3071 N Spurway Valuation Report.pdf
Toni Zhang, Petitioner V City Of Ann Arbor, Respondent · 25-002568-TT
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HEARING: THURSDAY, OCTOBER 15 | 11:30 AM MICHIGAN TAX TRIBUNAL RESIDENTIAL VALUATION REPORT MTT DOCKET NUMBER: 25-002568 PETITIONER: TONI ZHANG RESPONDENT: CITY OF ANN ARBOR YEAR: 2025 ADDRESS: 3071 N SPURWAY DR PARCEL NUMBER: 09-09-10-402-133
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September 22, 2026 Gerard Markey, Assessor Michael Gonzales, Deputy Assessor City of Ann Arbor 301 E. Huron St. Ann Arbor, MI 48104 Dear Mr. Jerry Markey: At your request, I have prepared a valuation disclosure of the property located at 3071 N Spurway Dr, in the City of Ann Arbor, Washtenaw County, Michigan. An exterior inspection was completed on September 16, 2026, by Harley Day and a street review was conducted on September 3, 2026. This report is based on an effective date of December 31, 2024. The purpose of the valuation disclosure is to estimate the True Cash Value of the property for the Michigan Tax Tribunal. "True Cash Value" is defined by "MCL 211.27" as: “As used in this act, "cash value" means the usual selling price at the place where the property to which the term is applied is at the time of assessment, being the price, which could be obtained for the property at private sale, and not at forced or auction sale." Based on this definition, it is my estimate that the True Cash Value of the property is as of: December 31, 2024, is: $808,000 (eight hundred and eight thousand dollars) This Valuation Report contains the results of the research and analysis that provides the foundation for the estimate of market value. Respectfully, Heath R. Gorney, MMAO Senior Appraiser
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VALUATION REPORT MTT DOCKET 25-002568 TABLE OF CONTENTS EXECUTIVE SUMMARY .......................................................................................................................1 VALUATION 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 NEIGHBORHOOD DESCRIPTION ..........................................................................................................4 MARKET ANALYSIS .............................................................................................................................5 HIGHEST & BEST USE ...........................................................................................................................6 Highest & Best Use of Site “As If Vacant” .................................................................................................. 6 Highest & Best Use of Site “As Improved” ................................................................................................. 7 PROPERTY DESCRIPTION ....................................................................................................................7 Identification of Property .......................................................................................................................... 7 Sales History of Property ........................................................................................................................... 7 Improvements Description & Analysis ...................................................................................................... 7 Property Tax Description & Analysis ......................................................................................................... 8 COST APPROACH ................................................................................................................................9 INCOME CAPITALIZATION APPROACH ............................................................................................... 11 SALES COMPARISON APPROACH ...................................................................................................... 12 2025 Sales Grid........................................................................................................................................ 12 Comparable Search ................................................................................................................................. 13 Prior Sales ................................................................................................................................................ 14 Adjustments ............................................................................................................................................ 15 2025 Sales Comparison Approach Value Conclusion .............................................................................. 17 FINAL RECONCILIATION & OPINION OF VALUE .................................................................................. 19 Therefore, the City of Ann Arbor respectfully requests the 2025 values be revised as follows: ........... 19 SUBJECT PHOTOS ............................................................................................................................. 20 COMPARABLE SALE PHOTOS ............................................................................................................ 22 SALE COMPARABLE MAP .................................................................................................................. 25 APPENDIX ........................................................................................................................................ 27
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VALUATION REPORT MTT DOCKET 25-002568 1 EXECUTIVE SUMMARY PROPERTY DESCRIPTION Property Address 3071 N Spurway Parcel Number 09-09-10-402-133 Site Size Site Condo Description of Improvements The subject is a two-story attached condo with above average quality constructed in 2020. It has 4 beds, 4 full and 1 half bath and is an end unit. It has 1,347sf of basement finish and a concrete covered porch and wood deck. Year Built 2020 Zoning Designation R4A; Multiple Family Dwelling District Purpose and Use of the Valuation MTT Property Tax Appeal Highest and Best Use As If Vacant Residential Condominium Highest and Best Use As Is Residential Condominium VALUATION Effective Date of Opinion of Value December 31, 2024 Date of Valuation Report September 23, 2026 Preparer Heath R. Gorney, Senior Appraiser, MMAO ORIGINAL VALUATION SUMMARY Year TCV SEV TV 2025 $797,200 398,600 398,600 RESPONDENT’S REVISED VALUE OPINION Year TCV SEV TV 2025 $808,000 404,000 398,600
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VALUATION REPORT MTT DOCKET 25-002568 2 VALUATION PREMISES Scope of Work The scope of work for this valuation is defined by the complexity of this valuation 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. 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 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.1 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.2 1 Appraisal Institute, The Dictionary of Real Estate Appraisal 7th Ed. (Chicago: Appraisal Institute, 2022). 2 "Glossary of Terms.” Michigan Tax Tribunal. Accessed April 22, 2026, https://www.michigan.gov/taxtrib/faq/glossary-of-terms.
