ID Capital LLC.pdf
Id Capital LLC, Petitioner Vs. City Of Detroit, Respondent · 25-002673-TT
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MICHIGAN TAX TRIBUNAL STATE OF MICHIGAN GRETCHEN WHITMER DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS MARLON |. BROWN, DPA GOVERNOR LANSING DIRECTOR ID Capital LLC ( Pierre Urner) , MICHIGAN TAX TRIBUNAL Petitioner(s) v City of Detroit , Respondent(s) Li ENTIRE TRIBUNAL PROPERTY TAX PETITION 1. Property Parcel No: attached multi (If more than one parcel is at issue, attach a completed Multiple Parcel Petition Form addressing all other parcels at issue.) 2. The property identified above is x real ___ personal. 3. If more than one parcel of real property is under appeal, are the properties contiguous? x Yes ___ No. (If no, separate Petitions are required for each non- contiguous parcel.) 4. Are all of the parcels of personal property located on a parcel of real property under appeal? Yes ___ No. (If no, separate Petitions are required for each parcel of personal property not located on a parcel of real property under appeal.) 5. If parcels of personal property are under appeal, when were the personal property statements filed by parcel number (attach additional page if necessary): 6. The property identified above is classified as 201Comm
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" MTT Docket No. Page 2 of 4 8. 10. 11. 12. 13. If a protest was required and no protest was made, list the separate and specific facts upon which Petitioner relies to invoke the Tribunal's authority over the assessment or assessments at issue (attach additional page if necessary): If the appeal was not submitted by the deadline for the filing of an appeal for the classification or classifications of the properties at issue (i.e., May 31 or July 31 of the tax year involved), list the separate and specific facts upon which Petitioner relies to invoke the Tribunal's authority over the assessment or assessments at issue (attach additional page if necessary): The property or properties at issue are located in Wayne County. The property or properties’ address is: 19301, 19255 Shiawassee The assessment or assessments at issue were established by the (applicable local governmental unit): Detroit Petitioner's legal residence or principal office address is: 1074 Seyburn Det., MI 48214 This appeal involves issues relating to the (check all that are applicable): X the property or properties’ true cash and taxable values the property or properties’ taxable value only If the property or properties’ taxable value is at issue, is there a _ . dispute as to the value of an addition or loss? ___ Yes ___ No uniformity of the property or properties’ assessment
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MTT Docket No. Page 3 of 4 15. If more than the current tax year is being appealed, list the separate and specific facts upon which Petitioner relies to invoke the Tribunal’s authority over the prior tax year or years (attach additional page if necessary): 16. The values for the property identified above as established by Respondent's Board of Review are: Tax Year True Cash Value Assessed Value Taxable Value 2025 attached 17. Petitioner contends that the values for the property identified above are: Tax Year True Cash Value State Equalized Value Taxable Value 2025 18. The values in dispute for the property identified above are: Tax Year True Cash Value State Equalized Value Taxable Value 2025 19. Petitioner requests the following relief (attach additional page if necessary): Reduction of TCV and accordingly AV/TV to more closely reflect accurate figures on comps, condition, income, vacancy, etc.
