Valuation Report.pdf
Suresh Patel, Petitioner V City Of Ann Arbor, Respondent · 25-002398-TT
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HEARING: WEDNESDAY, SEPTEMBER 30, 2026 | 11:30 AM Michigan Tax Tribunal Residential Valuation Report MTT DOCKET NUMBER: 25-002398 PETITIONER: Suresh Patel RESPONDENT: City of Ann Arbor YEAR: 2025 & 2026 ADDRESS: 3066 N. Spurway Dr. PARCEL NUMBER: 09-09-10-402-035
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September 9, 2026 Gerard Markey, Assessor Michael Gonzales, Deputy Assessor City of Ann Arbor 301 E. Huron St. Ann Arbor, MI 48104 Dear Mr. Jerry Markey: At your request, I have prepared a valuation disclosure of the property located at 3066 N Spurway Dr, in the City of Ann Arbor, Washtenaw County, Michigan. An exterior inspection was completed on August 18, 2026. This report is based on an effective date of December 31, 2024, and December 31, 2025. The purpose of the valuation disclosure is to estimate the True Cash Value of the property for the Michigan Tax Tribunal. "True Cash Value" is defined by "MCL 211.27" as: “As used in this act, "cash value" means the usual selling price at the place where the property to which the term is applied is at the time of assessment, being the price, which could be obtained for the property at private sale, and not at forced or auction sale." Based on this definition, it is my estimate that the True Cash Value of the property is as of: December 31, 2024, is: $760,000 (seven hundred sixty-three thousand dollars) December 31, 2025, is: $760,000 (seven hundred seventy thousand dollars) This Valuation Report contains the results of the research and analysis that provides the foundation for the estimate of market value. Respectfully, Heath R. Gorney, MMAO Senior Appraiser
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September 9, 2026 Gerard Markey, Assessor Michael Gonzales, Deputy Assessor City of Ann Arbor 301 E. Huron St. Ann Arbor, MI 48104 Dear Mr. Jerry Markey: At your request, I have prepared a valuation disclosure of the property located at 3066 N Spurway Dr, in the City of Ann Arbor, Washtenaw County, Michigan. An exterior inspection was completed on August 18, 2026. This report is based on an effective date of December 31, 2024, and December 31, 2025. The purpose of the valuation disclosure is to estimate the True Cash Value of the property for the Michigan Tax Tribunal. "True Cash Value" is defined by "MCL 211.27" as: “As used in this act, "cash value" means the usual selling price at the place where the property to which the term is applied is at the time of assessment, being the price, which could be obtained for the property at private sale, and not at forced or auction sale." Based on this definition, it is my estimate that the True Cash Value of the property is as of: December 31, 2024, is: $760,000 (seven hundred sixty-three thousand dollars) December 31, 2025, is: $770,000 (seven hundred seventy thousand dollars) This Valuation Report contains the results of the research and analysis that provides the foundation for the estimate of market value. Respectfully, Heath R. Gorney, MMAO Senior Appraiser
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VALUATION REPORT MTT DOCKET 25-002398 TABLE OF CONTENTS EXECUTIVE SUMMARY .......................................................................................................................1 VALUATION PREMISES .......................................................................................................................2 Scope of Work ........................................................................................................................................... 2 Intended Use ............................................................................................................................................. 2 Client and Intended User .......................................................................................................................... 2 Definitions of Value ................................................................................................................................... 2 Property Rights Appraised ........................................................................................................................ 3 Effective Date of Value Opinion ................................................................................................................ 3 Date of Appraisal Report ........................................................................................................................... 3 NEIGHBORHOOD DESCRIPTION ..........................................................................................................4 MARKET ANALYSIS .............................................................................................................................6 HIGHEST & BEST USE ...........................................................................................................................7 Highest & Best Use of Site “As If Vacant” .................................................................................................. 7 Highest & Best Use of Site “As Improved” ................................................................................................. 8 PROPERTY DESCRIPTION ....................................................................................................................8 Identification of Property .......................................................................................................................... 8 Sales History of Property ........................................................................................................................... 9 Improvements Description & Analysis ...................................................................................................... 9 Property Tax Description & Analysis ......................................................................................................... 9 COST APPROACH .............................................................................................................................. 