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VALUATION REPORT MTT DOCKET 25-002568 3 Definition of State Equalized Value (SEV) One half (1/2) of your property's true cash value.3 Definition of True Cash Value The fair market value or the usual selling price of property.4 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.5 Property Rights Appraised The property rights being appraised are that of fee simple estate of the subject property. 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.6 Effective Date of Value Opinion The effective date of the value opinion contained herein is December 31, 2024. Date of Appraisal Report The date of this report is September 23, 2026. 3 Ibid. 4 Ibid. 5 Ibid. 6 Appraisal Institute, The Dictionary of Real Estate Appraisal 7th Ed. (Chicago: Appraisal Institute, 2022).
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VALUATION REPORT MTT DOCKET 25-002568 4 NEIGHBORHOOD DESCRIPTION The subject’s boundaries are U.S. Highway 23 to the north, Nixon Rd to the east, to Rayfield Ave to the south, and Buttonbush Nature Area to the west. The subject’s neighborhood consists primarily of residential condominiums ranging in size and features. The neighborhood is in a suburban area of the City of Ann Arbor. Downtown Ann Arbor is located four miles to the south from the subject property. A commercial corridor consisting of restaurants and retail, local parks, and schools are within two miles, as is the University of Michigan North Campus. Access to North Campus, and Plymouth Road Mall is through Nixon Rd. going south. U.S. Highway 23 is within three miles, which provides access to I-94 for Jackson or Detroit and Michigan Highway 14 for additional access to I-94 or I-96 to the east. No adverse neighborhood conditions were observed. The subject property is in the North Oaks condominium community. The community consists of 472 attached condominium units of row and townhouse style. In the subject’s market, North Oaks community, the predominant sales price for 2024 is $700,000; measured by the median of sales prices in the highlighted sales group; the predominant price is supported by the market trend’s median price. The gross living area ranges from 2,200 square feet to 2,900 square feet, year-built ranges from 2018 to 2023, and sale prices range from $550,000 to $908,000 through the last two years.
