scpetition_valuation.pdf
834 Sherman LLC Petitioner V City Of Grand Rapids Respondent · 26-001610-TT
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STATE OF MICHIGAN GRETCHEN WHITMER GOVERNOR DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS LANSING MARLON I. BROWN, DPA DIRECTOR 1 of 3 PROPERTY TAX APPEAL PETITION FORM VALUATION / UNCAPPING APPEAL MTT DOCKET NO. Petitioner’s Contact Information: Filer Type: Individual Local Unit of Government: First Name Hunter M.I. A Last Name 834 Sherman LLC Mailing Address (No., Street, P.O. Box or Rural Route) PO Box 980208 City or Town Ypsilanti State Michigan ZIP Code 48198 Telephone Number 7346626133 E-mail Address Hunter@bealcapital.com Subject Property Information: How many parcels are you appealing? 1 If you are appealing more than one parcel, are they contiguous or adjoining? *If no, you must file separate appeals for each parcel N/A Property Address (No., Street) 834-836 Sherman St SE City or Town Grand Rapids County Kent State Michigan ZIP Code 49506 Taxing Authority (City or Township) City Of Grand Rapids (KENT) Check which of the following you are appealing: (check all that apply) True Cash and Taxable Values Please Explain the Reason for this Appeal:
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STATE OF MICHIGAN GRETCHEN WHITMER GOVERNOR DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS LANSING MARLON I. BROWN, DPA DIRECTOR 2 of 3 The current assessment does not appear to reflect the property’s true market value. While the property was purchased for $359,900 in 2023, we believe the purchase price overstated the value at the time due to the condition of the building and the repairs needed upon acquisition. The subject property is a 4-unit building generating annual gross rental income of $56,069 with operating expenses totaling $32,902, resulting in a net operating income of approximately $23,167. Applying a market capitalization rate in the range of 7%–8% indicates an estimated market value between approximately $290,000 and $310,000, which is below the current assessed market value of $358,400. Based on the property’s actual operating performance, income and expense history, and condition at the time of acquisition, we respectfully request that the assessment be adjusted to reflect a more accurate market value. Supporting documentation, including leases and income and expense statements, has been provided for review. Jurisdictional Issues: Did you protest the assessment at a Board of Review? Yes If Yes, check which Board of Review you attended: March If No, please check the applicable reason(s): Year(s) Under Appeal: 2026 Valuation Information for Each Parcel under Appeal: Parcel Number: 41-14-32-151-008 Classification of Property: Real (check one) Residential (check one) Current Assessed Value as established by the Board of Review: 179200 Current Taxable Value as established by the Board of Review: 145166 What do you believe is the fair market value? 300000 Multiply the True Cash Value by .5 and enter here. This is your contention of Assessed Value. 150000 If you believe the Taxable Value differs from your contention of Assessed Value, enter your contention of Taxable Value.
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STATE OF MICHIGAN GRETCHEN WHITMER GOVERNOR DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS LANSING MARLON I. BROWN, DPA DIRECTOR 3 of 3 Electronic Signature *Typing your name below will serve as your signature Petitioner’s Signature: /s/ Hunter Pizzo Attorney or Authorized Agent’s Signature: /s/ Fee Information: If you do not have a Principal Residence Exemption of at least 50% at the time of the filing of this petition, you are required to pay a filing fee for the filing of this appeal. The filing fee is based on the greater of State Equalized Value or Taxable Value in contention. If you are appealing more than one parcel, the parcel with the highest State Equalized Value or Taxable Value in contention will be used to determine your filing fee, plus $25.00 will be added for each additional parcel being appealed. Property tax appeal: Residential** Non-Residential SEV or TV in contention* Filing fee*** Filing Fee** $100,000 or less...........................................................................................$ 125.00 $250.00 $100,000.01 to $500,000.00.........................................................................$ 200.00 N/A More than $500,000…..................................................................................$ 300.00 N/A Does the subject property have a principal residence exemption of at least 50% as of the date of the filing of this petition? No