kidd mtt petition 042126.pdf

Walloon Company LLC Petitioner Vs. Township Of Melrose Respondent · 26-000686-TT

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STATE OF MICHIGAN 

GRETCHEN WHITMER 

DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS 

MARLON I. BROWN, DPA 

GOVERNOR 

LANSING 

DIRECTOR 

Walloon Company LLC 

Petitioner(s) 

, 

MICHIGAN TAX TRIBUNAL 

MTT Docket No. 

Melrose Township 

Respondent(s) 

ENTIRE TRIBUNAL PROPERTY TAX PETITION 

1. 

Property Parcel No: 15-010-009-089-45 

(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 xxx real ___ personal. 

3. 

If more than one parcel of real property is under appeal, are the properties 

contiguous? ___ 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 Commercial 

7. 

If the assessment or assessments at issue were protested, the protest was made 

to Respondent's xxx_March 

July 

December Board of Review. 

MICHIGAN TAX TRIBUNAL 

- 611 W. OTTAWA ST., LANSING, MI 48933 

- 517-335-9760 

PO BOX 30232, LANSING, MI 48909 

- Other Carriers: 2407 N. GRAND RIVER AVE., LANSING, MI 48906

MTT Docket No. 

Page 2 of 4 

10. 

1". 

12. 

13. 

14. 

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 Charlevoix 

County. The 

property or properties’ address is: 

4120 M-75 North, Walloon Lake, Michigan 49796 

The assessment or assessments at issue were established by the (applicable 

local governmental unit): 

Melrose Township 

Petitioner's legal residence or principal office address is: 

Post Office Box 2396 

Petoskey, Michigan 49770 

This appeal involves issues relating to the (check all that are applicable): 

XXXXXX 

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 orloss? Yes ___ No 

uniformity of the property or properties’ assessment 

the property or the properties’ exemption from ad valorem taxation 

under MCL 

The tax year(s) at issue are: 

2026

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 vear or vears (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 

2026 

$471,800 

$235,900 

$235,900 

17. 

Petitioner contends that the values for the property identified above are: 

Tax Year 

True Cash Value 

State Equalized Value 

Taxable Value 

2026 

$315,000 

$157,500 

$157,500 

18. 

The values in dispute for the property identified above are: 

Tax Year 

True Cash Value 

State Equalized Value 

Taxable Value 

2026 

$156,800 

$78,400 

$78,400 

19. 

Petitioner requests the following relief (attach additional page if necessary): 

Petitioner requests that the True Cash Value be reduced to $315,000 and that the 

SEV and TV each be reduced to $157,500. 

20. 

List the separate and specific facts upon which Petitioner relies to support the 

relief requested (attach additional page if necessary): 

Petitioner relies on the Appraisal dated December 31, 2025, by Jason B. Vizina, 

Michigan Certified General Real Estate Appraiser, that is attached to this Petition.

MTT Docket No. 

Page 4 of 4 

P 

Signatury’y 

titioneng 

Authokized-Representative or, if none, Petitioner: 

p of Fre ners Authorized Representative or, if none, Petitioner: 

Piste 

Email Address: jrlaw1 @gmail.com 

Mailing Address: 

Post Office Box 2396, Petoskey, Michigan 49770 

Telephone Number: 

(231) 348-4500 

Date: 

Apri 2, oz,

Northern Michigan Appraisal Company, inc. 

Real Estate Appraisers and Consultants 

Walloon Co., LLC 

File No. VWWV-26179 

APPRAISAL OF 

Commercial Property 

LOCATED AT: 

4120 M-75 North 

Walloon Lake, MI 49796 

CLIENT: 

Mr. Wally Kidd 

AS OF: 

December 31, 2025 

BY: 

Jason B. Vizina 

Michigan Certified General Real Estate Appraiser

Northern Michigan Appraisal Company, Inc. 

Real Estate Appraisers and Consultants 

March 5, 2026 

Mr. Welly Kidd 

Walloon Company, LLC 

RE: Appraisal of Parcel 15-010-009-089-45 

4120 M-75 North 

Walloon Lake, MI 49796 

Deer Mr. Kidd, 

As requested, 

| am providing an opinion of value, with the utilization of an Appraisal 

Report with Restricted Use Reporting. 

