24-003819.pdf
Eric A Ceputis, Petitioner V Township Of Lake, Respondent · 24-003819-TT
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GRETCHEN WHITMER GOVERNOR DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS STATE OF MICHIGAN LANSING RECEIVED 0CT22 2024 MARLON |. BROWN, DPA DIRECTOR PROPERTY TAX APPEAL ANSWER FORM VALUATION / EXEMPTION / CLASSIFICATION APPEAL MTT DOCKET NO. 24-003819 Section 1: Respondent’s Contact Information 269-465-6601 First Name: M.E: Last Name/Company Name/Unit of Government: Lake Charter Township Home Address (No., Street, P.O. Box or Rural Route): County: . 3220 Shawnee PO Box 818 Berrien City or Town: State: ZIP Code: Bridgman MI 149106 Telephone Number: Fax Number: 269-465-4631 hroenicke@hotmail.com E-mail Address (do not enter unless you want MTT to send all correspondence via email); Section 2: Respondent’s Attorney/Authorized Representative’s Contact Information First Name: Scott Ml: Last Name: F Cunningham Firm Name (if any): Address (No., Street, P.Q. Box or Rural Route): 3220 Shawnee PO Box 818 269-465-6601 City or Town: State: ZIP Code: Bridgman MI 149106 Telephone Number; Fax Number: 269-465-4631 hroenicke@hotmail.com E-mail Address (do not enter unless you want MTT to send all correspondence via email): Section 3: Subject Property Information ves 14 no Does the subject property have a Principal Residence Exemption of 50% or more? [| Yes [ES Not Applicable Are the parcels listed by Petitioner contiguous or adjoining? If not, list which parcels adjoin one another, MICHIGAN TAX TRIBUNAL
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STATE OF MICHIGAN GRETCHEN WHITMER DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS MARLON I. BROWN, DPA GOVERNOR LANSING DIRECTOR Section 4: Explain Your Answer to this Appeal The assessed value represents a value that does not exceed 50% of True Cash Value. The property is equalized. Section 5: Jurisdictional Issues IF PETITIONER 1S APPEALING THE TRUE CASH AND/OR TAXABLE VALUES Did Petitioner protest the assessment ata Board of Review (BOR)? [4 Yes [No if yes, check which BOR Petitioner attended: March 0 July O December if no, was the Notice of Assessment properly sent to Petitioner prior to the March BOR? ro] Yes [ll] No *Submit a copy of the Notice of Assessment with the Answer. JF the July or December BOR revised the assessment(s) at fssue, did it have authority? [1 Yes [No If yes, cite the Board's authority. Was the assessment(s) at issue established as the result of a clerical error or mutual mistake of fact? [] Yes No If yes, explain Is Petitioner appealing from a State Tax Commission Order? [|] Yes [17] No if so, what is the issue date? IF PETITIONER IS APPEALING THE UNCAPPING OF TAXABLE VALUE
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STATE OF MICHIGAN GRETCHEN WHITMER DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS MARLON I. BROWN, DPA GOVERNOR LANSING DIRECTOR Did Petitioner request a Poverty Exemption at a BOR? [] Yes No If Yes, check which BOR Petitioner attended: [] March [J July [] December List the date the BOR denied Petitioner's Poverty Exemption: IF PETITIONER IS APPEALING THE DENIAL OF AN EXEMPTION OTHER THAN POVERTY, PRINCIPAL RESIDENCE, OR QUALIFIED AGRICULTURAL EXEMPTIONS Did Petitioner request the exemption at a BOR? O Yes No If Yes, check which BOR Petitioner attended: [] March [J uly [] December Tax Year(s) denied: List the date the exemption was denied: na na What statutory section did Petitioner request the subject property be exempt? na IF PETITIONER IS APPEALING THE CLASSIFICATION OF PROPERTY What do you believe the classification should be: Real * Personal (check one) Agricultural Commercial Industrial Residential Timber-Cutover Developmental Utility (check one) le Section 6: Valuation Information *use the multiple parcel form for additional, contiguous parcels. Parcel Identification Number: 11-11-8600-0022-01-0 Classification of Property: Real Personal (check one) Agricultural Commercial Industrial Residential Timber-Cutover Developmental Utility (check one) [A Current Assessed Value (also known as State Equalized Value) as established by the BOR: 750,000 Current Taxable Value as established by the BOR: 261,349 What do you believe is the fair market value (also known as True Cash Value)? 1,500,000 Multiply the True Cash Value by .5 and enter here. This is your contention of Assessed Value. 750,000 If you believe the Taxable Value differs from your contention of Assessed Value, enter your contention of Taxable Value. 261,349
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Lo STATE OF MICHIGAN GRETCHEN WHITMER DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS MARLON 1. BROWN, DPA GOVERNOR LANSING DIRECTOR PAPER FILING INSTRUCTIONS FOR ANSWER TO PROPERTY VALUATION/EXEMPTION/CLASSIFICATION APPEAL Follow these instructions for filing a small claims answer. For any questions that are not answered in these instructions, see the Tribunals website at www.michigan.gov/taxtrib or contact the Tribunal at 517-335-9760. Mail the completed form to: Michigan Tax Tribunal 611 W. Ottawa St., Lansing, Mi 48933 U.S. Postal Mailing Address: PO BOX 30232, Lansing, MI 48909 Other Carriers (UPS, FedEx, DHL): 2nd Floor MTT, 2407 N. Grand River Avenue, Lansing, MI 48906 Section 1: Respondent's Contact Information: If the respondent is a unit of government, the “Respondent” is not the assessor, the Respondent is the unit of government filing the answer to the petition (i.e. city or township). If the Respondent is not a unit of government, the Respondent is the party or parties (i.e., owners, taxpayers) filing the answer to the petition. Provide the name, address and daytime phone number for the respondent. If there is more than one Respondent, use an additional sheet of paper to provide the name, address and daytime phone number for each Respondent. Section 2: Respondent's Attorney/Authorized Representative’s Contact Information: If Respondent is a unit of government, Respondent must be represented by an attorney or authorized representative to file an answer to the petition. If Respondent is not a unit of government (i.e., taxpayer), Respondent does not have to be represented by an attorney or authorized representative to file an answer to the petition. If Respondent is using an attorney or authorized representative, that attorney or authorized representative must provide all information requested in Section 2 of the Answer Form. If Respondent elects to have an attorney or authorized representative, only the attorney or authorized representative will receive notices and documents from the Tribunal. IMPORTANT: If the contact information for Respondent, or the attorney or authorized representative, if listed, includes an email address, the Tribunal will use that email
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Michigan Department of Treasury, 1019 (Rev, 11:28) . THIS IS NOT A TAX BILL Notice of Assessment, Taxable Valuation, and Property Classification This form is issued under the authority of P.A. 206 of 1893, Sec. 211.24 (¢) and Sec.211.34¢, as amended. This is a model assessment notice to be used by the local assessor. L-4400 FROM: | AKE TWP ASSESSOR PARCEL IDENTIFICATION P.O. BOX 818 PARCEL NUMBER: 11-11-8600-0022-01-0 BRIDGMAN, Mi 49106 PROPERTY ADDRESS: 4918 OAK LN BRIDGMAN, MI 49106 OWNER'S NAME & ADDRESS/PERSON NAMED ON ASSESSMENT ROLL: PRINCIPAL RESIDENCE EXEMPTION SE ae PALLALIN % Exempt As "Homeowners Principal Residence" 00% % Exempt As "Qualified Agricuitural Property": .00% CHICAGO IL 60611 % Exempt As "MBT Industrial Personal: .00% % Exempt As "MBT Commercial Personal": 00% Exempt As "Qualified Forest Property": 0 Yes No Exempt As "Development Property": ml Yes No LEGAL DESCRIPTION: LOTS 22 WILDWOOD SUBJ TO PRIVATE ROADS SPLIT/COMBINED ON 02/01/2014 FROM 11-8600-0018-01-1; ACCORDING TO MCL 211.34c THIS PROPERTY IS CLASSIFIED AS: 402 (RESIDENTIAL-VACANT) PRIOR YEAR'S CLASSIFICATION: 402 (RESIDENTIAL-VACANT) The change in taxable value will increase/decrease your tax bill for the 2024 PRIOR AMOUNT CURRENT TENTATIVE CHANGE FROM year by approximately: $370 YEAR: 2023 AMOUNTYEAR: 04 CURRENT Yen 1. TAXABLE VALUE: 248,904 261,349 12,445 2. ASSESSED VALUE: 259,500 953,300 693,800 3. TENTATIVE EQUALIZATION FACTOR: 1.000 4. STATE EQUALIZED VALUE (SEV): 259,500 750,000 693,800 5. There WAS or WAS NOT a transfer of ownership on this property in 2023 WAS NOT 6. Assessor Change Reason: Market Adjustment The 2024 Inflation rate Multiplier is: 1.05 Questions regarding the Notice of Assessment, Taxable Valuation, and Property Classification may be directed to the Following: Name: Phone: SCOTT CUNNINGHAM (269) 465-6601 Email Address: HROENICKE@HOTMAIL.COM