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VALUATION REPORT MTT DOCKET 25-002568 5 MARKET ANALYSIS The subject property is located in Ann Arbor, home to the University of Michigan. Ann Arbor continues to receive national recognition as one of the most desirable places to live in the United States and is widely regarded as one of the most highly educated communities in the country. According to the U.S. Census Bureau, the population of Ann Arbor is estimated at approximately 122,925 residents, reflecting overall stability in recent years.7 According to Ann Arbor residential market data (FlexMLS), the median sale price increased approximately 8.05% in 2025 compared to the prior year, with year-to-date median values increasing approximately 4.22%. Market activity indicators suggest a slightly moderating yet still competitive market, with average days on market reported at approximately 29 days year-to-date, increasing to approximately 34 days in December 2024. According to the Federal Housing Finance Agency (FHFA), Ann Arbor’s Housing Price Index (HPI) continued to show positive appreciation trends in 2025. The local market experienced a 1-year HPI increase of 5.63% (0.46% per month) and a 5-year increase of 43.51%. Preliminary indicators for 2026 suggest continued appreciation, although at a moderated pace compared to prior years, consistent with broader national housing trends. At the state level, Michigan’s HPI increased approximately 4.60% over one year and 56.86% over five years in 2025. Nationally, the United States recorded a 1-year HPI increase of 1.43% and a 5-year increase of 57.13% in 2025, reflecting a continued but slowing rate of appreciation due to higher interest rates and affordability constraints. Overall, the Ann Arbor housing market remains stable and supported by strong economic fundamentals, including the presence of a major university, a highly educated population, and consistent housing demand. While price appreciation continues into 2026, the pace of growth has moderated, indicating a shift toward a more balanced market environment. Definition of Housing Price Index (HPI) The FHFA House Price Index® (FHFA HPI®) is a broad economic measure of the movement of single-family house prices in the United States. Although FHFA constructs several indexes for different market geographies and periods, it often references the entire suite of indexes as the “FHFA HPI®”. All the indexes are created in the same technical manner. The flagship FHFA HPI® is the purchase-only index which uses seasonally adjusted, purchase-only (PO) data; and is the data most referenced in press releases, news stories, and social media. FHFA created additional indexes to address questions about house price changes in other market segments such as the all-transections (AT) index that includes refinances data, or the expanded PO index that includes purchase data on entire single-family property market. The FHFA HPI® measures average price changes in sales or refinancings on the same properties. We obtain this information by reviewing transactions on single-family properties with mortgages purchased or securitized by Fannie Mae or Freddie Mac. We update the FHFA HPI® as the Enterprises purchase or securitize 7 U.S. Census Bureau QuickFacts_ Ann Arbor city, Michigan accessed 2026.04.15
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VALUATION REPORT MTT DOCKET 25-002568 6 additional mortgages. The new mortgage acquisitions are used to identify repeat transactions for the most recent period and each subsequent period since 19758 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 vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legally permissibility, physical possibility, financial feasibility, and maximum productivity. Alternatively, the probable use of land or improved property-specific with respect to the user and timing of the use that is adequately supported and results in the highest value.9 Present use: residential site improved with an attached 2,735 sf end-unit condominium unit within an 85.82-acre condominium community. 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 current zoning classification is R4A, Multiple-Family Dwelling District, that is intended for attached dwelling units to be arranged side by side or one above the other in low density.10 A highest and best use “as vacant” is not applicable as the subject property unit is within an attached condominium development. Per the condominium declaration, the subject property unit holds a percentage of ownership in the condominium project. The legally permissible use has no alternative uses possible except for single-unit residential condominium unit of similar size and features. Ideal Improvement Based on a neighborhood observation of competing developments, the supply and demand, and the days on market for condominium units in the market area, the subject property is similar to the ideal improvement; a three to four bedroom, four bathrooms, an attached garage, and an area of 2,200 sf to 2,700 is the ideal condominium unit improvement. 8 “Data Sets.” Federal Housing Financing Agency. Accessed April 15, 2026. 9 Appraisal Institute, The Dictionary of Real Estate Appraisal 6th Ed. (Chicago: Appraisal Institute, 2015). 10 City of Ann Arbor, Unified Development Code, Page 18