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" MTT Docket No. Page 4 of 4 orized Representative or, if none, Petitioner: Printed Name of Petitioner's Authorized Representative or, if none, Petitioner: Stephen Polter Email Address: spolter@polterlaw.com Mailing Address: 2600 W Big Beaver, Ste L100, Troy, MI 48084 Telephone Number: 248-213-6800 Date: May 25, 2025
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STATE OF MICHIGAN GRETCHEN WHITMER DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS MARLON I. BROWN, DPA GOVERNOR LANSING DIRECTOR ID Capital LLC , MICHIGAN TAX TRIBUNAL Petitioner, \ MTT Docket No. City of Detroit , Respondent. MULTIPLE PARCEL ANSWERFORM 1 OF 1 1. The classification of the property identified herein as established by Respondent's Board of Review is: Tax Year Parcel Number Real/Personal Classification 2025 22121161-7 R 201Comm 2025 22121168 R 201Comm 2. The values for the property identified herein as established by Respondent's Board of Review are: Tax Year | Parcel Number | True Cash Value | Assessed Value | Taxable Value 2025 22121161-7 1,922,400 961,200 116,464 2025 22121168 2,317,400 1,158,700 116,464
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" MTT Docket No. Page 2 of 2 3. Respondent contends that the values for the property identified herein are: Tax Year | Parcel Number | True Cash Value | State Equalized Value | Taxable Value 2025 22121161-7 1,000,000 500,000 116,464 2025 22121168 1,000,000 500,000 116,464 4. The values in dispute for the property identified herein are: Tax Year Parcel Number True Cash Value State Equalized Value Taxable Value 2025 22121161-7 922,400 461,200 0 2025 22121168 1,317,400 658,700 0
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5/26/25, 12:11 PM Parcel Number - 22121161-7 | City of Detroit | BS&A Online 19301 SHIAWASSEE 48219 (Property Address) Parcel Number: 22121161-7 Property Owner: ID CAPITAL, LLC Summary Information > Commercial/Industrial Building Summary > Assessed Value: $961,200 | | - Yr Built: 1963 - # of Buildings: 2 - Total Sq.Ft: 33,640 > Property Tax information found Owner and Taxpayer Information Amou Curren Owner ID CAPITAL, LLC Taxpayer SEE OWNER 1074 SEYBURN INFORMATION DETROIT, MI 48214 Legal Description W SHIAWASSEE 54 THRU 47 EWERS SUB L40 P25 PLATS, WCR 22/361 400 X 132 Other Information You can change your anticipated payment date in order to recalculate amounts due as of the specified date for this property. Enter a Payment Date 5/26/2025 | | Recalculate By continuing to use this website you agree to the BS&A Online Terms of Use. X https://bsaonl ine.com/SiteSearch/SiteSearchDetails?SearchFocus=Tax&SearchCategory=Parcel+Number&SearchText=22121161-7&uid=155&Pagelndex=1&Reference 1
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5/26/25, 12:12 PM Parcel Number - 22121168. | City of Detroit | BS&A Online 19255 SHIAWASSEE 48219 Parcel Number: 22121168. (Property Address) Property Owner: ID CAPITAL, LLC Summary Information > Commercial/Industrial Building Summary - YrBuilt: 1963 - # of Buildings: 2 - Total Sq.Ft. 42,850 > Property Tax information found > Assessed Value: $1,158,700 Enter a Payment Date By continuing to use this website you agree to the htps://bsaonline.com/SiteSearch/SiteSearchDetails ?SearchFocus=Tax&SearchCategory=Parcel+N umber&SearchText=22121168&uid=155&Pagelndex=1&ReferenceKe Owner and Taxpayer Information Owner ID CAPITAL, LLC 1074 SEYBURN DETROIT, MI 48214 Legal Description Amou SEE OWNER INFORMATION Taxpayer Curren W SHIAWASSEE N 227.9 FT OF THAT PT OF SW 1/4 SEC4 T1S R10E LYG S & ADJ EWERS SUB BETW APPLETON & SHIAWASSEE 22/--- 7083 Other Information Recalculate amounts using a different Payment Date You can change your anticipated payment date in order to recalculate amounts due as of the specified date for this property. [5/26/2025 | Recalculate BS&A Online Terms of Use, X
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Stephen Polter 3 — = From: Stephen Polter Sent: Friday, May 23, 2025 1:55 PM To: Kevin Richard Subject: RE: ID Capital - IDRE (very colorful email, but not by design, just something odd occurred and couldn't figure out how to reverse) Kevin, Nice talk yest. | feel you and | will work well together on these and in the future and I'm glad you are Perry's heir to the throne. You likely already have the below from previous when you were cc'd as | always did when communicating/corresponding with Perry. But figured I'd double up here so that you have, and you can relay to assessor if he doesn't already have. Always, maintained, very tricky Detroit, b/c AV/TV usually not the issue as these are generally reasonable; however, your “millage” is so outrageous (almost 50% higher than Statewide avg.), that AV/TV is almost meaningless. Of course, millage uncontestable, only at the ballot box in Nov., but at least the City can be reasonable in reducing AV/TV accordingly — after all, six of one, half dozen of the other. In this case particularly, Taxpayer doesn't even seek “taxable” relief, merely “assessed” as as it currently sits, completely unattractive to potential buyers — specifically IDC sitting on market 2 years with no takers, b/c of fair of “astronomical” uncapping. Anyhow, hopefully we do something here that is fair to all parties. After all, it's no loss to City in terms of bottom line, as it loses no tax $$$, only seeking AV reduction. (Anyhow, see below): Shiawassee/Pierre, as follows: Met with the broker, Jason Gardner, on this yesterday and he related that this property has been on the market (listed with his brokerage) for two (2) years, and he’s not even able to get a buyer to bite at $2.8mm, whereas Detroit has it assessed at S4mm; simply outrageous. Buyers are shying away, especially due to the unreasonable taxes, especially seeing as in performing an 8-year tax study on this property the tax has increased over 1000%. This further highlights the fact that my below offer is fantastically generous. And again, | feel the need to emphasize, City loses nothing, as the Taxable is unimpacted. Rather, it would simply relieve property owner from the shackles of restraint of selling. (Be advised though that this is three separate parcels; so, if we do come to terms, we will have to reduce each accordingly separately).