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Guidance regarding Form 1019, Notice of Assessment, Taxable Valuation, and Property Classification Not less than 14 days before the first meeting of the Board of Review, the assessment notice shall be mailed to the property owner. Property taxes are calculated based on the Taxable Value (Line 1). State Equalized Value is the Assessed Value multiplied by the Equalization Factor, if any. State Equalized Value must approximate 50% of market value. The Taxable Value number entered in the “Change from Prior Year to Current Year” Column, does not indicate a change in your taxes. The change in your tax bill Is estimated above Line 1. State Equalized Value is the Assessed Value multiplied by the Equalization Factor, if any. State Equalized Value must approximate 50% of market value. IF THERE WAS A TRANSFER OF OWNERSHIP on your property in 2023, your 2024 Taxable Value will be the same as your 2024 State Equalized Value. IF THERE WAS NOT A TRANSFER OF OWNERSHIP on your property in 2023, your 2024 Taxable Value is calculated by multiplying your 2023 Taxable Value by 1.05 (inflation Rate Multiplier for the current year). Physical changes in your property may also increase or decrease your Taxable Value. Your 2024 Taxable Value cannot be higher than your 2024 State Equalized Value. The Taxable Value, the Assessed Value, the State Equalized Value, the Property Classification, or the Transfer of Ownership may be appealed by filing a protest with the L.ocal Board of Review. Protests are made to the Board of Review by completing a Board of Review Petition Form. A Petition Form may be obtained directly from the local unit or from the Michigan Department of Treasury's website at www.michigan.gov/taxes. Click on the “Property Taxes” box, select “Forms and Instructions,” then click on “Board of Review” to obtain a “Petition to the Board of Review,” Form 618 (..-4035). The denial of an exemption from the local school operating tax for “qualified agricultural properties” may be appealed to the local Board of Review. The denial of an exemption from the local school operating tax for a "homeowner's principal residence” may be appealed to the Michigan Tax Tribunal by the filing of a petition within 35 days of issuance of this notice. The petition must be a form approved by the Michigan Tax Tribunal, which are available at www.michigan.gov/ taxtrib. Filing a protest with the Board of Review is necessary to protect your right to further appeal valuation and exemption disputes to the Michigan Tax Tribunal and classification appeals to the State Tax Commission. Properties classified Commercial Real, Industrial Real or Developmental Real may be appealed to the regular March Board of Review or to the Michigan Tax Tribunal by filing a petition by May 31. Commercial Personal, Industrial Personal, or Utility Personal Property may be appealed to the regular March Board of Review or to the Michigan Tax Tribunal by filing a petition by May 31 if a personal property statement was filed with the local unit prior to the commencement of the Board of Review as provided by MCL 211.19, except as otherwise provided by MCL 211.9m, 211.9n and 211.90. The petition must be a form approved by the Michigan Tax Tribunal, which are available at www.michigan.gowvitaxtrib. To claim a PRE, complete the “Principal Residence Exemption Affidavit” (Form 2368) and file it with your township or city of the year of the claim. A valid affidavit filed on or before June 1 allows an owner to receive a PRE on the current year summer and winter tax levy and subsequent tax levies so long as it remains the owner's principal residence. A valid affidavit filed after June 1 and on or before November 1 allows an owner to receive a PRE on the current winter tax levy and subsequent tax levies so long as it remains the owner’s principal residence.
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Michigan Department of Treasury
)
618 (Rev. 11-12)
.
f
ey
|
£2:
DES6
Petition to Board of Review
Z
L-4035
This form is issued under the authority of P.A. 206 of 1893, as amended. Filing is voluntary, however you may not appeal to the Michigan Tax Tribunal
or the State Tax Commission unless you first protest to the Board of Review.
TO BE COMPLETED BY OWNER OR OWNER'S AGENT
Owner's Name (Please Print or Type)
Petitioner's Name
(If Other than Owner. Please Print or Type)
Eric A Ceputis Rev Trust; Eric A Ceputis Trustee
Eric A Ceputis and David W Williams (owners)
Township or City
,
County
Lake Charter Township
Berrien
The undersigned protests the assessed value and/or the tentative taxable value and/or the property classification and/or the qualified
agricultural property exemption of the following described property:
Property identified (Parcel code required. Property address & legal description optional)
11-11-8600-0022-01-0
4918 OAK LN
Protested item
Assessed Value
Tentative Taxable Value
[| Classification
[|_| Qualified Agricultural
Property
Exemption
1. PROTEST OF ASSESSMENT
per
P
{Complete this section for a protest of assessed value and/or tentative taxable value)
Assessed Amount
Owner's Estimate of True Cash Value
Tentative Taxable Value
Year
953,300
350,000
$175,000
2024
2. PROTEST OF CLASSIFICATION
(Complete this section for a request to change the classification. The Board of Review must make their decision regarding classification in
accordance with Section 211.34c of the Michigan Compiled Laws. The Board of Review shall not be influenced by the effect that a particular
classification has on that property's status as a homeowner's principal residence or qualified agricultural property.)
Classification of property on this year's assessment roll
Classification should be (check one of the following):
[1] Agricultural
Industrial
L] Timber Cufover
[] Utility (Personal Property Only)
[1] Commercial
] Residential
[] Developmental
3. PROTEST OF EXEMPTION FOR QUALIFIED AGRICULTURAL PROPERTY
(if the assessor has denied or changed the percentage of the exemption from the 18 mills of local school operating tax for qualified agricultural
property, the owner may appeal this action to the March Board of Review. THE BOARD OF REVIEW HAS NO AUTHORITY TO CONSIDER OR ACT
UPON THE EXEMPTION FROM THE 18 SCHOOL OPERATING MILLS FOR HOMEOWNER'S PRINCIPAL RESIDENCE PROPERTIES.)
Percent qualified agricultural exemption granted by assessor (Enter
0
if exemption
Percent qualified agriculiural exemption requested by owner (Enter 100 if full
denied)
exemption requested)
4. REASON FOR PROTEST
State reason(s) for protest of assessed vatue and/or the tentative taxable value and/or classification and/or qualified agricultural property exemption
We assume a clerical error in this valuation, a 367% increase for a vacant lot. Appraised in 12/21 at $300,000. In 3/24Page 8
-Form 618, Page 2
'
'
’
FOR BOARD OF REVIEW USE ONLY
INSTRUCTIONS: incorporate a copy of this form and the assigned number in the Board of Review minutes.
Petition Number
/
Parcel Code
1. ASSESSED VALUE
Disposition by Board of Review. The Board of Review must state rcErrral
[ | Denied
>d(Assessed Value Changed From
53,300
to]
752, goo
|
Record of vote - Board or three member committee
pfiboard
/ 2
;
.
.
51
.
Chairperson:
Yes 1 vos
Member: | Yes
[| No
ie
Member: IX ves [Ino RY.
Reason for board action
Market
Va Jve
If you disagree with the decision of the Board of Review regarding tentative assessed value, you may appeal that decision by filing a petition with the
Michigan Tax Tribunal at P.O. Box 30232, Lansing, MI 48909. Commercial Real, Industrial Real, Developmental Real, Commercial Personal,
Industrial Personal and Utility Personal Property may be appealed by May 31. Agricultural Real, Residential Real, Timber-Cutover Real and Agricultura
Personal Property may be appealed by July 31. The petition must be filed on a Michigan Tax Tribunal form or a form approved by the Michigan Tax
Tribunal, Michigan Tax Tribunal forms are avaifable at www.michigan.gov/taxtrib.
2. TENTATIVE TAXABLE VALUE
Disposition by Board of Review. The Board of Review must state the reason for its action below.
P< Denied
[7] Tentative Taxable Value Changed From
Zao, 349
to
Ze
3 #7
Record of vote - Board or three member committee of board
Chairperson: [5d'Yes
[| No an
Member: [Yes
[
INo
LITE
Member. Kl ves {No
¢ i
inpials
Initials
Initials
Reason
for board action
2. or 14 eA
Lor Jor. HA
If you disagree with the decision of the Board of Review regarding tentative taxable value, you may appeal that decision by filing a petition with the
Michigan Tax Tribunal at P.O. Box 30232, Lansing, Mi 48909. Commercial Real, Industrial Real, Developmental Real, Commercial Personal,
industrial Personal and Utility Personal Property may be appealed by May 31. Agricultural Real, Residential Real, Timber-Cutover Real and
Agricultural Personal Property may be appealed by July 31. The petition must be fited on a Michigan Tax Tribunal form or a form approved by the
Michigan Tax Tribunal. Michigan Tax Tribunal forms are available at www.michigan.gov/taxtrib.
3. CLASSIFICATION
Disposition by Board of Review. The Board of Review must state the reason for its action below.