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VALUATION REPORT MTT DOCKET 25-002568 7 Highest & Best Use of Site “As Improved” Legally Permissible: the subject property’s existing improvements have been established as legally conforming. Physically Possible: within the current footprint and ownership percentage. Financially Feasible and Maximally Productive: is supported by the sales/list price ratios of 99.83% and 98.80%, a median day on market of 30 days, and HPI’s of 5.63% (2024) and 2.99% (2025). Based on the above, the maximally productive use is to retain the current improvements, given constraints on expansion, and remodeling. Considering the demand, subject unit features and quality, it is financially feasible. Condominiums within the project and competing units typically sell within 30 days. The existing attached residential condominium unit is concluded to be the highest and best use as improved. PROPERTY DESCRIPTION Identification of Property Property Address 3071 N Spurway Dr Parcel Number 09-09-10-402-133 Legal Description UNIT 133 NORTH OAKS CONDOMINIUMS Owner Tongxiao Zhang Sales History of Property This property was acquired by the current owner on 7/22/2021 in an arm’s length transaction for $737,797. Improvements Description & Analysis Design (Style) Two-Story Year Built 2020 Quality of Construction Good Condition Good Gross Living Area 2,735 square feet
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VALUATION REPORT MTT DOCKET 25-002568 8 Bedroom Count 4 Bedrooms Bath Count 4 Full Baths 1 Half Bath Basement Area 1,566 square feet Basement Finished Area 1,347 square feet Heating and Cooling Forced Air Heat / Central Air Garage / Carport 2-Car Attached Garage Porch / Patio / Deck CCP & WD The subject property is a two-story, single-family residence encompassing approximately 2,735 square feet of living space. The home features four bedrooms, four full bathrooms, one half bathroom, central air conditioning, and a finished basement. Exterior amenities include a covered concrete front porch, a wood deck, and an attached two-car garage. Property Tax Description & Analysis Year Assessed Value SEV Taxable Value 2025 398,600 398,600 398,600 2024 387,500 387,500 387,500 The chart above provides a summary of the subject property's assessed value, state equalized value (SEV), and taxable value for the 2025 tax year as well as for the prior year. A Principal Residence Exemption (PRE) is currently in effect for the property. The taxable value increase was based on the Consumer Price Index (CPI) change, which was 3.1% for 2025.
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VALUATION REPORT MTT DOCKET 25-002568 9 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. Based on this approach, the following value was determined for the subject property: Land Value (rounded) Bldg Value (rounded) TOTAL TCV (rounded) 2025 $140,000 $657,100 $797,100 The subject property was built in 2020; the cost approach indicates the rounded building value for 2025 is $657,100 plus the rounded land value of $140,000 gives a total rounded true cash value of $797,100 for 2025. Please see the 2025 Valuation Reports in Appendix/below and Land Value Analysis below for further details.
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VALUATION REPORT MTT DOCKET 25-002568 10 2025 Valuation Statement VALUATION REPORT 2025 Valuation Statement MTT DOCKET 25-002568 08-09-10-402-133 25 Est. T.C.V. ZHANG TONGXIAO Property Class: 401 3071 N SPURWAY DR Map #: CITY OF ANN ARBOR ANN ARBOR, MI 48105 Land Value Estimates for Land Table 0033.033 North Oaks * Factors * Description Frontage Depth Front Depth Rate %Adj. Reason Valus <Site Value A> Unit rate 140000 100 140,000 0.00 Total Acres Total Est. Land Value = 140,000 Cost Est. for Res. Bldg: 1 Town Home 2 STORY, C-BC Cls C 10 Blt 2020 Exterior Units: 1 Interior Units: 0 Roof: Asph.Shingle (11) Heating System: Forced Heat & Cool Ground Area = 1566 SF Floor Area = 2735 SF. Smedintinic Phy/Ab.Phy/Func/Econ/Comb. % Good=985/100/100/100/85 Building Areas Stories Exterior Foundation Size Cost New Depr. Cost 2 Story Siding/Brick Basement 271 1 Story Siding/Brick Basement 585 1 story Siding overhang 1s0 1 Story Siding overhang 8 Total: 3¢€€,6€89 348, 356 Other Additions/Adjustments Recreation Room 1113 23,039 21,887 Basement Living Area 234 3,986 8,537 Plumbing 3 Fixture Bath 3 14,925 14,179 2 Fixture Bath 1 3,329 3,1€3 Extra Sink 3 3,051 2,898 Ceramic Tile Floor s 5,910 5,614 Ceramic Tub Alcove a 3,221 3,060 (1 story) 48 1,4€5 1,382 Garages Class: C Exterior: Siding Foundation: 42 Inch (Unfinished) Base Cost 386 20,331 19,314 Water/Sewer Public Water 1 1,520 Public Sewer 1 1,600 1,520 Built-Ins Cock Top 1 834 792 Dishwasher 1 834 792 Oven 1 1,438 1,36 Deck Composite 1e0 3,885 3,691 Totals: 461,137 438,081 Notes: ECF (033 NORTE OAKS) 1.500 €57,122 2025 Est. T.C.V. 08-09-10-402-133 = 797,122 Est. TCV/Total Floor Area = 281.45, Most recent sale 07/22/2021 for 737,797 2024 Assessed MBOR S.E.V. Base for Cap IRM 404,300 387,500 387,500 387,500 3.10 2025 New Eg. Adjustment Loss additions Tax Adjustment Losses 0 11,100 0 0 11,100 [+] 10
