1553 Osborn vluation.pdf

Lily Homes LLC Petitioner V City Of Saginaw Respondent · 26-002859-TT

← View full record

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

MICHIGAN TAX TRIBUNAL



 Petitioner’s Valuation Statement



 Market Value Analysis & Comparable Sales Support



 Subject Property 1553 Osborn St, Saginaw, MI 48602 /Parcel 20 0507 00000



 Petitioner Ghaith Alhatemi (Owner, Lily Homes LLC)



 Tax Year 2026



 Assessor's 2026 SEV $30,600



 Assessor's Implied TCV $61,200



 Petitioner's Requested TCV $31,500



 Petitioner's Requested SEV $15,750



 Whether the 2026 assessment exceeds true cash value shown by the 2025 arm's-length

 Core Issue

 sale and comparable market evidence.



 SUMMARY OF REQUESTED RELIEF

 Petitioner respectfully requests that the 2026 State Equalized Value be reduced to $15,750, reflecting a True Cash Value of

 $31,500. This valuation statement relies on the 2025 purchase price, comparable sales, and the statutory requirement that

 assessed value reflect True Cash Value.



Table of Contents



 Section Title



 1 Executive Summary & Opening Statement



 2 Basis of Appeal



 3 Comparable Sales Analysis



 4 Legal and Evidentiary Points



 5 Requested Relief and Filing Checklist



1. Executive Summary & Opening Statement



Petitioner purchased 1553 Osborn St in 2025 for $31,500 in an arm’s-length, MLS-listed, open-market transaction. No major

improvements have been made since the sale.

The original 2026 assessment notice listed an SEV of $41,000, implying a True Cash Value of $82,000, more than 2.6 times the

documented sale price. After the February Board of Review meeting, the SEV was reduced to $30,600, but this still implies a

market value of $61,200, nearly double the sale price.

The Board relied on rental multipliers and comparables from newer 1940s–1950s homes. This method overstates value for older

Saginaw housing stock because gross rents do not translate to market value in low-equity neighborhoods.

The 2025 arm’s-length sale and comparable sales support a True Cash Value of $31,500.



2. Basis of Appeal



A. Recent Arm’s-Length Sale



 Purchased in 2025 for $31,500



 MLS-listed, open-market, arm’s-length



 No foreclosure, duress, or related-party transfer



 Under MCL 211.27, a recent arm’s-length sale is recognized as the most reliable indicator of a property’s true cash value.



 Under MCL 211.27(2), normal repairs cannot increase assessed value



B. Assessment Unsupported by Market Evidence



 2026 SEV (Board of Review): $30,600



 Implied TCV: $61,200



 No improvements justify doubling the value in one year



 Assessor’s implied value (~$56.78/sq ft) exceeds market norms for similar 1920s homes

C. Correct SEV Calculation



 CALCULATION

 True Cash Value: $31,500 | SEV at 50% of TCV: $15,750



3. Comparable Sales Analysis



The following comparables are taken from the final appeal analysis. They are used to bracket the subject property and to test

whether the assessor's implied value is supported by nearby market activity.

 Address Sale Date Sale Price Sq Ft $/Sq Ft Notes



 1,108 Same street, Two

 1526 Osborn St Nov 2024 $48,000 $43.3 Car attached

 Garage



 3031 Jackson St Apr 2025 $35,000 1,270 Two Car Garage,

 $27.5 Attached, built

 same year



 1209 S Fayette St Sep 2025 $35,000 2,058 Larger home; Full

 $17

 basement



 616 S Oakley St Dec 2025 $36,000 1,836 $19.6 Full basement and

 a detached 2 car

 garage



 8 Southlawn Ct Jul 2025 $33,000 960 $34.4 Garage

Address Sale Date Sale Price Sq Ft $/Sq Ft Notes



 2116 Mackinaw St Feb 2026 $40,000 1,024 $39.1 Partially finished

 basement, garage



Market Conclusion from Primary Comparables



  Subject sale price: $31,500 (~$29.3/sq ft)

  Comparable range: $33,000–$48,000

  Subject’s sale is the strongest indicator of TCV

  Assessor’s implied value of $61,200 is well above market-supported range



4. Legal and Evidentiary Points

A. SEV Must Equal 50% of TCV

Requested SEV of $15,750 equals 50% of requested TCV of $31,500.



B. Recent Arm’s-Length Sale Is Best Evidence

Michigan Tax Tribunal consistently holds that a recent arm’s-length sale is the best evidence of TCV unless shown otherwise.



C. Repairs and Maintenance

Normal repairs cannot increase assessed value under MCL 211.27(2).



D. Superior Sales Require Downward Adjustment

Newer homes (1940s–1950s), homes with garages, basements, or larger square footage require downward adjustment when

used as comparables.



E. Transparency Request

Petitioner requests:

  Comparable sales used by assessor

  Adjustment worksheets

  Mass appraisal data

  Condition ratings

  Depreciation schedules



5. Requested Relief and Filing Checklist



 Requested True Cash Value $31,500



 Requested SEV $15,750



 Assessor's Current SEV $30,600



 Assessor's Implied TCV $61,200



 Relief Requested Reduce 2026 SEV to $15,750 and True Cash Value to $31,500

Documents / Evidence to Bring or Attach



 Completed and signed petition or appeal form.