10 INCOME CAPITALIZATION APPROACH ............................................................................................... 13 SALES COMPARISON APPROACH ...................................................................................................... 14 2025 Sales Grid........................................................................................................................................ 14 2026 Sales Grid........................................................................................................................................ 15 Comparable Search ................................................................................................................................. 16 Prior Sales ................................................................................................................................................ 18 Adjustments ............................................................................................................................................ 18 2025 Sales Comparison Approach Value Conclusion .............................................................................. 23 2026 Sales Comparison Approach Value Conclusion .............................................................................. 24 FINAL RECONCILIATION & OPINION OF VALUE .................................................................................. 25 2025 Reconciliation ................................................................................................................................. 25 2026 Reconciliation ................................................................................................................................. 25 SUBJECT PHOTOS ............................................................................................................................. 26 COMPARABLE SALE PHOTOS ............................................................................................................ 30 SALE COMPARABLE MAP .................................................................................................................. 36 APPENDIX ........................................................................................................................................ 38
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VALUATION REPORT MTT DOCKET 25-002398 1 EXECUTIVE SUMMARY PROPERTY DESCRIPTION Property Address 3066 N. Spurway Dr. Parcel Number 09-09-10-402-035 Site Size Site Condo Description of Improvements The subject property is improved with an above average quality two-story attached condo residence constructed in 2019. Year Built 2019 Zoning Designation R4A; Multiple Family Dwelling District Purpose and Use of the Valuation MTT Property Tax Appeal Highest and Best Use As If Vacant Residential Condominium Highest and Best Use As Is Residential Condominium VALUATION Effective Date of Opinion of Value December 31, 2024 & December 31, 2025 Date of Valuation Report September 9, 2026 Preparer Heath R. Gorney, Senior Appraiser, MMAO ORIGINAL VALUATION SUMMARY Year TCV SEV TV 2025 $766,800 383,400 370,103 2026 $747,600 373,800 373,800 RESPONDENT’S REVISED VALUE OPINION Year TCV SEV TV 2025 $760,000 380,000 370,103 2026 $770,000 385,000 373,800
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VALUATION REPORT MTT DOCKET 25-002398 2 VALUATION PREMISES Scope of Work The scope of work for this valuation is defined by the complexity of this valuation and reporting requirements, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The following must be performed, at a minimum: (1) a visual inspection of the exterior areas of the subject property from at least the street, (2) inspection of the neighborhood, (3) inspection of each of the comparable sales from at least the street, (4) research, verification, and analysis of data from reliable public and/or private sources, and (5) reporting of analysis, opinions, and conclusions in this appraisal report. Adequate information must be obtained about the physical characteristics (including, but not limited to, condition, room count, gross living area, etc.) of the subject property from the exterior-only inspection and reliable public and/or available private sources to perform this valuation. The same type of data sources should be used for comparable sales such as, but not limited to, tax and assessment records, prior inspections, valuation files, MLS data, information provided by the property owner, etc. The extent of the inspection of the subject is as follows: the subject property was observed on August 18, 2026; the effective date of the value for this report is December 31, 2024, and December 31, 2025. An exterior inspection of the property was conducted noting the off-site and on-site improvements, dwelling age and quality. In accordance with R 792.10273 Rule 273, “The appeal for each subsequent year for which an assessment has been established is added automatically to the petition for an assessment dispute as to the valuation or exemption of property at the time of hearing. For purposes of this rule, a subsequent tax year assessment is established by April 1 of that tax year.”1 Intended Use The intended use of this valuation report is for the Michigan Tax Tribunal to evaluate the property that is the subject of this report for purposes of a property tax appeal. This appraisal is performed to develop an estimate of retrospective market value of an attached residential condominium property, based on the definition of market value. This report is intended only for use in the scheduled Michigan Tax Tribunal hearing for the docket number referenced within this report. This report is not intended for any other use. Client and Intended User The client is the City of Ann Arbor. The intended users of this valuation disclosure are the client and the Michigan Tax Tribunal and their duly authorized representatives. This report is intended for use only by the client and above-stated intended users. Use of this report by others is not intended. Definitions of Value Definition of Market Value 1 “Tax Tribunal Rules.” Michigan Tax Tribunal. Accessed April 22, 2026. www.michigan.gov/taxtrib/entire- tribunal/assets/tax-tribunal-rules#273.