The purpose of the appraisal is to estimate the market value as of December 31, 2025, of 

the commercial retail building and related real property legally described within Parcel 

Number 15-010-009-089-45, within Township of Melrose, Charlevoix County, Michigan. 

This report was requested for an estimate of market by the client and intended. 

This analysis contains an gppraisal with Restricted Use Reporting and is intended for 

purpose of estimating market value of the subject property and is compiled in 

conformance with the Uniform Standards of Professional Appraisal Practice. The 

appraiser has, within the work file, sufficient information to support all reconciled 

conclusions. The utilization of this type of reporting assumes the reader and intended 

user have a familiarity of the general market segment aswell as subject property given 

consideration within the analysis. Estimated market exposure timeis estimated at 3-6 

months, depending on the time of year a property is offered for sale, as a result of resort 

community characteristics and seasond influences. 

The subject property consists of a commercialy zoned detached structure and property 

(Village Center C-3), within the community of Walloon Lake. The parcel has 

approximately 81 feet of direct frontage dong M-75 North, encompassing atota land 

area of 9865 square feet. Theretail area of the structure consists of 1343 square fest, 

with a second level, minimally finished storage (667 sf). 

The structure is estimated to be 

approximately 90 years of age, having been relocated to the site approximately 10 years 

ago, with an addition at that time. The older portion of the structure is minimally 

insulated, with no central heating system.

‘Walloon Company, LLC 

4120 M-75 North 

~~ 

The Highest & Best Use of the property, as vacant and as improved, is reconciled for 

commercial-retail utility. The subject properly was purchased by the current owner, 

Walloon Lake Company, LLC, May 22, 2024, for $300,000. No additional transfers are 

identified within the last five years. 

My opinion of the market value, in fee simple estate, unencumbered by liens, as of 

December 31, 2025, utilizing the Income and Sales Comparison Approaches, is 

reconciled as; 

$315,000.00 

Three Hundred Fifteen Thousand Dollars 

Please refer to the attacked appraiser's certification, assuthptions, and limiting conditions, 

which include the definition of Market Value. Additionally, the reasoning and selected 

credible approaches to estimafing value are included in the addenda of this report. 

Should you have any further questions or concerns, please do not hesitate to contact me. 

fon B. Ih — 

Michigan Certified General Real Estate Appraiser 

#1205002970

APPRAISERS ARE REQUIRED TO BE LICENSED BY THE STATE OF 

MICHIGAN DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS, 

P.O. BOX 30243, LANSING, MI 48909. 

DEFINITION OF MARKET VALUE; The most probable price which a property 

should bring in a competitive and open market under all conditions requisite to afair sale, 

the buyer and seller, each acting prudently, knowledgesbly and assuming the price is not 

affected by undue stimulus. Implicit in this definition is the consummation of a sale as of 

a specified date and the passing of title from seller to buyer under conditions whereby; 

(1) buyer and seller are typically motivated; (2) both parties are well informed or well 

advised, and each acting in what he/she considers to be their best interest; (3) reasonable 

time is allowed for exposure 

in the open market; (4) payment is made in cash in U.S. 

dollars or in terms of financial arrangements comparable thereto; and (5) the price 

represents the normal consideration for the property sold unaffected by specid or credtive 

financing or sales concessions granted by anyone associated with the sale. 

CONTINGENT AND LIMITING CONDITIONS: 

1. 

The appraiser will not be responsible 

for matters of alegal nature that affect 

either the property being appraised or thetitletoit. The appraiser assumes that 

thetitle is good and marketable and therefore, will not render opinions about title. 

The property is appraised on the basis of it being under responsible ownership. 

2. 

The appraiser has noted any observed adverse conditions, such as, but not 

limited to, hazardous wastes, toxic substances, etc. However, the appraiser is not 

an expert in this field and recommends 

that the subject property be inspected by 

someone 

who 

is a professional in this field. Unless stated otherwise, the 

appraisal is being made under the assumption that there is no contamination or 

other adverse conditions existing. 

3. 

The appraiser will not disclose the contents of the appraisal report except as 

provided for in the Uniform Standards of Professional Appraisal Practice. 