 Copy of the 2026 assessment notice showing SEV of $41,000 later reduced to $30,600 on Petition to Board of Review

 Closing deed evidence supporting 2025 purchase price of $31,500

 Photographs showing the house condition

Certification / Signature



The information summarized in this package is based on public records, available MLS/listing information, closing documents,

and comparable sales data available to Petitioner at the time of preparation. Petitioner reserves the right to supplement or

correct the record if additional verified assessor, MLS, or deed information becomes available.



Petitioner Signature: ___________________________________________ Date: __________________

Printed Name: Ghaith Alhatemi

ListingListing



 3



 po



 E/MAXINE vw Imag



 —

 =



 PE— E

 Iy!

 | ES N

WN

 re, a \

 3!



 5



 yo



 ee

 = TT

 in—————|

 ——



 ——1



 1

 Bg

EY -

 a Ce

 ol 0

 N al

 \ 8 2° PLE i "a 4

 Gi Soa

 2 = RV iy \

 hs,



 ow

4V/ Dl ¥. “oy

 oF

 Ja

 “



 ———|

 ——1



 =

w

 i)

 fj jfif ay

 LX

 i)



 i ZN

(3) 0. % ON bate 44

 PR] 3 i 7

 rN

 il

 WW)



 7)£4

 =

 ee

 B—— —



 l— ddl = = 3 = 18

 ELE —



 Ny AY = [ \



 Po? BS



 ro



 wut

|



 an



 nf

A )

{



J / / 1,

 474



 a—

WarrantyWarranty DeedDeed withwith PricePrice



 WARRANTY DEED



 The Grantor, Jesus Garcia, whose address is 1053 Lindsay Dr., Saginaw, MI 48602, conveys and warrants to Lily Homes

 LLC, Grantee, whose address is 47817 Hastings Rd., Canton, MI 48188, the following described premises:



 Land situated in the City of Saginaw, County of Saginaw, State of Michigan, described as follows:



 City of Saginaw, County of Saginaw, State of Michigan



 That part of Lot 58, BIRNEY FARM, as per plal thereof recorded in Liber 1 of Plats, Page 67, Saginaw County Records,

 bounded and described as follows: Commencing at the Northwest corner of said Lot and running thence Southerly along

 the Westerly line of said Lot, 133 feet; thence Easterly on a line parallel with the North line of said Lot 63 feet; thence

 Northerly on a line parallel with the Westerly line of said Lot, 133 feet lo the North line of said Lot; thence Westerly on said

 North line of said Lot, 63 feet to the place of beginning.



 Commonly known as: 1553 Osborn St., Saginaw, MI 48602

 Parcel ID Nofs).: 20-0507-00000



 For the full consideration of Thirty-One Thousand Five Hundred And No/100 Dollar(s) ($31,500.00) subject to easements

 and restrictions of record, if any.



 Together with all and singular the tene areditaments and appurtenances thereunto belonging or in anywise

 appertaining thereto



 SUBJECT to easements and restrictions of recurd, zoning laws and ordinances affecting the premises, and rights of the

 public and of any governmental entity in any pail thereof taken, used or deeded for street, road, right of way, or highway

 purposes, and subject to taxes and future installments of special assessments payable hereafter.

STATEOF MICHIGAN



 COUNTYOF SAGINAW



 1. Lori A Schmeichel, a Notary Public for the County of Bay and State of Michigan, do hereby certify that Jesus Garcia

 personally appeared before me this day and acknowledged the due execution of the foregoing instrument.



 ial seal, this the 7th of February,2025.



 Acting in Saginaw County Michigan

 My Commission Expires: October29, 2030



 (SEAL)



 Prepared By: Assistedby:

 Jesus Garcia HomeLandTitle Services

 1053 Lindsay Dr. 4835 Towne Centre Road, Suite 102

 Saginaw, MI 48602 Saginaw, MI 48604



 ‘When recorded mail to: File No.:

 Homeland Title Services 24-23181

| 4835 Towne Centre Road, Suite 102

 Saginaw,MI 48604

BoardBoard ReviewReview

view



 206 of 3 owever you may not appe

 1e property. Is classified asc ll real, Indus

 sion unless you first protest to the Board of Review



 the tentative taxable value and/orthe property classification and/or the g



 Additions [El Poverty E



the following}

 [2] Industrial [1 Timber Cutover

 Res [bevelopme

yrm and the Jned number inthe Board of Review minutes

 Parcel Code

 00000



 AW ¥Np )



 L-4035A)

 board.

 Member: [[] YES



 with the ia petition that decision by filing tentati t e, youlmay appeal wregarding

 Utility Pers e ndustrial Real,

 mber -



 nged From: __ % To:



 Member:



 sending Form 2167 to the State



 irnment of:



Secretary Signature

← View full record