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VALUATION REPORT MTT DOCKET 25-002398 3 The most probable price, as of a specific date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress.2 Definition of Assessed Value Generally, the same as state equalized value unless an equalization factor has been applied by the county in which the property is located or the State.3 Definition of State Equalized Value (SEV) One half (1/2) of your property's true cash value.4 Definition of True Cash Value The fair market value or the usual selling price of property.5 Definition of Taxable Value The value used to calculate your property taxes. A property's taxable value can only increase annually by the rate of inflation or 5%, whichever is less, unless there is an addition to the property (i.e., physical improvement or omitted property) or the property's ownership transferred during a previous tax year. See MCL 211.27a and MCL 211.34d. A property's taxable value can also decrease if there is a physical loss to the property. See MCL 211.34d. Taxable value may not be the same as the property’s true cash value, assessed value, or state equalized value, but may not be greater than the property’s assessed value or state equalized value.6 Property Rights Appraised The property rights being appraised are that of fee simple estate of the subject property. Absolute ownership unencumbered by any other interest of estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.7 Effective Date of Value Opinion The effective date of the value opinion contained herein is December 31, 2024, and December 31, 2025. Date of Appraisal Report The date of this report is September 9, 2026. 2 Appraisal Institute, The Dictionary of Real Estate Appraisal 7th Ed. (Chicago: Appraisal Institute, 2022). 3 "Glossary of Terms.” Michigan Tax Tribunal. Accessed April 22, 2026, https://www.michigan.gov/taxtrib/faq/glossary-of-terms. 4 Ibid. 5 Ibid. 6 Ibid. 7 Appraisal Institute, The Dictionary of Real Estate Appraisal 7th Ed. (Chicago: Appraisal Institute, 2022).
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VALUATION REPORT MTT DOCKET 25-002398 4 NEIGHBORHOOD DESCRIPTION The subject’s boundaries are U.S. Highway 23 to the north, Nixon Rd to the east, to Rayfield Ave to the south, and Buttonbush Nature Area to the west. The subject’s neighborhood consists primarily of residential condominiums ranging in size and features. The neighborhood is in a suburban area of the City of Ann Arbor. Downtown Ann Arbor is located four miles to the south from the subject property. A commercial corridor consisting of restaurants and retail, local parks, and schools are within two miles, as is the University of Michigan North Campus. Access to North Campus, and Plymouth Road Mall is through Nixon Rd. going south. U.S. Highway 23 is within three miles, which provides access to I-94 for Jackson or Detroit and Michigan Highway 14 for additional access to I-94 or I-96 to the east. No adverse neighborhood conditions were observed. The subject property is in the North Oaks condominium community. The community consists of 472 attached condominium units of row and townhouse style. In the subject’s market, North Oaks community, the predominant sales price for 2024 is $700,000 and for 2025 is $720,000; measured by the median of sales prices in the highlighted sales group; the predominant price is supported by the market trend’s median price. The gross living area ranges from 2,100 square feet to 2,900 square feet, year-built ranges from 2018 to 2023, and sale prices range from $470,000 to $900,000 through the last two years.