APPRAISER'S CERTIFICATION: 

1. 

| have taken into consideration the factors that have an impact on value in 

my development of the estimate of market value in the appraisal report. 

| have 

not knowingly withheld any significant information from the appraisal report, 

and 

| believe, to the best of my knowledge, that al statements and information in 

the appraisal report are true and correct. 

2. 

| stated in the appraisal report only my personal, unbiased, and professional 

analysis, opinions, and conclusions, which are subject to the limiting conditions 

specified herein. 

3. 

| have no present or prospective interest in the property that is subject of this 

report, and 

| have no present or prospective personal interest or bias with respect

‘Walloon Company, LLC 

4120 M-75 North 

The Highest & Best Use of the property, as vacant and as improved, is reconciled for 

commercial-tetail utility. The subject property was purchased by the current owner, 

Walloon Lake Company, LLC, May 22, 2024, for $300,000. No-additional transfers are 

identified within the last five years. 

My opinion of the market value, in fee simple estate, unencumbered by liens, as of 

December 31,2025, utilizing the Income and Sales Comparison Approaches, 

is 

reconciled as; 

$315,000.00 

Three Hundred Fifteen Thousand Dollars 

Please refer to the attached appraiser's certification, assumptions, and limiting conditions, 

which include the definition of Market Vahie. Additionally, the reasoning and selected 

credible approaches to. estimating value are included in the addenda of this report. 

Should you have any further questions or concerns, please do not hesitate to contact me. 

Michigan Certified General Real Estate Appraiser 

#1205002970

ADDENDA

VALUATION PROCESS 

The valuation procedure is a program in which the data necessary to estimate value is obtained, 

verified, analyzed and organized into a readily interpreted format. The techniques employed by 

appraisers to estimate vd ue involve the use of three fundamental methods. 

1. 

Sales Comparison Approach 

2. 

Cost Approach 

3. 

Income Capitalization Approach 

The cost approach requires that buildings and improvements be estimated in terms of their 

respective reproduction or replacement cost new. Depreciation, or loss in value form all causes, 

is then deducted from the cost new in order to estimate the remaining value of the improvements. 

This depreciated value is then added to the estimated land value 

in order to arrive at a conclusion 

via the cost approach. 

Not every property can be valued through the use of al three methods. For example, it is less 

credible 

to use the cost approach when analyzing properties that have older structures, with 

accumulated depreciation that can be a difficult variable 

to accurately estimate, resulting in aless 

reliable and supported conclusion of value. 

Additionally, external influences, such as economic 

market conditions are not 

easily accountable within a Cost Approach. Within this andysis, the 

sales comparison and income approaches were utilized, and determined to be the most applicable 

to the subject property given consideration in this report. 

In the income capitalization approach to value, it is assumed that there is a definite relationship 

between the amount of income a property generates and its value. Value is therefore created by 

the expectation of future benefits. These future benefits may include the appreciation in property 

value as well as the income characteristics. The two basic methods of income capitalization 

include the direct capitalization and yield capitalization. 

Direct capitalization techniques require 

that the first year's net income produced by the property be divided by an appropriate 

capitalization rate or multiplied by a factor to arrive a an indication of value. A capitdization 

rate or amultiplier is determined through market information which considers such factors as 

risk, time, interest on the capital invested, and recapture of the depreciating asset. Market rents 

for retail area within the Village Center of Walloon Lake can range from $20.00 to $40.00 per 

square foot, depending on functiond utility as well as location, with prevailing triple net lease 

arrangements. For example, the neighboring retail unit to the east, consisting of approximately 

1570 sf, has a current rental rate of $3,100.00/month, or $23.69/sf annualized. This unit is 

considerable newer than the subject’ s structure, allowing for adequate year-round utility, 

dthough lacks the additiond storage area, etc. 

The subject property has an existing lease in place, which appears discounted, being $1,100.00 

per month, with the seller paying real estate taxes, and expenses for utilities and maintenance. 

However, this is not customary for commercial market tenancy, and, as a result, triple net terms 

were utilized. 

A market derived capitalization rate is estimated and extracted from other commercial and retail 

properties. Theses rates can range from 6.5% for long term triple net arrangements to 12% for

commercia properties. 

An overdli rate of 9.5% is reconciled as applicable 

for the subject 

property and immediate market area 

Below is the Income Approach valuation of the subject 

property. 