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VALUATION REPORT MTT DOCKET 25-002568 11 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. As of the date of valuation, approximately 79% 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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VALUATION REPORT MTT DOCKET 25-002568 12 SALES COMPARISON APPROACH 2025 Sales Grid
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VALUATION REPORT MTT DOCKET 25-002568 13 Comparable Search While there are plenty of sales in the area available, they have a range of sales prices; $550,000 to $908,000 for 2024 sales with marginal upgrades between the units. Using paired sales analysis, it was found the view, bath counts, and square footage played the biggest role in what people were willing to pay for the units. Other adjustments such as time were used. Many other sales considered, ultimately, they were not used to stay consistent with the established market values. A comprehensive market analysis was conducted to identify the most appropriate comparable sales. The selected comparables are considered the most reliable and relevant, reflecting key elements of comparison such as location, physical characteristics, condition, amenities, and square footage. Due diligence was exercised to ensure the comparable sales are in close proximity to the subject property and represent a credible range that effectively brackets the subject’s features. All comparables were verified as closed sales through recorded deeds. Available photographs of the comparable properties were reviewed to assess similarity in condition and quality relative to the subject property. Each primary comparable included in this report was personally inspected from the street to confirm physical characteristics and neighborhood context.
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VALUATION REPORT MTT DOCKET 25-002568 14 2024 Sales 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. ITEM SUBJECT COMP #1A COMP #2A COMP #3A Date of Prior Sale / Transfer None Recorded None Recorded None Recorded None Recorded Price of Prior Sale / Transfer None Recorded None Recorded None Recorded None Recorded Data Source Assessor’s Record Assessor’s Record Assessor’s Record Assessor’s Record Effective Date of Data Source 09/15/2026 09/15/2026 09/15/2026 09/15/2026
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VALUATION REPORT MTT DOCKET 25-002568 15 Adjustments Seller Concessions An adjustment for seller concessions is made to Comparable Sale 2, not to the subject or other comparable sales, as the seller paid the buyer concessions and a corresponding adjustment was applied. Time Adjustment Time adjustments were applied to the relevant comparable sales to reflect changes in market conditions between the contract date and the effective date of valuation. Based on two resale analyses, the market has seen an 8.44% change in sales price between 2023 and 2025 in the first pair or a 0.38% monthly change. The second resale analysis indicates a market change of 2.21% between 2024 and 2025 or a 0.20% monthly change. No changes were made between the resale dates of the two properties selected. A market condition of 0.38% (4.56% annual) is selected for 2024; these percentages are supported by the HPI index. 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, grouped data analysis 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. Bathroom An adjustment is applied for a difference in bathroom fixtures from the subject. Using a national cost schedule11 each plumbing fixture costs $3,300 and multipliers (current cost, local, and entrepreneurial incentive) are considered. A corresponding adjustment of $12,000 per full bathroom is applied. Comparable Address Base Cost Per Bath Fixture Number of Fixtures Total Cost Multipliers (1.03x1.06x1.12) Adj. Value Rounded 3372 Roseford Blvd $3,300 3 $9,900 1.22 $12,078 $12,000 Gross Living Area An adjustment for gross living area (GLA) has been analyzed as a typical buyer is motivated by differences in square footage. This adjustment has not been applied as each property is within a 100 square foot difference from the subject property. A regression analysis has been conducted to review the relationship between GLA and sales price. 11 Cotality, 2026 Residential Cost Handbook.