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VALUATION REPORT MTT DOCKET 25-002398 5
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VALUATION REPORT MTT DOCKET 25-002398 6 MARKET ANALYSIS The statistics provided below are derived from the subject market segment, which is defined as row style condominium residences located within the geographic area defined by the neighborhood boundaries. Through 2024 and 2025, the market experienced a 1.66% increase from a median price of $724,995 to $737,000, with a monthly rate of change of 0.14%. A median list price ratio of 99.83% with a median DOM of 30 days. There have been 20 sales over the last, which indicates an absorption rate of 1.67 for 2025. Through 2024, there were 44 sales, which indicates an absorption rate of 3.67. There are currently seven active listings with prices ranging from $600,000 to $895,000. According to the Federal Housing Finance Agency (FHFA), the fourth quarter 2024 and 2025 Housing Price Index (HPI) analysis indicates a 5.63% and 2.99% for the one year, respectively. The chart below summarizes the changes for the City of Ann Arbor and the State of Michigan for a one year and five year change.8 These statistics represent metro Ann Arbor, showing the real estate market changes collectively through 2024 and 2025. The market analysis stated earlier in this section is relied upon for this report as it represents the real estate changes for the subject’s market segment. 8 “FHFA Summary Tables.” Federal Housing Finance Agency. Accessed March 28, 2025. https://www.fhfa.gov/data/hpi/datasets?tab=hpi-calculator
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VALUATION REPORT MTT DOCKET 25-002398 7 Definition of Housing Price Index (HPI) The FHFA House Price Index (FHFA HPI) is a broad measure of the movement of single-family house prices in the United States. The HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac since January 1975.9 HIGHEST & BEST USE The highest and best use is defined as follows: Definition of Highest and Best Use The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity.10 Present use: residential site improved with an attached 2,324sf end-unit condominium unit within an 85.82-acre condominium community. The four tests of highest and best use as they pertain to the subject property are presented below: Highest & Best Use of Site “As If Vacant” Legally Permissible The current zoning classification is R4A, Multiple-Family Dwelling District, that is intended for attached dwelling units to be arranged side by side or one above the other in low density.11 9 “Data Sets.” Federal Housing Financing Agency. Accessed March 28, 2025. https://www.fhfa.gov/faqs/hpi 10 Appraisal Institute, The Dictionary of Real Estate Appraisal 7th Ed. (Chicago: Appraisal Institute, 2022). 11 City of Ann Arbor, Unified Development Code, Page 18
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VALUATION REPORT MTT DOCKET 25-002398 8 A highest and best use “as vacant” is not applicable as the subject property unit is within an attached condominium development. Per the condominium declaration, the subject property unit holds a percentage of ownership in the condominium project. The legally permissible use has no alternative uses possible except for single-unit residential condominium unit of similar size and features. Ideal Improvement Based on a neighborhood observation of competing developments, the supply and demand, and the days on market for condominium units in the market area, the subject property is similar to the ideal improvement; a three to four bedroom, four bathrooms, an attached garage, and an area of 2,300 sf is the ideal condominium unit improvement. Highest & Best Use of Site “As Improved” Legally Permissible: the subject property’s existing improvements have been established as legally conforming. Physically Possible: within the current footprint and ownership percentage. Financially Feasible and Maximally Productive: is supported by the sales/list price ratios of 99.83% and 98.80%, a median day on market of 30 days, and HPI’s of 5.63% (2024) and 2.99% (2025). Based on the above, the maximally productive use is to retain the current improvements, given constraints on expansion, and remodeling. Considering the demand, subject unit features and quality, it is financially feasible. Condominiums within the project and competing units typically sell within 30 days. The existing attached residential condominium unit is concluded to be the highest and best use as improved. PROPERTY DESCRIPTION Identification of Property Property Address 3066 N. Spurway Dr. Parcel Number 09-09-10-402-035 Legal Description UNIT 34 NORTH OAKS CONDOMINIUMS Owner Suresh Patel
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VALUATION REPORT MTT DOCKET 25-002398 9 Sales History of Property 8/10/2020; $694,033; Washtenaw County Records Bk 5370/Liber 343 Improvements Description & Analysis Design (Style) Two-Story Year Built 2019 Quality of Construction Above Average Condition Very Good Gross Living Area 2,324 square feet Bedroom Count 3 Bedrooms Bath Count 2 Full Bathrooms, 1 Half Bathroom Basement Area 1,368 square feet Basement Finished Area None Heating and Cooling Forced Air Heat / Central Air Garage / Carport 2-Car Attached Garage Porch / Patio / Deck 1 Covered Porch and Composite Deck The subject property is improved with an above average quality two-story row condominium constructed in 2019. The base ceiling height is nine feet. The kitchen has wood cabinets, an island, and hard wood floors. There is hardwood flooring throughout except in the bedrooms which have carpet and the bathrooms have tile flooring. The family room and main bedroom both have cathedral ceiling. Additional improvements include a rear composite deck and front covered porch. Property Tax Description & Analysis Year Assessed Value SEV Taxable Value 2026 373,800 373,800 373,800 2025 383,400 383,400 370,103 2024 392,900 392,900 358,975 The above chart summarizes the subject’s assessed (AV), state equalized (SEV), and taxable values (TV) from the current tax year and two years prior. There is a principal residence exemption (PRE) on the property. There were no new, additions, loss, or losses applied during this three-year period.