[
Ipenied
[
]Classification Changed From
to
Record of vote - Board or three member committee of board
Chairperson: [_] Yes
[
| No
Reason for board action
initials
Member. LC Yes
[] No
Initials
Member: L] Yes
Ll No
Initials
If you disagree with the decision of the Board of Review regarding classification, you may appeal by sending Form 2167 to the State Tax Commission
at P.O. Box 30471, Lansing, MI 48309 by June 30.
4. QUALIFIED AGRICULTURAL PROPERTY EXEMPTION
Disposition by Board of Review. The Board of Review must state the reason for its action below.
[] Exemption Request Denied
[| Exemption percent modified from
% to
%
Record of vote - Board or three member committee of boardPage 9
This form is issued under he authority of P.A. 206 of 1893, Sec. 211.24 and Sec. 211.34c, as amended. L-4400 Notice of Assessment, LAKE CHARTER TOWNSHIP Taxable Valuation, and 3220 Shawnee Road, PO Box 818 Property Classification Bridgman, Michigan 49106 THIS IS NOT A TAX BILL Parcel Gode: 11-11-8600-0022-01-0 NAME AND ADDRESS OF OWNER OR PERSON NAMED ON ASSESSMENT ROLL: Property Address: 4918 OAK LN = PRINCIPAL RESIDENCE EXEMPTION TEMP - RETURN SERVICE REQUESTED 8 tet % Exempt As "Homeowners Principal Residence"; 0.00% hed tht Ele (EH dela lH % Exempt As "Qualified Agricultural Property": 0.00% CEPUTIS ERIC A REV TRUST % Exempt As "MBT Industrial Personals 0.00% C/O ERIC A CEPUTIS TRUSTEE oy : n", . 299 E LAKE SHORE DR UNIT 2W % Exempt As HBT Commercial Personal: 0.00% CHICAGO IL. 60611-1351 Exempt As "Qualified Forest Property”: [Ives No Exempt As "Development Property™ [1 Yes No ACCORDING TO MCL 211.34c THIS PROPERTY 1S CLASSIFIED AS: 402 RESIDENTIAL-VACANT PRIOR YEAR'S GLASSIFIGATION: . 402 RESIDENTIAL-VACANT LEGAL DESCRIPTION: SPLIT/COMBINED ON 01/24/2014 FROM 11-8600-0018-01-1; LOT 22 WILDWOOD SUBJ TO PRIVATE ROADS PRIOR AMOUNT | reNTATIVE AWOUNT | PRIOR YEARLTO YEAR: 2023 YEAR: 2024 CURRENT YEAR 1. TAXABLE VALUE: 248,904 261,349 12,445 2. ASSESSED VALUE: 259,500 953,300 693,800 3. TENTATIVE EQUALIZATION FACTOR: 1.00000 i : 4. STATE EQUALIZED VALUE (SEV): 259,500 953,300 693,800 5. There WAS or WAS NOT a transfer of ownership on this property in 2023: Was Not 6. ASSESSOR CHANGE REASON: Market Adjustment This change in taxable value will increase/decrease your 2024 tax bill by approximately $370. The 2024 Inflation Rate Muitiplier is: 1.05 Contact Name Phone Email SCOTT F. CUNNINGHAM (269) 465-6601 HROENICKE@HOTMAIL.COM March Board of Review Appeal Information: BOARD OF REVIEW MEETS AT LAKE TWP HALL 3320 SHAWNEE RD BRIDGMAN ON: MARCH 11 9AM-3PM / MARCH 14 3PM-9PM. APPEALS MAY BE IN WRITING AND RECEIVED PRIOR TO MARCH 14, 2024.
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APPRAISAL REPORT of 4918 Oak Ln Bridgman, MI 49106-8554 As Of: 03/07/2024 Prepared For: David Williams & Eric A Ceputis 229 E Lake Shore Dr No 2W Chicago, IL 60611 Prepared By: Andrew J. Vinton, SRA Greenline Group, LLC 4103 Tomahawk Way Saint Joseph, MI 49085
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LANU AFFKAIDAL KEFUKI Case No. Owner Eric A Ceputis Revocable Trust Census Tract 0111.01 Map Reference 021-26 Property'Address 4918 Oak Ln City Bridgman County Berrien State Mi Zip Code, 49106-9554 Legal Description SPLIT/COMBINED ON 01/24/2014 FROM 11-8600-0018-01-1; LOT 22 WILDWOOD SUBJ TO PRIVATE ROADS Sale Price N/A Date of Sale N/A Property Rights Appraised Fee [Leasehold pe Minimis PUD Actual Real Estate Taxes§ 7,403 (yr) Loan Chargestobe paid by seller$__ N/A Other Sales Concessions N.A Client David Williams & Eric A Ceputis Address 229 E Lake Shore Dr No 2W, Chicago, IL 60611 Occupant Vacant Land Appraiser Andrew J. Vinton, SRA Instructions to Appraiser None Intended User David Williams & Eric Ceputis Intended Use To Determine the Fee Simple Estate Market Value for a Potential Tax Appep! Location Urban [XT suburban [I] Rural Good Avg. Fair Poor Bull Up Over 75% 25% 0 75% [_] under 25% Employment Stability 1d Growth Rate (| Fully Dev. Rapid Steady Slow Convenience to Employment L] [| Property Values [| Increasing Stable Declining Convenience to Shopping LIL | Demand/Supply Shortage In Balance Qversupply Convenience to Schools [| Marketing Time Under3Mos, [4-6 Mos. [over 6 Mos. Adequacy of Public Transportation Present Land Use_67 %1 Family _ 1 _%2-4 Family % Apts, % Condo_15_% Commercial| Recreational Facilities __ %Industrial ____ %Vacant__2 _% Vacant Adequacy of Utilities [X] L | Change In Present Land Use J Not Likely [uikely) Taking Place (*) | Property of Compatibility LX] [| (*) From Vacant To Single-Family Protection from Detrimental Conditions ||| X || | LJ Predominate Occupancy Owner [Jrenant % Vacant Police and Fire Protection LXE Single Family Price Range ~~ $ 250 to$ 7,500 PredominantValue$__ 750 General Appearance of Properties X Single Family Age 1 ysto _175 yrs. Predominant Age 39 yrs| Appeal to Market [XL] LJ Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise): See comments - Neighborhood Description Dimensions Irregular - See Attached GIS Map = 7.48 ac [comer Lot Zoning Classification R-1, Single-Family Residential Presentimprovements do [do not conform to zoning regulations Highest and best use Present use [other (specify) Single-Family Residential. This is the only legally permissible use of the site and results in the highest possible value. Public ~~ Other (Describe) OFF SITEIMPROVEMENTS | Topo Sloping, Wooded Dune Elec. Available Street Access 1 Public Private] Size Above Average Gas None Surface Gravel Shape Mostly Rectangular Water Available Maintenance [__] Public Private| View B;SeasonalLk San. Sewer|__| None H Storm Sewer |__| Curb/Gulter | Drainage Appears Adequate [] Underground Elect. & Tel. Sidewalk [| street Lights | Is the property located in a HUD identified Special Flood Hazard Ardat [NoYes Comments (favorable or unfavorable including any apparent adverse easements, encroachments or other adverse conditions): See Additional Comments The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes adollar adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable ject property, a minus (-) adjustment is made thus reducing the indicated value of subject; if a significant item in the comparable is inferior to or less favorable than the subject properly, a plus (+) adjustment is made thus increasing the indicated value of the subject. For the Market Data Analysis [_|Seegridbelow [X See narrative attachment properly is superior to or more favorable than the subi SUBJECT PROPERTY| COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Address 4918 Oak Ln 0 Lakefront Lot 11 Wildwood Dr 3187 Oak Ln Bridgman, MI 49106-9554 Sawyer, MI 49125 Bridgman, MI 49106 Stevensville, MI 49127 5.30 miles S 48 miles NE 5.83 miles NE EEE] Sales Price | $ 312,000 $200,000 | Price / % + _|$ 2,080,000] $41,152 Data Source SWMRIC#22049165;,D0M 8 SWMRIC#2001 8593;D0M 298 SWMRIC#22020820;D0M 82 Date of Sale and DESCRIPTION DESCRIPTION Ad DBiment DESCRIPTION Adi nent DESCRIPTION Adiinen Time Adjustment N/A 03/17/2023 06/08/2021 +50,00 09/13/2022 +60,0004 Location B;Res;LakeAccess | B;Res;LakeAccess B;Res;LakeAccess B;Res:LakeAccess Site/View 7.48 ac/SeasonalLk | 0.15 ac/SeasonalLk +73,300 4.86 ac/Woods +76,200 0.41 ac/Lake -100,0004 Topography Sloping Sloping Sloping Level -100,0004 Utilities Elec/Water Gas/Elec/Wir/Swr -10,000] Elec/Water Gas/Elec/Whr/Swr -10,000 Street Type Private/Gravel Private/Gravel Private/Gravel Private/Paved Asphall Other Item Site Work (Driveway) None +25,000 None +25,000 None +10,0004 Sales or Financing None ArmLth;Cash ArmLth;Cash ArmLth;Cash Concessions None None Net Adi Total I $ 88,300 | [XPlus[ [Minus] $ 151,200 -140,000 Indicaled Value = i ot=2 Net=76% | N of Subject adel ! 1 $ 400300 [Gross=76% | § 351,200 |C 460,000 Comments on Market Data **SEE ADDITIONAL COMMENTS**
Page 12
OMM Greenline Group, LLC File No. 00008278 Case No. Owner Eric A Ceputis Revocable Trust Property Address 4918 Oak Ln City. Bridgman County Berrien State Mi Zip Code 49106-9554 Client David Williams & Eric A Ceputis Address 229 E Lake Shore Dr No 2W, Chicago, IL 60611 The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable properly is superior to or more favorable than the subject property, a minus (-) adjustment is made thus reducing the indicated value of subject; if a significant itemiin the comparable is inferior to or less favorable than the subject property, a plus (+) adjustment is made thus increasing the indicated value of the subject. [SUBJECT PROPERTY] COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. 6 Address 4918 Oak Ln VIL Concetta Dr Main Dr Bridgman, MI 49106-9554 Bridgman, MI 49106 Harbert, MI 49115 Proximity to Subject 1.07 miles S 6.72 miles S Sales Price $ N/A $ 125,000 $ 425,000 iS Price $ 0 $ 5 $ 141,667 Data Source SWMRIC#22037935;D0M 35 SWMRIC#21005363;D0M 0 Dale of Sale and DESCRIPTION DESCRIPTION | _Adfidkfven DESCRIPTION _| Adjibiihent DESCRIPTION | Adjisitnent Time Adjustment NIA 10/28/2022 +12,500] 03/02/2021 +106,251 Location B;Res;LakeAccess | B;Res;LakeAccess B;Res;LakeAccess -63,7504 Site/View 7.48 ac/SeasonalLk | 23522 sf/Res;Woods| +119,400 3.00 ac/Res;Wds +50,000 Topography Sloping Sloping Generally Level -100,000 Utilities Elec/Water Gas/Elec/Water Gas/Elec/Water/Swr -10,0004 Street Type Private/Gravel Private/Paved Asphall q Private/Gravel Other Item Site Work (Driveway) None +25,000 None +10,000¢ Sales or Financing None ArmLth;Cash ArmLth;Cash Concessions None None None Net Adj.(Total X [Plus Minus. 156,900 Plus| X [Minus $ -7,500 X [Plus Minus $ 0 Indicated Value [~~ INet=126% | = [Net=2% | = [Net=0% of Subject § 281,900 |§ 417,500 $ 0 Comments on Market Data