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VALUATION REPORT MTT DOCKET 25-002568 16 A regression analysis, seen below, shows a wide range of sales prices and gross living area with the data uniform around the trend line; this is supported by the r-square of 0.74 (74% confidence). The slope of the line indicates for each change in square foot the sales price increase by $98. View The influence of view of the woods or pond has been analyzed as it creates a natural buffer. A paired sales analysis was conducted and indicates in the first pairing a difference of $29,800. The second pairing shows a difference of $24,600. Based on these two pairings an adjustment for view of the woods or pond is selected at $25,000.
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VALUATION REPORT MTT DOCKET 25-002568 17 2025 Sales Comparison Approach Value Conclusion Comparable Sale 1 – 3276 Hayster Dr This is a three-bedroom, three full and one-half bath single family residence located 0.05 miles away from the subject property. The home was constructed in 2020 and has 2,716 square feet of living space, a two-car attached garage and brick and siding exterior. This home is in close proximity to the back yard neighbors, an end unit, within 100 sf of the subject properties gross living area and it has similar basement finishes. Making this home a great comparable for the subject property. Comparable Sale 2 – 3079 N Spurway Dr This residence features four bedrooms and three and a half bathrooms, 2,403 square feet of living space. Located 0.02 miles from the subject property, this home was built in 2020, has an attached two- car attached garage and brick and siding exterior. It has similar basement finish, and it is smaller than the subject, but it does have similar build quality, and the same residential view making it a good comparable. Comparable Sale 3 – 3106 Millbury Ln This home is a four bed, four and a half bath house located approximately 0.12 miles from the subject property, constructed in 2021, the residence offers 2,620 square feet of living space. The exterior features
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VALUATION REPORT MTT DOCKET 25-002568 18 brick and siding and there is a 2-car attached garage. The property has similar construction as the subject and is close in square footage yet has a superior view; this property makes a good comparable. The best comparables for 2025 were selected and analyzed in the Sales Grid. Prior to adjusting the three market comparable sales for 2025, the prices ranged from $758,000 to $799,000. Adjustments were made to reflect differences in seller concessions, sale date, gross living area, bath count, and view. As a result of the adjustments, the indicated values range from $798,300 to $815,130. With two adjustments, those being date of sale and view; the property has similar gross living area and has the same bathroom count, Comparable Sale 3 accurately represents the subject property. Comparable Sale 1 being similar in gross living area and view with a difference in market condition and bathroom count, it is provided supporting weight. Comparable Sale 2 contrasts from the subject in gross living area and bathroom count, giving this sale minimal supporting weight despite a smaller market condition and similar view.