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Detroit 104 CURRENT So 2/18/2025 i h Address 19255 Shiawassee SQFT 76490 Year Built 1963 Tax ID's 171230328002 Taxable Value $225,926 SEV $1,996,300 Assessed Value $3,992,600 Non-Homestead Mileage 83.91 Cutrent RE Tax (Estimated) $18,958 Purchaser RE Taxes $167,518 INCOME SELLER PURCHASER Type RENT Month 1 Bed 52 675 $600 $31,200 $374,400 $600 §2 2 Bed 52 800 $700 $36,400 $436,800 $700 $2 Vacancy 15% $121,680 Goss Adjusted /AV.G/Total 52, 76700 $650 $57,460 $689,520 $9 XEN IER ADMIN $1,667 $20,000 § Management 5% $2,873 $34,476 § Payroll $8,667 $104,000 § Repairs &Maintenance $8,667 $104,000 § Utilities*** $12,500 $150,000 $1 Insurance $8,333 $100,000 $962 § RE Taxes $1,580 $18,958 NCAPPED $1 TOTAL EXPENSES $42,706 $512,476 $4,928 SH NET OPERATING INCOME games] [LT] Information deemed reliable but not guaranteed! Pricing Valuation Analysis CURRENT
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First Mortgage $750,000 $1,125,000 $1,500,000 $1,875,000 Interest Rate / eas 700% 25 700% 25 7.00% 25 7.00% [ Net Operating Income $177,044 $177,044 $177,044 $177,044 | Mortgage Payment ($63,610) (595,415) ($127,220) ($159,025) Cash Flow [ su3,434 $81,629 $49,824 $18,019 | CIRc ca $9500000 $1,0751000 1 51;200;000 IST; 325 000] Cash on Cash Return 11.94% 7.59% 4.15% 1.36% CAP Rate 17.70% 11.80% 8.85% 7.08% GRM 4.23 6.34 8.45 10.56 Cost per Unit $9,615 $14,423 $19,231 $24,038 Cost per Sq Ft. $13.04 $19.56 $26.08 $32.59 Principal Paydown $11,474 $17,210 $22,947 $28,684 Total Return $124,907 $98,839 $72,771 $46,703 13.15% 9.19% 6.06% 3.52% [ Information Deemed Reliable-Not Guaranteed | Pierre Pricing Valuation Analysis UNCAPPED 104 76,700 Total Squate Units Footage Re-Hab Budget $700,000 $700,000 $700,000 $700,000 Down Payment $25,000 25% $50,000 25% $75,000 25% $125,000 First Mortgage $75,000 $150,000 $225,000 $375,000 Interest Rate 700% 25 7.00% 25 7.00% 25 7.00% ortization Net Operating Income $9,526 $9,526 $9.526 $9,526 | Mortgage Payment ($6,361) ($12,722) ($19,083) ($31,805) Cash Flow [sles $3,196 $9,557 -$22,279 |
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Principal Paydown $1,147 $2,295 $3,442 $5,737 Total Return $4,313 -$901 -$6,114 -$16,542 0.59% -0.12% -0.79% -2.01% IDRELLC; 247 002462 Guaranteed Information Deemed Reliable-Not Jason Gardner. » Associate Broker MI & Illinois Broker Income Property Organization 6421 Inkster Rd, Ste 200, Bloomfield Hills, MI 48301 P 248-932-0300 x12 ¢ C 248-760-1815 http://www.incomepo.com INCOME PROPERTY ORGANIZATION Multifamily Brokerage Specialists
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Income Rental Return security deposit Laundry Income Total Income Expenses Advertising Appliances Bank fees BONUS Building supplies Late fee Cable Carpet cleaned Cleaning Computer and Internet Expenses Dues & Subscritions Eviction Exterminator Internet Garbage removal Insurance Expense Landscaping and Groundskeeping Management Fee Office manager Plumbing Office Supplies Payroll Expenses Payroll tax Worker comp ins Permits and Inspection Professional Fees Accountant Legal Property tax Reconciliation Discrepancies Repairs and Maintenance Security Telephone Expense Pierre Manor Profit and Loss January through December 2023 424,143 -1,873 0 422,270 180 33,039 2,272 487 19,077 1,689 231 2,975 33,863 885 5,836 1,189 8,550 0 16,808 79,705 8,314 18,809 115 4,583 1,205 120,185 14,037 50 16,341 0 65,083 4,839 1,602