Page 13
Greenline Group, LLC File No. 00008278 Case No. This appraisal report is subject to the scope of work, intended use, intended user, definition of market value, statement of assumptions and fimiting conditions, and certifications. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. SCOPE OF WORK: ‘The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, ata minimum: (1) perform a complete visual inspection of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and selfer, each acting prudently, knowledgeably 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 or she considers his or her own best interest; (3) a reasonable time is altowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dolfers or in terms of financial arrangements comparable thereto; and (5) the price represents the normat consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction, Any adjustment should not be calculated on a mechanical dotlar for doltar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessiens based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions; 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and wilt not render any opinions about the titie. 2. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 3. The appraiser will not give testimony or appear in court because he or she made an appraisal of ihe property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 4. The appraiser has noted in this appraisal report any adverse conditions (such as the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent deficiencies or adverse conditions of the property (such as, but not limited to, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the properly less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsidle for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property.
Page 14
. Greenline Group, LLC File No. 00008278 Case No. APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. F have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the subject property. 3. | performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. | developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. | have adequate comparable market data te develop a reliable sales comparison approach for this appraisat assignment. | further certify that | considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5, | researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, uniess otherwise indicated in this report. 8. | researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have reported adjustments to the comparable sales that reflact the market's reaction fo the differences between the subject property and the comparable safes. 9. | verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale of the subject property. 10. t have knowledge and experience in appraising this type of property in this market area. 14. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 12, 1 obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that befieve to be true and correct. 13. 1 have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market vaiue. | have noted in this appraisal report any adverse conditions (such as, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that | became aware of during the research involved in performing this appraisal. | have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 14. t have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, afl statements and information in this appraisal report are true and correct. 15. | stated In this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 16. 1 have no present or prospective interest in the property that is the subject of this report, and | have no present or prospective personal interest or bias with respect to the participants in the transaction. 1 did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or accupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 47. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that [ would report (or present analysis supporting) a predetermined specific value, a predetermined minimum vaiue, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event.
Page 15
Greenline Group, LLG
File No.
Case No.
00008278
21. [f this appraisal report was transmitted as an "electronic record" containing my “electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and videe recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shalt be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
1.
t directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's
analysis, opinions, statements, conclusions, and the appraiser's certification.
2.1 accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions,
statements, conclusions, and the appraiser's certification.
3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the
appraisal firm), is qualified fo perform this appraisal, and Is acceptable to perform this appraisal under the applicable state law.
4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal
report was prepared.
5. If this appraisal report was transmitted as an “electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws {excluding audio and video recordings}, or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
a
p
wepslelivered containing my original hand written signature.
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Signature
Signature
Name
Andrew J. Vinton, SKA
Name
Company Name Greenline Group, LLG
Company Name
Company Address 4103 Tomahawk Way
Company Address
Saint Joseph, Mi 43085
Telephone Number 2689328477
Tetephone Number
Emall Address drew.vinten@gmail.com
Email Address
Date of Signature and Report 03/10/2024
Date of Signature
Effective Date of Appraisal 03/07/2024
State Certification #
State Certification #
1205008043
or State License #
or State License #
State,
or Other (describe)
State #
Expiration Date of Certification
or LicensePage 16
Greenline Group, LLC
COMMENT ADDENDUM
File No.
00008278
Case No.
Bomower
David Williams & Eric A Geputis
Property Address
4918 Oak Ln
City
Bridgman
County
Berrien
Slate
MI
ZipCode
49106-9554
Lender/Client
David Williams & Eric A Ceputis
Address 229 E Lake Shore Dr No 2W, Chicago,
IL 60611
SCOPE OF WORK
For this assignment the appraiser has inspected the subject site and the exterior of the comparables, obtained information
related to the subject and comparables from the City of Bridgman, Lake Township, Lincoln Township, Chikaming Township,
and other municipalities up and down the shoreline of Lake Michigan.
1 have also driven the area around the subject to gain
insight into the neighborhood influences which may affect the property.
Data necessary in the valuation approaches deemed
applicable has been researched from Greater Bridgman/Sawyer/iNew Buffalo, verified, adjusted, and reconciled into
indications of value. The individual vaiue indications have been reconciled to determine the final estimate of market value.
NEIGHBORHOOD DESCRIPTION
The subject property is located within a private development known as Wildwood. The neighborhood is situated along Lake
Michigan with private, gravel roads and a densely wooded, rolfing topography. The subject has a +/- $1700 per year
association fee which covers road maintenance, association beach maintenance, etc. There are rarely any assessments in
the project with road maintenance and maintenance of the beach and walking paths being the only necessary cause for an
assessment. The development is located north of the City of Bridgman in Lake Township and is comprised of a variety of
ages and styles of structures situated in a wooded, dune setting along Lake Michigan. Wildwood has two association access
points on the north and south ends of the developments with private access for lakefront property owners in between. This
neighborhood still features a wide, sandy beach along Lake Michigan and is appealing to potential buyers given this factor.
Many similar developments along the lake (i.e. Grand Beach, Forest Beach, etc.) no longer feature beaches given the high
water levels of Lake Michigan.
MARKET CONDITIONS
*Qn March 41th 2020, the WHO (World Heaith Organization) declared coronavirus (Covid-19) a global outbreak pandemic.
‘The market has been active over the past 48 months since the onset of the pandemic. The market has improved with median
sale prices increasing significantly over the past 4 years as demand has exceeded supply since the middle of 2020.
Inventory of lake influenced sites remains low with few available.
It appears the market has stabilized after
a lengthy period of
increasing median sale prices in this lakefront area. Property values have been stable over the past 12 months but very few
sales have occurred as inventory remains low.