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VALUATION REPORT MTT DOCKET 25-002568 19 FINAL RECONCILIATION & OPINION OF VALUE The market value of a property is defined as, the price a willing buyer would pay to a willing seller under typical market conditions. In this appraisal, the final value conclusion is based primarily on the Sales Comparison Approach, which is considered the most reliable indicator of market value for the subject property. The Cost Approach supports the value indicated by the sales comparison, with a concluded true cash value of $797,500 for 2025 for the property. The Income Approach was not utilized, as the neighborhood’s ECF indicates an owner-occupancy rate of 79%, making this method less applicable. In the Sales Comparison Approach for 2025, three comparable sales were analyzed and adjusted to reflect differences between each property and the subject. All comparables are located in close proximity to the subject property and share similar design, condition, and market appeal. Adjustments were applied for variations in gross living area, bathroom count, time of sale, and other relevant features. Among the three, Comp 1 and 3 required the least number of adjustments and most closely mirror the subject in terms of size, design, and condition, making them the most reliable indicator of value, however, all three comparables provided meaningful market data and effectively bracketed the subject property, with adjusted sale prices ranging from $798,300 to $815,130. Based on this analysis, as well as prevailing market conditions, the final opinion of market value for the subject property as of December 31, 2024, is $808,000. Therefore, the City of Ann Arbor respectfully requests the 2025 values be revised as follows: RESPONDENT’S REVISED VALUE OPINION Year TCV SEV TV 2025 $808,000 404,000 398,600
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VALUATION REPORT MTT DOCKET 25-002568 20 SUBJECT PHOTOS SUBJECT FRONT 3071 N Spurway Dr SUBJECT FLOOR PLAN
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VALUATION REPORT MTT DOCKET 25-002568 21 SUBJECT PLAT MAP SUBJECT AERIAL MAP
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VALUATION REPORT MTT DOCKET 25-002568 22 COMPARABLE SALE PHOTOS COMPARABLE SALE NO. 1 Sales Data Property ID No(s): 09-09-10-402-148 Property Address: 3276 Hayster Date of Sale: 1/12/2024 Sale Price: $765,000 Verification: 5542/939 Style: 2 Story (3 bed, 3.1 baths) Dwelling Size: 2,716 SF Year Built: 2020 Unit Rate: $281.66 per square foot
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VALUATION REPORT MTT DOCKET 25-002568 23 COMPARABLE SALE NO. 2 Sales Data Property ID No(s): 09-09-10-402-137 Property Address: 3079 N Spurway Dr Date of Sale: 7/17/2024 Sale Price: $758,000 Verification: 5561/336 Style: 2 Story (4 beds, 3.1 baths) Dwelling Size: 2,403 SF Year Built: 2020 Unit Rate: $315.44 per square foot
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VALUATION REPORT MTT DOCKET 25-002568 24 COMPARABLE SALE NO. 3 Sales Data Property ID No(s): 09-09-10-402-106 Property Address: 3106 Millbury Ln Date of Sale: 4/22/2024 Sale Price: $799,000 Verification: 5553/626 Style: 2 Story (4 Bed, 4.1 baths) Dwelling Size: 2,620 SF Year Built: 2021 Unit Rate: $304.96 per square foot
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VALUATION REPORT MTT DOCKET 25-002568 25 SALE COMPARABLE MAP
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VALUATION REPORT MTT DOCKET 25-002568 27 APPENDIX • 2025 SALES GRID • 2025 SUBJECT RECORD CARD • 2025 SUBJECT VALUATION REPORT • 2025 ECF • SUBJECT DEED
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VALUATION REPORT MTT DOCKET 25-002568 28 2025 Sales Grid