INCOME: 

1343 @ $24/sf 

Market Rent 

$32,232.00 

668 @ 4/sf 

(Strg. Area) 

$2,672.00 

Gross Income 

$34,904.00 

Less Vacancy (Seasonal) 

. 

($8,058.00) 

Effective Gross Income 

$26,846.00 

OPERATING EXPENSE: 

Net Lease; Tenant Pays All Expenses 

$0.00 

Typical Market Lease Terms 

$0.00 

Total Operating Expense 

$0.00 

NET INCOME 

$26,846.00 

Market 

Reconciled Capitalization Rate 

Extracted 

9.50% 

Net Income divided by the Capitalization Rate equals Value 

$26,846.00 divided by 9.5% 

$282,589.47 

INDICATED VALUE BY THE INCOME APPROACH 

ROUND TO

Utilizing the sales comparison approach, an estimate of value is derived by comparing recent 

transactions involving similar, competitive properties. Where sufficient data exist, these 

comparisons may be directly done on alump-sum basis. Market data grids are employed to 

make the necessary adjustments to account for the differences between the selected properties 

and arrive at an indication of va ue of the subject property. Within the defined market area 

Walloon Lake and Boyne City, comparable sales were utilized that are similar in either/or 

location and quality of site, type of highest and best utility, improvement characteristics, as well 

as overall market appeal. All of the comparable properties are situated within the 

commercid/retail of either Walloon Lake or Boyne City, having similar market and exposure 

appeal as the subject property. 

On the following page is the Sales Comparison Approach Comparison Approach to estimating 

market value, as well as photos of each comparable property and location map. Additionally, 

photos of the subject property, an improvement sketch and aerid map are provided. 

The reconciled value is reflective of the consideration of both formulated methods of estimating 

market value, the Income and Sales Comparison Approaches, as each is considered credible. As 

previously stated, the Cost Approach was determined to less credible as a result of depreciation 

variables. 

The estimated fee simple market value of the subject property as of December 31, 2025, isas 

follows; 

Three Hundred Fifteen Thousand Dollars 

$315,000.00

SALES COMPARISION APPROACH 

SUBSECT 

COMP- 

COMP-3 

A120W-75M 

4145 M-75N 

211 E. Waker Strest 

Walloon Lake 

Walloon Lake 

Boyn City 

SALE PRICE: 

NA 

$35000.00 

$184, 50000 

$795,000.60 

SIZE (GROSS USEABLE} 

1343s 

am 

960 sf 

3383 of 

PRICE PER SF: 

$322 

$192.19 

$236.18 

CONDTIONOF SALE: 

Cash Equal 

Cash 

Cash 

Cash 

ADJUSTMENT: 

$400 

$200 

$0060 

DATE OF SALE: 

od] 

Map24 

Nov 

MARKE T CONDITIONS: 

Similar 

Inferioe 

Similar 

ADJUSTMENT: 

$000 

$192 

$000 

ADJ SALE PRICE PER SF: 

$3722 

$211.41 

$236.18 

AAH-75N 

F4THASN 

501 Boyne Ave 

ZIT E. Water Street 

LOCATION: 

‘Walloon Lake 

‘Walloon: Lake 

Boyne City 

Boyne City 

COMPARISON: 

Similar 

Similar 

Similar 

ADJUSTMENT: 

$000 

sain 

000 

SIZE: 

1343s 

900 sf 

60 sf 

3383 sf 

COMPARISON: 

Smaller 

Smaller 

Lawger 

ADJUSTMENT: 

$37.23 

$19.22) 

$59.05 

QUALITY. CONDITION: 

AvgrHeasonal 

AvesageX early 

Average 

Gopdieasly 

COMPARISON: 

Superior 

Similar 

Supesios 

ADJUSTMENT: 

($37.22 

$000 

847.23 

SITE ARE AZIUALITY: 

9865 5f 

9432 sf 

7144 sf 

TH she FF. 