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VALUATION REPORT MTT DOCKET 25-002398 10 In 2024, the AV and SEV were determined via the mass appraisal approach and established at 50% market value. In 2025, the petitioner appealed the assessment to the March Board of Review (MBOR); the Board reduced the AV to 383,400, which is indicative of a market value of $766,800. In 2026, the petitioner appealed to MBOR; the Board made no change to the AV and TV of 373,800, an indication of market value of $747,600. The 2026 inflation rate multiplier was 1.027 or an increase of 2.7%.12 Based on the capped value formula, the 2026 taxable value would have increased to 380,095, except the 2026 AV was established at 373,800 based on the mass appraisal approach, establishing the two values as the same. COST APPROACH Assessments in Michigan use a mass appraisal technique, deriving an estimate of value based on the cost to construct buildings. The cost is calculated utilizing the BS&A Equalizer Assessing Program, which is based on the Michigan State Tax Commission Assessor’s Manual Cost Rates. A depreciation factor is then applied based on the effective age of the subject property. This amount is further adjusted based on economic conditions factor within the market. Year Site Value (Rounded) Improvement Value (Rounded) Market Value (Rounded) 2026 $140,000 $607,500 $747,500 2025 $140,000 $634,800 $774,800 A replacement cost approach was considered and has been developed for the subject, as the cost approach considers the site valuation plus depreciated cost of the improvements to calculate an opinion of value (Appendix – pages 38 and 39). 12 The General Property Tax Act, Act 206 of 1893, Section 211.27a, accessed https://www.legislature.mi.gov/(S(y1b1mhhbgegu43ifjynpep4d))/mileg.aspx?page=getobject&objectname=mcl- 211-27a 08/06/2026.
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VALUATION REPORT MTT DOCKET 25-002398 11 2025 Subject Valuation Report VALUATION REPORT MTT DOCKET 25-002398 2025 Subject Valuation Report 2025 Subject Valuation Report Land Value Estimates for Land Table 0033.033 North Oaks ¢ Factors * Description Frontage Depth Front Depth Rate SAdj. Reason Value <Site Value A> Unit rate 140000 100 140,000 0.00 Total Acres Total Est. Land Value = 140,000 Cost Est. for Res. Bldg: 1 Town Home 2 STORY, C-BC Cls BC Blt 2015 Exterior Units: 1 Interior Units: 0 Roof: Asph.Shingle (11) Heating System: Forced Heat & Cool Ground Area = 1368 SF Floor Area = 2324 SF. Phy/Ab.Phy/Func/Econ/Comb. % Cood=34/100/100/100/34 Building Areas Stories Exterior Foundation Size Cost New Depr. Cost 2 Story Siding Basement €33 1 Story Siding Basement €s52 1 Story Siding Basement 13 1 Story Siding Basement 10 1 Stozy Siding Overhang 2€0 1 Story Siding Overhang 3 Total: 384,233 361,179 Other Additions/Adjustments Plumbing 3 Fixture Bath 1 7.316 6,87 2 Fixture Bath 1 4,902 4,608 Extra Sink a 3,014 2,833 Ceramic Tile Floor 2 2,880 2,707 Ceramic Tile Wains 1 2,919 2,744 Ceramic Tub Alcove 1 71 13 Porches CCP (1 Story) 34 1,455 1,311 Garages Class: BC Exterior: Siding Foundation: 42 Inch (Finished) Base Cost 33¢ 31,225 23,355 Door Opener 1 732 es Water/Sewer Public Water 1 2,043 1,926 Public Sewer 1 2,045 1,92¢ Built-Ins Cook Top 1 1,301 1,223 Dishwasher 1 1,258 1,183 Vented Hood 1 856 80s Oven 1 2,179 2,048 Microwave 1 870 818 Totals: 450,217 423,204 Notes: ECF (033 NORTE OAKS) 1.500 => TCV: €34,80€ 2025 Est. T.C.V. 05-05-10-402-035 = 774,806 11
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VALUATION REPORT MTT DOCKET 25-002398 12 2026 Subject Valuation Report VALUATION REPORT MTT DOCKET 25-002398 2026 Subject Valuation Report 2026 Subject Valuation Report Land Value Estimates for Land Table 0033.033 North Oaks * Factors * Description Frontage Depth Front Depth Rate $id). Reason Value <Site Value A> Unit rate 140000 100 140,000 0.00 Total Acres Total Est. Land Value = 140,000 Cost Est. for Res. Bldg: 1 Town Home 2 STORY, C-BC Cls BC Bl: 2019 Exterior Units: 1 Interior Units: © Roof: Asph.Shing. (11) Heating System: Forced Heat & Cool Ground Area = 1368 SF Floor Area = 2324 SF. Phy/Ab_Phy/Func/Econ/Comb. §& Good=53/100/100/100/53 Building Areas