¢¥ 2 1 204 ET GT CITY OF ANN ARBO Issued under authority of Public Act 206 of 1893. pa 'S OFFIC Read the Instructions page before completing the form. This form is not vaidYRess Gertilied by the assessor. Do rot submit this form if the property is not your principal Residence and/or any of the disqualifying factors apply as listed in MCL 211.7(cc). For more infermation regarding the PRE, please review the PRE Guidelines at wwaw.michigan gov/pre. Type or print in blue or black ink. PART 1 PROPERTY INFORMATION Type or print legibly. Use a separate form for each property tax identification number. 1. Property Tax Identification Number I 2. Name of Local Unit (Check Township or City) 3. County 09-09-34-215-005 | Township Ann Arbor Washtenaw | _i¢lcity 4. Street Address of Property (Provide a Complete Address) 2203 Melrose Ave. 5. Name of Owner (First, Middle, Last) [6 Owners La Social Security No. er's Daytime Telephone No. Brandon S. Cole ) | XXXXX- 202 570 4050 8. Name of Co-Owner (First, Middle, Last) -Cwner's, igits of Social Security No Co-Owner's Daytime Telephone No. Taylor C. Cole f yi XXXXX- 240 89% [90% 11. Date you owned and occupied the property in fins 1 The property in line 1 above is my: 11a. [Principal resicence 11b. | Unoccupied adjoining or contiguous property that is classified residential or timber cutover Month 12. List the percentage (100% to 1%) of the property that is occupied by the owner claiming the property as a principal residence. If the property has more than one home on it, it is a multi-dwelling, used for purposes other than a principal residence, or partially rented, the owner may claim only a partial exemption. Please consuft with your local assessor fo determine the percentage of the exemption the owner is allowed to claim in these situations... FR % Have you claimed a principal residence exemption for another Michigan principal residence?........................ 13, [ves If yes to 13, enter the property address and parcel number: If yes to 13, have you rescinded that principal residence exemption?............. 15. [Cves [Ine Do you or your spouse claim a similar exemption, credit or deduction on property located in another state? 18. [ves iNo 7. If yes to 16, enter the property address and parcel number: 18 [Elves [Ino Have you or your spouse filed a tax retum as a non-resident of Michigan of resident of another state? fyes to 18, enter the state: Maryland PART 2: CERTIFICATION Certification: | certify under penalty y SLperiary fury that | own and occupy as @ princial residence on the date stated in Line 11 and that | have not claimed a substantially similar exemption/degdutlion/oredit in property another state, and that information contained on this document is true and correct to the best of my ra z EE i 7/722 = Shih 22. Mailing Address. if Different than Property Address Above LOCAL GOVERNMENT E ONLY (do not write below this line) 23. Indicate property classification . po . —— 23 wolf Did the Assessor Approve or Deny the Affidavit? What is the year the Affidavit will be posted on the tax roll? [Approved [| Denied (Attach a copy of the Local Unit Denial) | - Certification: I certify that, to the best of my knowledge, the information contained in this form is complete and accurate. Assessor's Signature - Date Certified by Assessor (MM/DD/YYYY) 57