SUBJECT SITE DESCRIPTION AND LEGAL DESCRIPTIONS
The subject site is in a wooded dune setting near the shoreline of Lake Michigan. The property features a severely rolling
topography and although the site is 7.48 acres in size only a small portion of the site is buildable. According to the property
owner they have been working for 7 years or so to establish a building spot on the properly that would be approved by the
State of Michigan Department of Environmental, Great Lakes, and Energy (EGLE). The development of the property for a
building site has been challenging given its topography. The property is situated within a critical dunes designation
{designated by the Michigan Department of Environment, Great Lakes, and Energy). The critical dunes area designation
requires a permit for any changes being made to the area that would significantly alter the crifical dune area. The permit is
based upon a law established under the Natural Resources and Environmental Protection Act (Sand Dunes Protection and
Management). There is an application process to obtain a permit from the Michigan Department of EGLE for any soit of
development. The subject property does have a permit in place for a single-family residence with a footprint of 2,620 sfand a
detached garage with a footprint of 480 sf. The permit was recently issued (03/06/2024) after many years of planning and
revising different plans.
| have not been provided with a survey of the property (I have attached the original plat map from the
State of Michigan as well as a GIS map) and the site size reported throughout this report is based upon review of the Berrien
County GIS mapping system and that reported in Lake Charter Township assessment records. The subject site measures +/-
7.48 acres in size.
The site offers a seasonal view of Lake Michigan (through trees during the late fafl/winter/early Spring) and
the association access to the beach is almost directly across the street from the site. The beach area is shared with other
members of the Wildwood Association. Lots in the Wildwood Association are larger than most properties in the area,
however, the topography of the sites have significantly more contour and development
is considerably more difficult than
those on an typicat lot along Lake Michigan.
SALES COMPARISON ANALYSIS
| searched for comparable properties situated near the shoreline of Lake Michigan from the Michigan/indiana state line up to
South Haven. The subject parce! is unique given the large size of ihe parcel as well as the severely sloping topography of the
site. Although the site measures +/- 7.48 acres in size only a small portion has typical utility and given the location in a critical
dunes designated area the development is extremely challenging and fimited to a very small portion of the property.
Development costs are significantly higher than a level site that is ready for development. Few parcels are available along the
lakeshore and the majority of those which have sold in recent years were ready for development or were mostly level sites
with little to no issues for development. The subject is situated near an association beach and offers a seasonal view of Lake
Michigan through the densely wooded area between the home and the lake.
| attempted to find sales of similar properties,
however, very few were found. The majority of sales are much smaller sites, however, given the severely sloping topography
of the subject site and the limited usable area these are the most similar sales available.
Properties in Wildwood cannot
necessarily be valued on a per acre basis as ali feature considerable surplus land with fittle to no contributory value and the
primary value of the properties is in the ability for a reasonably sized building footprint as well as the access to a wide, sandy
association beach. The sales included in the analysis represent a variety of locations, sizes, and topographies but are thePage 17
Greenline Group, LLC COMMENT ADDENDUM File No. 00008278 Case No. Borrower David Williams & Eric A Ceputis Property Address 4918 Oak Ln City Bridgman County Berrien State Mi Zip Code 49108-9554 Lender/Client David Williams & Eric A Ceputis Address 229 E Lake Shore Br No 2W, Chicago, it 60611 This property features a mostly level building site and offers a better view of Lake Michigan given the lack of dense woods between the site and the fake. The site is much smailer than the subject but appears to offer more usable area and a large building envelope. Comparable #4 is a nearby sale in the Woodland Shores Association within the City of Bridgman. This site features a similar topography to the subject, being a sloping site on a wooded dune, but offers far less land area. In addition, the site is situated further from association beach access and does not offer a seasonal view of the lake. Comparable #5 is a large, wooded homesite in the nearby community of Harbert. This property offers deeded access to association beach along Lake Michigan. The site is smaller than the subject but has superior utility given its generally level topography. The location is reasonably similar and this sale has been included for additional support. The property was used in a paired sale analysis with Comparable #2 in the analysis to determine site size and topography adjustments. 1 also considered the recent sale of another property in Wildwood Association, a few lots from the subject, but this property is a beachfront property with a full, panoramic view of Lake Michigan and given its setting along the association beach and view of the lake | did not feel this was a reasonable comparable to the subject. Lot 16 in Wildwood sofd for $1,925,000 on 09/13/2023. This is a beachfront property with +/- 290 feet of frontage on the association beach and a year round view of Lake Michigan. Some site improvements have been completed on the subject site with a driveway from Oak Ln up to the future building area, some tree clearing has been completed, etc. These improvements have some contributory value, especially to a property ina similar densely wooded dune setting. Adjustments have been applied to the comparable properties to reflect this factor, Lesser adjustments have been applied to sites with level topographies as these sites have lower development costs. Overall, the comparable data is considered fair to average with few truly similar sales found. Comparables #1 and #2 are most similar and assigned primary consideration in the final reconciliation of value as these are the most similar sales found. Time adjustments utilized in the analysis are reflective of paired sales analyses of recent and historical land sales in the marketplace. A rate of 25% was used for those sales which occurred prior to 2022. The prices appear to have stabilized somewhat in 2022-2023 as interest rates increased. The subject site features a significant amount of surplus land area. This additional land area has little contributory value due to its limited utility. The primary value in the subject site is based upon its location near the shore of Lake Michigan and the seasonal view of the Jake. The site cannot be split into multiple parcels and is a singular building site. As previously discussed, properties in Wildwood are difficult to value on a per acre basis as although the sites are larger than most they each have limited usable area due to the severely sloping terrain. The site size/view adjustments applied factor in both the overall site size and view offered from each property. A $50,000 adjustment was used for a seasonal view with a $100,000 adjustment for a full view. Acreage adjustments vary with most adjusted at a rate of $15,000 per acre. This has been reduced from a typical per acre adjustment given the limited utility of the subject site due to its topography. Adjustments applied are based upon paired sales analyses of properties in the subject neighborhood compared to those in the locations of the comparable properties. ADDITIONAL COMMENTS Parcel Number is 11-11-8600-0022-01-0 The purpose of this assignment is to determine the fee simple estate market value of the subject property for a potential tax appeal. The intended user(s) of this report are David Williams and Eric Ceputis. Scope of Work-The appraiser researched necessary data from the City of Bridgman, Lake Township, Lincoln Township and other municipal offices, SWMRIC MLS records, performed a visual inspection of the of the subject site and viewed the comparable sites from the street, researched comparable data from the SWMRIC MLS system, Berrien County records, and local municipal offices, analyzed and reconciled the data to arrive at an "as is" estimate of market value for the subject site. | have not provided a previous service andfor performed an appraisal on the subject property within the past three years. The estimated reasonable exposure time of the subject property is 0 to 180 days. No one provided significant professional assistance in the preparation of this appraisal report.
Page 18
Greenline Group, LLC SUBJECT PHOTO ADDENDUM File No. 00008278 Case No. Borrower David Williams & Eric A Ceputis Property Address 4918 Oak Ln City Bridgman County Berrien State Mi Zip Code 49106-9554 Lender/Client David Williams & Eric A Ceputis Address 229 E Lake Shore Dr No 2W, Chicago, IL 60611 FRONT OF SUBJECT PROPERTY 4918 Oak Ln Bridgman, MI 49106-9554 REAR OF SUBJECT PROPERTY Smee | STREET SCENE
Page 19
Greenline Group, LLC SUBJECT PHOTO ADDENDUM File No. 00008278 Case No. Borrower David Williams & Eric A Ceputis Properly Address 4918 Oak Ln City Bridgman County Berrien State MI Zip Code 49106-9554 Lender/Client David Williams & Eric A Ceputis Address 229 E Lake Shore Dr No 2W, Chicago, IL 60611 Additional Street Scene Distant Seasonal Lake View Driveway
Page 20
Greenline Group, LLC SUBJECT PHOTO ADDENDUM File No. 00008278 Case No. Borrower David Williams & Eric A Ceputis Property Address 4918 Oak Ln City Bridgman County Berrien Slate MI Zip Code. 49106-9554 Lender/Client David Williams & Eric A Ceputis Address 229 E Lake Shore Dr No 2W, Chicago, IL 60611 Additional Front View of Site Stairs to Association Beach Association Beach
Page 21
Greenline Group, LLC
COMMENT ADDENDUM
File No.
00008278
Case No.
Borrower
David Williams & Eric A Ceputis
Property Address
4818 Oak Ln
City
Bridgman
County
Berrien
Stale
Mi
ZipCode
48108-0554
Lender/Client
David Williams & Eric A Ceputis
Address 229 E Lake Shore Dr No 2W, Chicago, IL 60611
The Estimate of Value is based on the conditions of and surrounding the subject on the day and time of the inspection.
The appraiser's analysis, opinions, and conclusions were developed and this report has been prepared in conformity with the
Uniform Standards of Professional Appraisal Practice. The departure provision has not been utilized.
Appraisers are required to be licensed or certified by the Michigan Department of Licensing and Regulatory Affairs. The
Department's address is:
Michigan Department of Licensing and Regulatory Affairs
Appraisal Division
PO Box 30018
Lansing, Michigan 48909
The appraiser certifies that he is fully qualified and competent by training, knowledge, and experience to perform this
appraisal. Furthermore, the assignment was not based upon a requested minimum valuation, a specific valuation, or the
approval of a loan. The appraiser's employment
was not conditioned upon the appraisal producing a specific value and the
appraiser's future employment is not dependent upon the appraisal producing a specific value. The appraiser's compensation
and future employment are not based upon whether a loan application is approved. Neither the appraiser nor any person with
an ownership interest in the company employing the appraiser is related to or has any ownership or other financial interest in
either the builder/developer, seller, buyer, mortgage broker, or real estate broker/salesperson (or any person related to any of
them) involved in the transaction for which this appraisal was requested or with the most recent sale of any property used as
a comparable property in this appraisal. The appraiser is not aware of any facts which would disqualify him from being
considered an independent appraiser.