Stories Exterior Foundation Size Cost New Depr. Cost 2 Story Siding Basement €33 1 Story Siding Basement €52 1 Story Siding Basement 13 1 Story Siding Basement 10 1 Story Siding Overhang 2€0 1 Stoxy Siding Overhang 3 Total: 408,638 380,033 Other Additions/Adjustments Plumbing 3 Fixture Bath 1 7,107 6,610 2 Fixture Bath 1 4,762 4,425 Extra Sink 2 2,928 2,723 Ceramic Tile Floor 2 3,074 2,855 Ceramic Tile Wains 1 2,885 2,683 Ceramic Tub Alcove 1 959 892 Porches CCP (1 Story) 34 1,574 1,464 Garages Cla BC Exterior: Siding Foundation: 42 Inch (Finished) Base Cost 35€ 30,330 28,207 Doox Opener 1 711 €€1 Water/Sewer Public Water 1 2,028 1,883 Public Sewer 1 2,025 1,883 Built-Ins Cook Top 1 1,286 1,196 Dishwasher 1 1,244 1,187 Vented Hood 1 84¢€ 787 Oven 1 2,154 2,008 Microwave 1 860 800 Totals: 473,408 440,270 Notes: ECF (033 NORTH OAKS) 1.380 => TCV: 607,573 2026 Est. T.C.V. 05-05-10-402-035 = 747,573 12
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VALUATION REPORT MTT DOCKET 25-002398 13 INCOME CAPITALIZATION APPROACH The appraiser has made a reasonable effort to apply the three approaches to value which were considered in this report. The income approach to value was omitted from this appraisal because similar properties in this area are not typically purchased for their income, so there was insufficient market data to permit a reliable value indication by this approach. The subject is owner occupied and owner occupancy is a typical use of single-unit houses in the subject’s neighborhood. The income approach is not applicable in concluding credible assignment results. Analyzing the number of properties with a Principal Residence Exemption (PRE) within the North Oaks project indicates owner occupancy is the following for years 2026 and 2025, supporting the inapplicability of the income approach for this report. Year Occupancy Percent based on PRE 2026 77% 2025 79%
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VALUATION REPORT MTT DOCKET 25-002398 14 SALES COMPARISON APPROACH Recent sales of similar nearby properties were viewed, from the street, and researched using the above- referenced sources. The most similar sales were used in the direct sales comparison approach and adjusted for significant difference to the subject. The adjusted values for each of these comparables sales were then correlated to a single opinion of market value for the subject. 2025 Sales Grid
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VALUATION REPORT MTT DOCKET 25-002398 15 2026 Sales Grid
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VALUATION REPORT MTT DOCKET 25-002398 16 Comparable Search The market has been thoroughly searched and the sales reported are deemed to be the best sales available that properly weigh the major elements of comparison. Due diligence has been expended in searching for comparables that are in proximity to the subject property, of similar quality and bracket subject’s square footage, physical characteristics, and amenities. All comparables were confirmed closed via deed. All 2024 and 2025 sales in the subject’s project were analyzed and compared. There were 44 sales in 2024 and 20 sales in 2025 within the subject’s community with sale prices ranging from $550,000 to $930,000, and gross living areas between 2,100 sf and 2,900 sf. The median price per square foot in this data set is $306 for 2024 and $312 for 2025. Application of the median price per square foot to the subject indicates a value of $711,100 (rounded) for 2024 and $725,100 (rounded) for 2025. The figures below are the comprehensive list of sales considered and that had occurred during 2024 and 2025. The six best available comparables were selected for 2024 and 2025. For 2024 and 2025, all six comparable sales were built within five years of the subject, sold within one year of the effective date of the appraisal, and are located within 0.10 miles of subject in the same neighborhood. These six comparable
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VALUATION REPORT MTT DOCKET 25-002398 17 sales selected effectively bracket the subject property features and adjustments were made as appropriate for credible assignment results.