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Income Rental Return security deposit Laundry Income Total Income Expenses Advertising Appliances Bank fees BONUS Building supplies Late fee Cable Carpet cleaned Cleaning Computer and Internet Expenses Dues & Subscritions Eviction Exterminator Internet Garbage removal Insurance Expense Landscaping and Groundskeeping Management Fee Office manager Plumbing Office Supplies Payroll Expenses Payroll tax Worker comp ins Permits and Inspection Professional Fees Accountant Legal Property tax Reconciliation Discrepancies Repairs and Maintenance Security Telephone Expense Pierre Manor Profit and Loss January through December 2022 499,550 1,081 84 498,583 16,989 38,818 8,432 559 110,162 8,956 0 108 2,043 1,211 3,308 19,609 0 36,585 11,597 2,689 16,926
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Pierre Manor Profit and Loss January through December 2021 Income Rental 279,207 Return security deposit -1,883 Laundry Income 80 Total Income 277,404 Expenses 0 Advertising 0 Appliances 8,404 Bank fees 498 BONUS 0 Building supplies 18,381 Late fee 1,568 Cable 216 Carpet cleaned 5,660 Cleaning 0 Computer and Internet Expenses 0 Dues & Subscritions 489 Eviction 120 Exterminator 4,987 Internet 185 Garbage removal 12,334 Insurance Expense 17,840 Landscaping and Groundskeeping 5,073 Management Fee 0 Office manager 0 Plumbing 0 Office Supplies 628 Payroll Expenses 71,760 Payroll tax 3,154 Worker comp ins 134 Permits and Inspection [4] Professional Fees 0 Accountant 0 Legal 4,785 Property tax 11,439 Reconciliation Discrepancies -1 Repairs and Maintenance 32,351 Security 19,975 Telephone Expense 895
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May 27, 2025 RECEIVED MAY 80 2025 = = i FAN MICHIGAN TAX TRIBUNAL EXPRESS PROPERTY TAX APPEALS LLC A division of Polter Law Group 2nd Floor Michigan Tax Tribunal 2407 N. Grand River Avenue Lansing, Michigan 48906 Re: Multiple 2025 PTA To whom it may concern, This mailing contains sixty-thtee (“63”) commercial propetty tax appeals/petitions and one (“1”) multi (2) contiguous residential appeal / petition, along with the requisite filing fees, as follows: ®e © © oo o SXM LLC v Hadley Twp. (multi — 2) Res., along with 2 checks (#1345-46) for $125 ea. CCCU v Muskegon/Fruitpott, along with 2 checks; one (#1320) for $250, one (#1393) for $150 (totaling $400). CCCU v Commetce Twp., along with 2 checks; one (#1321) for $250, one (#1391) fot $150 (totaling $400). CCCU v Notton Shotes, along with 1 check (#1319) in the amount of $250. TOCU v Sandusky, along with 1 check (#1317) in the amount of $250. TOCU v Owosso, along with 1 check (#1318) in the amount of $250. W Investors v FH, along with 1 check (#1378) in the amount of $400. Rite Aid Cotp (Lewis) v Pinckney, along with 1 check (#1336) in the amount of $400. Watten Manor v Warten, along with 2 checks; one (#1311) for $600, one (#1390) for $25 (totaling $625 — contiguous multi (2)). 2Changs v N'Ville, along with 2 checks; one (#1350) for $250, one (#1389) for $150 (totaling $400). ’ 5016 Greenfield v Richfield, along with 1 check (#1330) in the amount of $250. Springfield v. Hampton, along with 1 check (#1331) in the amount of $400. Westbelt v Clawson, along with 1 check (#1337) in the amount of $400. CVS (Encote) v Detroit, along with 1 check (#1316) in the amount of $250. 10 Middlebelt v FH, along with 1 check (#1375) in the amount of $250.