All comparable sales used in the Sales Comparison Approach have closed unless otherwise noted.
All closing dates are
listed in the Date of Sale category.
This appraisal report, unless otherwise specifically noted, does not address in whole or part potentially hazardous building
materials, including but not limited to urea formaldehyde foam insulation, asbestos, lead, including pipes or paint, or any other
toxic materials.
Furthermore, this appraisal report, unless otherwise specifically noted, does not address in whole or part environmental
contamination or related issues, whether soil, aquifer or air-borne. Unless otherwise specifically noted, the presence of
underground storage tanks was not searched for or observed.
None of the appraisers in Greenline Group, LLC are qualified to detect the presence or non-presence concerning any of the
above or to provide an opinion concerning any of the above.
If these matters are a concern to the client, expert inspection
and/or engineering services should be retained.
If any hazardous substances or building materials are subsequently found on this property and determined {o have been
present at the time of appraisal, the indicated market value on this appraisal is void and the appraiser retains the right to
adjust the market value of the property to reflect these defects.Page 22
LYLATIVIN IAN AVULNUUIV rie No. UUUUBZ/0 Case No. Borrower David Williams & Eric A Ceputis Property Address 4918 Oak Ln City Bridgman County Berrien State Mt Zip Code 49106-9554 Lender/Client David Williams & Eric A Ceputis Address 229 E Lake Shore Dr No 2W, Chicago, IL 60611 J Saint Jos amt Chart CLE T— J 3187 02k Ln poy) se. MI 43127 i 5.23 miss NE | Gler Bus | Lincoln prs = Ai = fy 2% | Wavetland Beach J i Comp? Subject | Lot 11 Viswood De Rr Fey Eridgman, MI 40100 4918 ak Ln lo 820 Bridgman, WI 49108-9954 Corin Bridgman | Compd : VIL Concetta Or | Eridgmen, Ml 40103 1 Sale: $125,000 J | 1.07 mies S Lake 530 mies § Comps Main Or Harber, MI 42115 Shot i ring fo hogwood Hills 6.72 miles Harbert | | Weesaw Turner Shores Lakeside
Page 23
Greenline Group, LLC COMPARABLES 1-2-3 File No. 00008278 Case No. Borrower David Williams & Eric A Ceputis Property Address 4918 Oak Ln City Bridgman County Berrien State Mi Zip Code 49106-9554 Lender/Client David Williams & Eric A Ceputis Address 229 E Lake Shore Dr No 2W, Chicago, IL 60611 COMPARABLE SALE# 1 0 Lakefront Sawyer, MI 49125 COMPARABLE SALE# 2 Lot 11 Wildwood Dr Bridgman, MI 49106 COMPARABLE SALE# 3 3187 Oak Ln Stevensville, MI 49127
Page 24
Greenline Group, LLC . COMPARABLES 4-5-6 File No. 00008278 Case No. Borrower David Williams & Eric A Ceputis Property Address 4918 Oak Ln City Bridgman County Berrien State Mi ZipCode 49106-9554 Lender/Client David Williams & Eric A Ceputis Address 229 E Lake Shore Dr No 2W, Chicago, IL 60611 COMPARABLE SALE# 4 VIL Concetta Dr Bridgman, MI 49106 COMPARABLE SALE# 5 Main Dr Harbert, MI 49115 COMPARABLE SALE # 6
Page 25
Subject GIS Map File No. 00008278 Case No. Borrower David Williams & Eric A Ceputis Property Address 4918 Oak Ln City Bridgman County Berrien State MI Zip Code 49106-9554 Lender/Client David Williams & Eric A Ceputis Address 229 E Lake Shore Dr No 2W, Chicago, IL 60611
Page 26
Plat Map File No. 00008278 Case No. Borrower David Williams & Eric A Ceputis Property Address 4918 Oak Ln City Bridgman County Berrien State MI ZipCode 49106-9554 Lender/Client David Williams & Eric A Ceputis Address 229 E Lake Shore Dr No 2W, Chicago, IL 60611 £o.0" PRCT TAN BA RR RAR od DECOR IEC 65 AON 0 Ants g (85 002 AN. kd
Page 27
Greenline Group, LLC FLOOD MAP ADDENDUM File No. 00008278 Case No. Borrower David Williams & Eric A Ceputis Property Address 4918 Oak Ln City Bridgman County Berrien State MI Zip Code 49106-9554 Lender/Client David Williams & Eric A Ceputis Address 229 E Lake Shore Dr No 2W, Chicago, IL 60611 ireidea= N= Flood Zones | Areas inundated by 100-year flooding Areas inundated by 500-year flooding Areas of undetermined but possible flood hazards Flood Zone Determination In Special Flood Hazard Area (Flood Zone): Out Within 250 ft. of multiple flood zones? Not within 250 feet Community: 260036 Community Name: LAKE, CHARTER TOWNSHIP OF
Page 28
Greenline Group, LLC p FileNo. 00008278 APPRAISAL COMPLIANCE ADDENDUM case No. Borrower/Client David Williams & Eric A Ceputis Address 4918 Oak Ln Unit No. City Bridgman County Berrien State MI Zip Code 49106-9554 Lender/Client David Williams & Eric A Ceputis This Appraisal Compliance Addendum is included to ensure this appraisal report meets all USPAP 2014 requirements. APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report is one of the following types: Appraisal Report This report was prepared in accordance with the requirements of the Appraisal Report option of USPAP Standards Rule 2-2(a). [I Restricted Appraisal Report ~ This report was prepared in accordance with the requirements of the Restricted Appraisal Report option of USPAP Standards Rule 2-2(b). The intended user of this report is limited to the identified client. This is a Restricted Appraisal Report and the rationale for how the appraiser arrived at lhe opinions and conclusions set forth in the report may not be understood properly without the additional information in the appraiser's workfile. | 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 are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. * Unless otherwise indicated, | have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to parties involved * Unless otherwise indicated, | 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. * Ihave no bias with respect to the property that is the subject of this report or the parties involved with this assignment. * My engagement in this assignment was not contingent upon developing or reporting predetermined results. “My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. “My analyses, opinions, and conclusions were developed and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. “Unless otherwise indicated, | have made a personal inspection of the property that is the subject of this report. “Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). “This report has been prepared in accordance with Title XI of FIRREA as amended, and any implementing regulations. PRIOR SERVICES - Ihave NOT performed services, as an appraiser or in another other capacity, regarding the property that is the subject of the report within the three-year period immediately preceding acceptance of this assignment. : [| HAVE performed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Those services are described in the comments below. PROPERTY INSPECTION [X] HAVE made a personal inspection of the property that s the subject of this report. [| have NOT made a personal inspection of the property that s the subject of this report. APPRAISAL ASSISTANCE Unless otherwise noted, no one provided significant real property appraisal assistance to the person signing this certification. If anyone did provide significant assistance, they are hereby identified along with a summary of the extent of the assistance provided in the report. None. ADD ONA (0) Additional USPAP related issues requiring disclosure and/or any state mandated requirements: MARKETING TIME AND EXPOSURE TIME FOR THE SUBJECT PROPERTY. A reasonable marketing time for the subject property is day(s) utilizing market conditions pertinent to the appraisal assignment. A reasonable exposure time for the subject property is _ 0 to 180 day(s). APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Page 29
Appraiser's License File No. 00008278 Case No. Borrower David Williams & Eric A Ceputis Property Address 4918 Oak Ln City Bridgman County Berrien State MI ZipCode 49106-9554 Lender/Client David Williams & Eric A Ceputis Address 229 E Lake Shore Dr No 2W, Chicago, IL 60611 Pose GRETCHEN WEITERE ovEmier ANDREW J VINTON LICRUSE 1D 0353392 STATE OF MICHIGAN DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS BUREAU OF PROFESSIONAL LICENSING CERTIFIED GENERAL REAL ESTATE APPRAISER LICENSE i EXPIRATION DATE 07/31/2024 2220104070% 2
Page 30
Greenline Group, LLC | : COMMENT ADDENDUM | File No. 00008278 Case No. Borrower David Williams & Eric A Cepultis. Properly Address 4918 Oak Ln City Bridgman County Berrien Stale oom ZipCode 49106-9554 Lender/Client David Williams & Eric A Ceputis Address 229 E Lake Shore Dr No 2W, Chicago, IL 60611 | certify that, to the best of my knowledge and belief: I. The statements of fact contained in this report are true and correct. #1. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and fimiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. 11. 1 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. IV. ihave not performed 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. V. Ihave no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. VI. My engagement in this assignment was not contingent upon developing or reporting predetermined results. Vil 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. VIL My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Practice. IX. I have made a persona inspection of the property that is the subject of this report. X. No one provided significant real property appraisal assistance to the person signing this certification. XI. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute. XI. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. As of the date of this report, | have completed the continuing education program for Designated Members of the Appraisal institute.