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VALUATION REPORT MTT DOCKET 25-002568 29 2025 Subject Record Card MTT DOCKET 25-002568 VALUATION REPORT #+2P333UETEN6 20U ING STQETTSI PSWSSP UTSISY UOTITWIOTUT mas | 5006 ‘99¢ uebTYDITH ‘MPUSIYSEM 30 Z3uno) ‘xoqIy uuy FO A3TD 10 PISUSDTT -600Z - 6661 (9) 3ubrzAdoy -zszTrenbz aul |006 “938 |006 “962 000°0L | zzoz 0s¥Z ‘see | |003 “82% |003 “8s5€ 000“0L | €zoz S005 ‘L8E 00S ‘L8E |00g ‘por 00g ‘vEE 000°0L | vzoz Psasdsul 0z0z/8z/ZT WE 5009 ‘86€ R009 ‘86€ 009 ‘86% 009 ‘82% 000°0L szoz| 3EuM usuy ou sntEn 3430 nmaTASY sntEp antes snten sTqexsrl | /Teunqrir [30 pasog pessessy SutpTTng pus asx UTETd POO puETaaN sutary quoIFISIEY Puc P3pooy. duress padedspue] ubTH #07 SurTTOY T3897 231§ 30 Aydezbodol -sTTan punozbispupn S3TITTTIN PIEPUEIS 53ybTT 333135 YEd IWSY JEHSINII $007 OL % OT EWOH MIN + 120Z/6/L QITYNId 1Z0Z-82-0T WV ZZOZ seousnTIuI/S3uswWEO) qImy| 2025 Subject Record Card 589 DTIIDITI T3M35 I33EM AT=AIPTS £100-Z0%-0T-60-60 silted wWoIF L10Z/§Z/Z0 UO PSUTqWOD/3TTdS Peo puasg SWOINIWOONOD SN¥O HINON EET LINO 000°05T = ane) pus -2SF TEIOL S3I0Y TEIOL 0070 Pa) uotadrIossq ¥EL 000°0%T 00T 0000¥%T 3181 2TUQ <¥ SNTEA I3TS> PEOY 3ITQ anTEp uoseay -[pys 238g uyadsg 3uwozy yadsg sbsauozy uoradrIiassg sauswsAoIdWT + 5303283 . 211904 SY®0 Y3ION ££0 €€00 STQEl PUT I0F SIIEWIISF SNTE) Pus] AUEDE | Ppaaozday| X S0T8F IN JOEEY NNW PISOTD LT90-0ZWOTd| 0Z0ZT/LT/SO WAMIS/YIIYM IDIAMES MAN SF 162 -WAL/ADL ZZT’'L6L ADL 353 S20T [sy Pid PSSOTD| »HZO-TZWOIE| TZ0Z/E0/Z0 ONIEHRTE of dey ssaappy/eusy s,1eung) P350TD TPPO-TZHOEW| TZ0Z/LT/Z0 TYDINVYHOEW| 120Z/22/L0 %00T "3°¥°4 P350TD 9ZLO-TZHOAW| TZTOZT/ST/E0 TEOINYHOTH STOCEDS DITENd HOEWY NNW -TOOUDS Yd XYMENdS N TLOE snaEag Taqumyy s38q (5)aTmzeg BuTPTTME We :BUTUOZ CuANI-TIINZQISTE fSS=TO sssappy Aazsdozg 0°00T | WIISNWHI AINZE0HG 856/815 HIONTT S.RE¥-£0 am| 9102/20/50 |0S6°0TZ°S ENINYA QEITWIT IA IH TIO ISNY1 A¥MENAS N ALLIS 0°00T | WEISNWSI AIWZA0UA XKX/XKKX HIONTT S.WE¥-£0 W¥1d| 1202/22/L0 |LEL'LEL OYIXONOL ONVEZ =NI¥vd QELTWIT IA IH TIOL “SuEIl Ag sbeg 3 adi @3eQ @2TIg -3udzg psTITISA 397] aTEs 30 swIsL -asur SES p— sequen z0au=19 | szoz/ot/60 uo paauTIg mEusayseM :£3unc) WORWY NNY 20 AIID :UOT3IDTPSTINL ££T-Z0P-0T-60-60 :Ioqumy TsdTea| 29
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VALUATION REPORT MTT DOCKET 25-002568 31 2025 Subject Valuation Report
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VALUATION REPORT MTT DOCKET 25-002568 32 2025 ECF
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VALUATION REPORT MTT DOCKET 25-002568 33 Subject Deed
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Certification Statement: Standards Compliant Appraisal Report 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 no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. • 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 Practice. • I have made an inspection of the property that is the subject of this report from the street. A personal inspection of the subject property has been made by Harley Day, City of Ann Arbor appraiser, of the exterior and interview with the property owner. • No one provided significant real property appraisal assistance to the person signing this certification, except Harley Day. • The reported analyses, opinions, and conclusions were developed, and this report has been prepared in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute.
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As of the date of this report, I have completed the Standards and Ethics Education Requirements for Associate Members of the Appraisal Institute. As of the date of this report, I have completed the continuing education program for Associate Members of the Appraisal Institute. Signature • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • 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. • "Appraisers are required to be licensed and are regulated by the Michigan Department of Licensing and Regulatory Affairs, P.O. Box 30004, Lansing, Michigan 48909" Date Heath R. Gorney, MMAO City of Ann Arbor Limited Real Estate Appraiser State of Michigan License #1201078439 Michigan Master Assessing Officer (MMAO); Certificate #R-9655 9.23.2026