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X Holdings v Watren, along with 1 check (#1329) in the amount of $400. Prism v Mt Pleasant, along with 1 check (#1326) in the amount of $250. Mishpat v Sfld., along with 2 checks; one (#1348) for $250, one (#1388) for $150 (totaling $400). Greenfield Manor v Detroit, along with 1 check (#1369) in the amount of $400. Prep v Grand Haven, along with 1 check (#1349) in the amount of $400. Impulso v OP, along with 1 check (1338) in the amount of $400. Impulso v Clatkston/Independence Twp., along with 1 check (#1340) in the amount of $400. Impulso v Pennfield, along with 2 checks; one (#1339) for $250, one (#1387) for $150 (totaling $400). Farmington 9 v Farmington, along with 1 check (#1333) in the amount of $400. HWEFDS v LP, along with 1 check (#1334) in the amount of $400. Main 5* v RO, along with 1 check (#1332) in the amount of $400. Messersmith v Okemos, along with 1 check (#1335) in the amount of $400. RAD v VBT, along with 1 check (#1314) in the amount of $400. St Helen v. Chatlevoix, along with 2 checks; one (#1315) for $250, one (#1386) for $150 (totaling $400). Durand RAD v Durand, along with 1 check (#1313) in the amount of $400. 360 N MLK v Pontiac, along with 2 checks; one (#1312) for $400, one (#1396) for $100 (contiguous — multi (5). Schaefer v Sfld., along with 1 check (#1365) in the amount of $400. 26382 v Inkster, along with 1 check (#1310) in the amount of $400. 29200 v Livonia, along with 1 check (#1308) in the amount of $400. 20030 Taylor v Taylor, along with 1 check (#1309) in the amount of $400. 222 Reed v Reed City, along with 1 check (#1307) in the amount of $250. WMG v Flint, along with 2 checks; one (#1347) for $250, one (#1385) for $150 (totaling $400). 13 York v Novi, along with 1 check (#1364) in the amount of $400. Kenwood v RO, along with 2 checks; one (#1341) for $250, one (#1384) for $150 (totaling $400). Farmer v Detroit, along with 1 check (#1342) in the amount of $400. Rivershell v Lansing, along with 2 checks; one (#1363) for $600, one (#1383) for $25 (totaling $625) (contiguous — multi (2)). ID Pallister v Detroit, along with 1 check (#1366) in the amount of $600. ID Cap v Dettoit, along with 2 checks; one (#1367) for $600, one (#1394) for $25
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® © © © © © eo © © o JRV v Livonia., along with 1 check (#1325) in the amount of $400. Dhal RE v Sfld., along with 2 checks; one (#1324) for $400, one (#1381) for $200 (totaling $600). NWH v Lansing, along with 2 checks; one (#1351) for $250, one (#1380) for $150 (totaling $400). Berkley Venture v Berkley, along with 1 check (#1361) in the amount of $400. FHH v FH, along with 1 check (#1357) in the amount of $250. Northstar v Chesterfield, along with 1 check (#1353) in the amount of $250. Fenton v BC, along with 1 check (#1356) in the amount of $400. NWH v FH, along with 1 check (#1352) in the amount of $400. Global v Roseville, along with 1 check (#1358) in the amount of $400. Garfield Venture v CT, along with 1 check (#1360) in the amount of $600. Global v Shelby, along with 1 check (#1355) in the amount of $400. Intl Prop v Macomb, along with 1 check (#1379) in the amount of $250. KB3 v Big Rapids, along with 1 check (#1397) in the amount of $400. Please file and issue/email docket numbets accordingly. President, EPTA CC (Letter only): SOM MTT
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