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VALUATION REPORT MTT DOCKET 25-002398 18 Prior Sales A 36-month sales history search of the subject property and a 12-month sales history search of comparable properties has been conducted. The sales (if any other than those listed in the sales grid) are noted below. ITEM SUBJECT COMP #1A COMP #2A COMP #3A COMP #1B COMP #2B COMP #3B Date of Prior Sale / Transfer None Recorded None Recorded None Recorded None Recorded None Recorded None Recorded None Recorded Price of Prior Sale / Transfer None Recorded None Recorded None Recorded None Recorded None Recorded None Recorded None Recorded Data Source Assessor’s Record Assessor’s Record Assessor’s Record Assessor’s Record Assessor’s Record Assessor’s Record Assessor’s Record Effective Date of Data Source 9/9/2026 9/9/2026 9/9/2026 9/9/2026 9/9/2026 9/9/2026 9/9/2026 Adjustments Seller Concessions An adjustment for seller concessions is made to Comparable Sale 1B and 2B, not to the subject or other comparable sales, as the seller paid the buyer concessions and a corresponding adjustment was applied. Market Condition Based on two resale analyses, the market has seen an 8.44% change in sales price between 2023 and 2025 in the first pair or a 0.38% monthly change. The second resale analysis indicates a market change of 2.21% between 2024 and 2025 or a 0.20% monthly change. No changes were made between the resale dates of the two properties selected. A market condition of 0.20% (2.4% annual) is selected as it is indicative of market change for 2025 and 0.38% (4.56% annual) market condition change for 2024; these percentages are supported by the HPI index.
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VALUATION REPORT MTT DOCKET 25-002398 19 Features and Amenities Adjustments for differences in features and amenities between comparable properties and subject property were extracted from market data. The methodology used to determine these adjustments was dependent on available data and may have included, but was not limited to, grouped data analysis and/or paired sales analysis. Consideration was given to expectations and procedures of appraiser’s peers with expertise in subject market area. Adjustments made in the sales grid and discussed in this section were deemed necessary for credible assignment results. Bathroom An adjustment is applied for a difference in bathroom fixtures from the subject. Using a national cost schedule13 each plumbing fixture costs $3,300 and multipliers (current cost, local, and entrepreneurial incentive) are considered. A corresponding adjustment of $12,000 per full bathroom is applied. Comparable Address Base Cost Per Bath Fixture Number of Fixtures Total Cost Multipliers (1.03x1.06x1.12) Adj. Value Rounded 3372 Roseford Blvd $3,300 3 $9,900 1.22 $12,078 $12,000 13 Cotality, 2026 Residential Cost Handbook.
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VALUATION REPORT MTT DOCKET 25-002398 20 Basement Area Finish An adjustment for a difference in basement finish is applied using a paired sales analysis. Based on the analysis for the first pair a difference of $28,805 or $14 per square foot. The second pairing has a difference of $18,505 or $22 per square foot. Based on this analysis an adjustment of $20 per square foot for finished basement vs. unfinished basement is supported through a weighted rate.