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LAND APPRAISAL REPORT
flee.
2020113
FH
Towner
Tax code number.
=00na.
CensusTract
0111.00
Map Reference
Berrien
Aropiiy Adess
Oak Lane
= tly
Bridgman
Cowly
Berrien
sate
Mi
Zplote
49106
8
Legal Description
| ot 22, Wildwood, Subject to Private Roads
E
Sale Pice
S
Date of Sale
tow Tem
¥is.
Property Righis Appraised
BX
re
[] teasthalg
| Oe iinis
PUD
FR Act Real Estate Tanes §
tn)
Loan charges to be paid by seller
Othe sales concgssions
BN
LnceriCient
David W. Williams
Addess
229 Easl Lake Shore Drive, 2W, Chicago, fllincis 60611
Occupant
Mpmastt
Joseph A, Farina
Tnstuctions lo Apjwaiser
Location
[J uban
TX Svbwoan
(RE
Good
Avg.
Fai
Poor
ull
{ows
25% 1075%
[] nder 25%
Employment Sabity
OxOO
Giowh Rate
[CT] eutyber.
[1] Rapa
X] steasy
[] sew
Convenience lo Employient
OK OO
Progerly Values
{J Increasing
Stable
{7
Ducting
Converience fo Shopping
[]
oO
Demand/Supply
{7} soortage
1X] inBatance
[7 oversupry
Convenience fo Schuots
OX OE
Harkeling Time
1] oder
3 bos.
46 Mos,
[Over
hos.
Adequacy ol Pubic Transportation
OX OO
PasenllangUse
_3E%(Famly
_ wedRmy
SAS.
lode _ %Commechl
Recteaoas Fats
OoxXoOoo
8
shes) Vaal
65%
Open
Adequacy of Uifies
ox ogo
FE
chansein Present Land Use
(XI Hota
[J tert
1] ating Plce £1)
Property Compatbiity
(I
ad
2
(*) From
To
Pioleciion fom Detrimental Condiions
oO
[HER
ol
predominant Occupancy
Owner
CJ vert
%Varent
Paice ang fre Protection
Ol
ag
‘Sing Family Price Range
S$ 200,000
lS 4.000000
PedommoiValeS
400,000
Genera Appearance of Piopedies
]
ag
Singe Family Age
New ys.lo
70
vis.
Predominant
Age
35 ye.
Agpeal lo Masked
[}
IRE]
Comenents nctusiog Rose fstos, favorable or nlavarabte, alfcting markelabidy (sg. pub pus, schools, view, ise):
Wildwood area of Lake Charter Township, and Is in the Bridgman Schaol District. The subject neighborhood is located on the shore of Lake
This suburban resort area is located in the
4 Michigan.
Dimensions
See allached aerial photo
8 _ S4.FLor ues
TT] Comertar
Zoning classiication
Single Family Residential
Present knproverments
[1 ¢0
[] donat conform lo zoning regetations
tighest and best use
[] Presealose
[3] Omer (speci)
[mproved with single
family residence
Public
Other (Deserve)
OFF SITE APROVEMENTS
Toe
_Sloping/Appears to be critical dune area
tc.
[1
_Avallable
Suet oes
[1] pubic
Pie
(See _ Large for area
Gas
O
Sufce
Gravel
Shape. [rregular
4
Vater
[1
_Available
Halnienanea
[J pie
[X) Private
|View
_Panial view of Lake Michigan
sw Sever)
[7] stom sever
[7] cutvoures
Srinage
Appears adequate
[[]
Unerground tec.
& Tel.
[] sidewax
[1 Swestlights
| sts properiyloeatedtn
a UD snited Sgecit Flood Hoard Area?
Xue {Jes
Comments (favoratla oF unlavorabie ching any epputet adherss easements, enctonchmasds, ue wher adres coodtions):
This Is a sloping and irregular parcel which is
I
large in size for the area. The site size has been estimated by the appraiser.
It is assumed for this appraisal that the site will support a seplic
syslem.
he
undersigned
has
recited
Ges
recent
sdes
of
propedies
most
sida
and
prodimale
[0
subject
and
has
considbred
nese
in
lhe
make!
analysis.
The
oescdplion
Includes
3
doflar
adjustment
reflecting
madel
reaction
lo
Mose
Rems
of
sipéficanl
vasbon
between
the
subject
wd
compuable
popettes.
Hf
a
significant
item
in
ihe
comparable
property
Is
superior
fo
or
more
favorable
than
We
sublztl ropes,
a
minus
[9
adjustment
is
meds
thus
reducing
The
indicated
wake
of subisch
if
a
significant
Mem
in
the
comparable
Is
Inferior
fo
of
ess
favorable ian the subject property, a plus (+) adjustment is mada thus increasing the indicated value of fas subject.
[E]
T_
suBJecy PROPERTY
COMPARABLE HO. 1
COMPARABLE 10.2
COMPARABLE 10. 3
Addess
Oak Lane
Vatiey Ridge Road
4635 Lake Street
25 Wildwood Drive
Bridgman
Bridgman
Stevensville
Bridgman
Piovinily to Subject
0.52 miles S
1.70 miles NE
0.03 miles E
Be cots bie
S_
69,900
S
225000
$210,000
a
Price
£
us
1
$
N
El Data Source
MLS Records 18003832
MLS Records 18040336
MLS Records 16023502
PR oa
le at
DESCRIPTION
OESCRIPTION
{55 Ags.
DESCRIPTION
[+35 Adis.
DESCRIPTION
[+(35 Adsl.
Fog
Time Adusiment
4-23-19
:
10-11-18
:
5-23-17
:
fof Lain
Suburban
Suburban
:
Suburban
Suburban
:
g SiteView
BA EsliNearlake
1.73 Acresfinfeder
|
+200,000
0.13 Acre/Lake view
+75,000}
3.1 AJNear lake
H
+100,000
Sales of Financig
None
H
None
None
:
Concessions
H
:
Hel
Ad (Fo)
Ba+
[-
is
200000
+
[']
75,000
100,000
ndicaled ValuePage 32
Aerial Photo and Legal Description
Berrien County, Ml
:
|
|
|
|
|
|
|
|
|
|
|
|
Legend
*
Railcoads
Roads
{aku Mahia
<atl other values»
faterstate
afer Artadint
HHnor Arcecial
Roads
}
Parcels
Lakes
-+ Rivers
1 Parcat
Lake Michigan
Parcel I
11-31-860)-0022.
Alternate ID n/a
Owner Address WILLIAMS DAVID
W REV TRUST
Ser/TwpiRog
nia
Class
402
229 ELAKE SHORE DRIVE 2%
Property Address OAK LANE
Acceage
nis
CHICAGO
IL 60611
BRIDGHAN
Disteder
113640
Bret Tax Description
SPLITICOMBINED ONO1/2:4/2014 FROM 11-8600-0018-01-
1: LOT 22 WILOWQOD
SUBJ TO PRIVATE ROADS
”
fr——Page 33
Page #3017 Flood Map Barroveer Tax code number 11-11-8600-0022-01-0 Popely AEs (Oak Lane Giy Bridgman, Cowmy Berrien Sate MI Tle 49106 Lender/Clienl David W. Williams 7 pe gy pa (00 Irie Fle Propared for Joseph A Farina Oak Lane Bridgman, Mi 49101 i oh
Page 34
Photograph Addendum Page # dal], Borrower Tax code number 1 Ponty AGEs Oak Lane Cy Bridgman Coty _Berrlen Sate Mi Iplle 49106 David W. Williams Lender/Client RY View of subject View of subjecl Strest scene
Page 35
Location Map Borrower Tax code number Popedy Ades Oak Lane Ciy Bridgman Canty Berrien Sie pl Inti 49106 Lender/Client David W, Williams COMBARABLE No, 4645 take Street 1,70 mlles NE
Page 36
Fite. 2020113
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market
under alt conditions requisite to a falr sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price
is not affected by undue stimulus. tmplicit 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 typlcally motivated; (2) both parties are
welt Informed or well advised, and each acting In what they consider thelr own best Interests; {3} a reasonable time Is alfowed
for exposure in the open matket; {4) payment Is made in terms of cash in U.S. dollars or In terms of financial arrangements
comparable thereto; and (5) the prica represents the normal conslderation for the property sold unaffected by speclaf or
creative financing or sales concesslons* granted by anyone associated with the sale. (Source: FDIC Interagency Appraisal and
Evaluation Guidelines, 2010.)
* Adjustments to the comparables must be made for special or creative financing or sales concessions. No
adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law In a
market area; these costs are readily Identifiable since the seller pays these costs in virtually all sales transactions.