COMPARISON: 

Similar 

Infenies 

Superior 

ADJUSTMENT: 

$009 

$84 

{$11.81 

BUILDING UTILITY APPEAL: 

CommercialRetall 

 Commercislfietall 

Commescidfletall 

 CommercidRetail 

COMPARISON: 

Simila 

Similar 

Similar 

ADJUSTMENT: 

$000 

30m 

$0.00 

ADJUSTED PRICE PER SF 

$297.78 

$2363 

£3519 

INDICATED VALUE OF THE SUBJECT PROPERTY PER SQUARE FOOT 

£50.00 

HDICATEDVALUIE VIA THE SALES COMPARISON APPROACH 

$336, 75000 

Rounded 

$BEO000 

4120 M-75 North, Walloon Lake, MI

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COMPARABLE PROPERTY PHOTO ADDENDUM 

Client. 

Mr. Wally Kidd 

File No.. 

W-26179 

Property Address: 4120 M-75 North 

Cage No.: Walloon Co., LLC 

City: Walloon Lake 

State: Mi 

Zip: 49796 

COMPARABLE SALE #1 

4149 M-75 North 

Walloon Lake, MI 49796 

Sale Date: November 2025 

Sale Price: $ 335,000 

COMPARABLE SALE #2 

501 Boyne Avenue 

Boyne City, Mi 4912 

Sale Date: May 2024 

Sale Price: $ 184,500 

COMPARABLE SALE #3 

211 E. Water Street 

Boyne City, MI 49712 

Sale Date: November 2025 

Sale Price: $ 799,000

SUBJECT PROPERTY PHOTO ADDENDUM 

Client. 

Mr. Wally Kidd 

File No.. 

WV-26179 

Property Address: 4120 M-75 North 

Case No.: Walloon Co., LLC 

City: Walloon Lake 

State: Mi 

Zip: 49796 

FRONT VIEW OF 

SUBJECT PROPERTY 

Appraised Date: December 31, 2025 

Appraised Value: $ 315,000 

REAR VIEW OF 

SUBJECT PROPERTY 

STREET SCENE

Adaruonat ’notos or te Subject Froperty 

Client 

Mr. Wally Kidd 

File No. 

Wv-26179 

Property Address: 4120 M-75 North 

Case No.; Walloon Co., LLC 

City: Walloon Lake 

State: Mi 

Zip: 49798 

Main Level Retail Area 

Main Level Retail Area 

1/2 Bath 

Second Level Storage 

Second Level Storage 

(Un-insulated- minmal finish) 

Second Level Storage 

(Un-insulated- minmal finish) 

Main Level Retail 

Second Level Storage 

(Un-insulated- minmal finish) 

Additional Front Elevation 

Additional Street Scene 

Produced using ACI soRare, 800.74 8727 wwachieh 

om 

Rear Elevation 

Pia

FLOORPLAN SKETCH 

Client: 

Mr. Wally Kidd 

File No.. 

WV-26179 

Property Address: 4120 M-75 North 

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Case No.: Walloon Co., LLC 

City. Walloon Lake 

State: MI 

Zip: 49796 

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Comments: 

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Legal Description of the Subject Property 

Client: 

Mr. Wally Kidd 

File No. 

WV-26179 

Property Address: 4120 M-75 North 

Case No.: Walloon Co., LLC 

City: Walloon Lake 

State: MI 

Zip: 49796 

PE 5% 

PETOSKEY 849770 

Taxable status 

SthoulDIENEE: 

24070 PéibSey 

PRE Pere 

5 

TurtentSBE 

 SZEXE00 

. CurrentTaxablevalus 

5262500: 

SHASTO0 

Prior Year Taxableaive: 

 si1a/540 

YEOIL EVE CREES NI 3UEGAUNZE 205,225 (REC AS 

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AERIAL MAP 

Client: 

Mr. Wally 

Kidd 

File No: 

WV-26179 

lent Mr Wely®ed 

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FileNo: Wv2et79 

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Property Address: 4120 M-75 North 

Case No.. Walloon Co., LLC 

City: Walloon Lake 

State: Mi 

Zip: 49796

Charlevoix County GIS Map of the Subject Property 

Client: 

Mr. Wally Kidd 

File No. 

VWV-26179 

Property Address: 4120 M-75 North 

Case No.: Walloon Co., LLC 

City: Walloon Lake 

State: Mi 

Zip: 49796 

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License 

Client: 

Mr. Wally Kidd 

File No.. 

VWV-26179 

Property Address: 4120 M-75 North 

Case No.: Walloon Co., LLC 

City: Walloon Lake 

State: Mi 

Zip: 49796

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