Spectal or creative financing adjustments can be made to the comparable property by compatisons to financing
terms offered by a third party institutional lender that Is not already Involved in the property or transaction. Any
adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the
dellar amount of any adjustment should approximate the market's reaction to the financing or concessions based
on the appraiser's judgment.
STATEMENT OF LIMITING CONDITIONS AND CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the
following conditions;
’
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the tile
to it. The appraiser assumes that the title Is good and marketable and, therefore, will not render any opinfons abaut the title.
The property Is valued on the basis of It being under responsible ownership.
2. Any sketch provided in the appraisal report may show approximate dimensions of the improvements and is Included only to
assist the reader of the report in visualizing the property. The appraiser has made no survey of the property.
3. The appratser will not give testimony or appear in court because he or she made an appraisal of the property in question,
unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
4. Any distribution of valuation between fand and improvements in the report applies only under
the existing program of
utilization, These separate valuations of the land and improvements must not be used in conjunction with any other appralsal
and are invalid if they are so used,
8. The appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental
conditions {Including the presence of hazardous waste, toxic substances, etc.) that would make the property more or less
valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or Implied,
regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any
engineering or testing that might be required to discover whether such conditions exist. This appraisal report must not be
considered an environmental assessment of the subject property.
6. The appraiser obtained the information, estimates, and opinions that were expressed In the appralsal report from sources
that he or she considers to be relfable and believes them to be true and correct. The appraiser does not assume responsibility
for the accuracy of such items that were furnished by other parties,
7. The appraiser will not disclose the contents of the appraisal report except as provided for In the Uniform Standards of
Professional Appraisal Practice, and any applicable federal, state or tocat laws.
8, The appraiser has based hls or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory
completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanitke
manner,
9. The appraiser must provide his or her prior written consent before the lendericlient specified in the appraisal report can
distribute the appraisal report {Including conclusions about the property value, the appraiser's identity and professional
designations, and references to any professional appraisal organizations or the firm with which the appralser is associated) to
anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage Insurer; consultants; professional
appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of
the United States or any state or the District of Columbia; except that the [ender/client may distribute the property description
section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior writtenPage 37
[era Fist. 2020113 CERTIFICATION: The appraiser certifies and agrees that: 1. The statements of fact contained in this report are true and correct. 2. 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. 3. Unless otherwise Indicated, | 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. 4. Unless otherwise Indicated, | 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. 5. Ehave no bias with respect to the property that is the subject of this report or the pariies Involved with this assignment. 6. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 7. 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. 8. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. 9. Unless otherwlse indicated, | have made a personal inspection of the interlor and exterlor areas of the property that is the subject of this report. 10. Unless otherwise Indicated, no one provided significant reat property appralsal assistance to the person(s) signing this certification (If there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere In this report).
Page 38
@Beaco Nn" Berrien County, Ml Overview Legend ~+ Railroads Roads ~= <allothervalues> w= Interstate “+ Major Arterial ~~ Minor Arterial -8600:0022:01-0 Roads [J Parcels Lakes ~— Rivers [J Parcel Lake Michigan Parcel ID 11-11-8600-0022-01-0 Alternate ID n/a Owner Address WILLIAMS DAVID W REV TRUST Sec/Twp/Rng n/a Class 402 229 ELAKE SHORE DRIVE 2W Property Address OAKLANE Acreage n/a CHICAGO IL 60611 BRIDGMAN District 11340 Brief Tax Description SPLIT/COMBINED ON 01/24/2014 FROM 11-8600-0018-01-1; LOT 22 WILDWOOD SUBJ TO PRIVATE ROADS (Note: Not to be used on legal documents) Date created: 3/10/2020 Last Data Uploaded: 3/10/2020 2:32:33 AM Developed iS) Schneider GEOSPATIAL
Page 39
Parcel Number: 11-11-8600-0022-01-0 Jurisdiction: LAKE TWP County: BERRIEN Pr Grantor Grantee Sale Sale Inst. Terms of Sale Liber Price Date Type & Page WILLIAMS DAVE W TRUST CEPUTIS ERIC A TRUST 10f 10/26/2021 |WD 09-FAMILY GRAHAM FAMILY WILLIAMS DAVE W TRUST 600,000| 07/30/2013 |WD 03-ARM'S LENGTH 3053-2374 Property Address Class: RESIDENTIAL-VACAN |Zoning: R-1 Building Permit (s) Date 4918 OAK LN School: BRIDGMAN PUBLIC SCHOOLS NEW BUILDING 10/30/202 P.R.E. 0% NEW BUILDING 05/12/202 Owner's Name/Address MAP ¥: LKERT ET 2024 Est TCV 1,906,535 229 E LAKE SHORE DR 2W CHICAGO IL 60611 Improved [ X [Vacant Land Value Estimates for Land Table 00017.017 DUNEWO Public * Factors * Improvements Description Frontage Depth Front Depth Rate % co Dirt Road $OFF LAKE/FF ~~ 204.15 798.00 1.0000 1.5146 4146 Tax Description trove: moa OFF LK TOWER H 204.15 798.00 1.0000 1.5146 2020 LOTS 22 WILDWOOD SUBJ TO PRIVATE ROADS Paved Road 408 Actual Front Feet, 7.48 Total Acres Total SPLIT/COMBINED ON 02/01/2014 FROM Storm Sewer 11-8600-0018-01-1; Sidewalk Work Description for Permit PB23-114, Issued 10/30/2 Comments/Influences Ee Work Description for Permit PB22-033, Issued 05/12/2 hot NOT COMPLETED 2023 ROLL - NOT STARTED CK IN 2023 Sewer 2024 ROLL - NOT STARTED CK IN '24 Electric Split/Comb. on 02/01/2014 completed y Gas if BSA ; Curb Parent Parcel (s): 11-8600-0018-01-1; Street Lights Child Parcel(s): 11-8600-0018-02-0, Standard Utilities 11-8600~0010-10-0; Underground Utils. RR Topography of Site Level Rolling Low High Landscaped Swamp Wooded Pond Waterfront a Ravine Wetland a Flood Plain Year Land Building Assessed Value Value Value ~ ; Who When What 2024 750,000 0 953,300 LEN Bone SWE = =| JC 10/12/2022 INSPECTED [2023 259,500 0 259,500 The Equalizer. Copyright (c) 1999 - 2009.|cM 12/28/1999 INSPECTED 2022 259,500 0 259,500 Licensed To: Township of Lake, County of Berrien, Michigan 2021 259,500 0 259,500 *** Information herein deemed reliable but not guaranteed***
Page 40
10/17/2024 Valuatio 09:44 AM N ¢ n Report DB: Lake2024 11-11-8600-0022-01-0 2024 Est, T.C.V. Property Class: 402 Map #: LKFRT LAKE TWP CEPUTIS ERIC A TRUST 4918 OAK LN BRIDGMAN, MI 435106 Land Value Estimates for Land Table 00017.017 DUNEWOOD * Factors * Description Frontage Depth Front Depth Rate %Adj. Reason Value $OFF LAKE/FF 204.15 798.00 1.0000 1.5146 4146 100 1,281,948 OFF LK TOWER H 204.15 798.00 1.0000 1.5146 2020 100 624,587 408 Actual Front Feet, 7.48 Total Acres Total Est. Land Value = 1,906,535 2024 Est. T.C.V. 11-8600-0022-01-0 = 1,906,535 Est. TCV/Total Floor Area = 0.00, Most recent sale 10/26/2021 for 10 2023 Assessed MBOR S.E.V. Base for Cap C.P.I. 259,500 259,500 259, 500 248,904 5.00 2024 New Eg. Adjustment Loss Additions Tax Adjustment Losses 0 490, 500 0 0 12,445 0 2024 Assessed MBOR S.E.V. Capped ->Taxable<~ PRE/MBT 953,300 750,000 750,000 261,349 261,349 0
Page 41
STATE OF MICHIGAN DEPARTMENT OF LICENSING & REGULATORY AFFAIRS MICHIGAN TAX TRIBUNAL Eric A Ceputis,Petitioner, MTT Docket No. 24--003819 \% Tax Parcel 11-11-8600-0022-01-0 Charter Township of Lake, Respondent. Eric A Ceputis, Scott Cunningham Petitioner Assessor 5078 Wildwood Drive Lake Charter Township Bridgman, MI 49106 PO Box 818 Bridgman, MI 49106 (269) 465-6601 Proof of Service by Mailing STATE OF MICHIGAN) :sS COUNTY OF BERRIEN) Scott Cunningham, being duly sworn, deposes and says that on October 17, 2024, he served a copy of Respondent's answer to Petitioner upon: Eric A Ceputis, 5078 Wildwood, Bridgman, MI 49106, by placing same in a receptacle of the US Mail with first-class postage
Page 42
"Lake Charter P.O. Box 818 Bridgman, MI 49106 Michigan P.O. Bpx Lansing,