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VALUATION REPORT MTT DOCKET 25-002398 21 End-Unit vs Interior Unit Based on a market analysis of end-unit and interior unit median price per square foot for 2024 and 2025 (seen in the chart below), end-unit condominiums sold 5% more in 2024 and 8% higher in 2025. An adjustment of 36,000 (5% of adjusted sales price, rounded) is applied to interior unit comparable sales. Gross Living Area An adjustment for gross living area (GLA) has been analyzed as a typical buyer is motivated by differences in square footage. This adjustment has not been applied as each property is within a 100 square foot difference from the subject property. A regression analysis has been conducted to review the relationship between GLA and sales price. A regression analysis, seen below, shows a wide range of sales prices and gross living area with the data uniform around the trend line; this is supported by the r-square of 0.74 (74% confidence). The slope of the line indicates for each change in square foot the sales price increase by $98.
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VALUATION REPORT MTT DOCKET 25-002398 22 View The influence of view of the woods or pond has been analyzed as it creates a natural buffer. A paired sales analysis was conducted and indicates in the first pairing a difference of $29,800. The second pairing shows a difference of $24,600. Based on these two pairings an adjustment for view of the woods or pond is selected at $25,000.
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VALUATION REPORT MTT DOCKET 25-002398 23 2025 Sales Comparison Approach Value Conclusion Research of the available market was conducted as of the effective date of this appraisal: as this report is a retrospective valuation, the comparable sales used in this analysis were townhouse row condominiums located in the subject’s neighborhood boundaries that sold close to the effective date. Comparable Sale One reflects a gross adjustment of 10.57%; supporting weight is given for design similarity as the subject while recognizing a difference for basement finish square footage and bathroom count. Comparable Sale Two reflects a gross adjustment of 9.40%; supporting weight is considered as the sale has differing features from the subject, despite being contracted the closest to the effective date and a similar square footage as the subject. Comparable Sale Three reflects a gross adjustment of 9.37%; supporting weight is considered due to the contrasting amenities from the subject. Summary: supporting weight is given to each comparable sale as each has contrasting features and some features similar to the subject, reducing their comparability. Comparable Sale One demonstrates similar
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VALUATION REPORT MTT DOCKET 25-002398 24 characteristics to the subject property with an end-unit design. Comparable Sales Two and Three reflect a similar view as the subject property. 2026 Sales Comparison Approach Value Conclusion Comparable Sale One reflects a gross adjustment of 9.30%; supporting weight is given as it has a similar bathroom count like the subject. Comparable Sale Two reflects a gross adjustment of 10.78%; minimal consideration is given for contrasting features to the subject, despite having similar square footage as the subject. Comparable Sale Three reflects a gross adjustment of 6.30%; primary weight is given for being the most similar in gross living area, bathroom count, and for having unfinished basement area as the subject. Summary: the most weight is given to Comparable Sale Three as it exhibits more similar characteristics to the subject property. Comparable Sale One is given supporting weight for its similarity in gross living area and bathroom count. Comparable Sale Two is given minimal weight despite being on the same street as the subject and similar gross living area, as the contrasting features reduce its overall comparability to the subject.
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VALUATION REPORT MTT DOCKET 25-002398 25 FINAL RECONCILIATION & OPINION OF VALUE The three approaches to value (cost, sales comparison, and income capitalization) were considered in this report. The income capitalization approach is not applicable for this report as similar properties are not typically purchased for their income potential, which reflects the motivation of investors in the subject's market; market data is therefore insufficient to derive a reliable gross rent multiplier (GRM). The cost approach was considered in this valuation and was developed using the State Tax Commission Assessor’s Manual. In the cost approach, the depreciated cost of the improvement is added to the site to develop an opinion of value. The sales comparison approach is the best method as there is sufficient and reliable sales data available over the last 12 months, reflecting the typical motivations of buyers and sellers in the subject's market. Exposure Time The average days on market were 30 days through the last year. The competing comparable sales have a day on market for 2024 of 71, 35, and 25 days, and for 2025, 11, 83, and 78 days. A reasonable exposure time for the subject property is estimated at 15 days, which assumes a list price within 4% of the appraised value based on the current sales price to list price ratio of 96%, and assumes typical professional marketing. 2025 Reconciliation In the Sales Comparison Approach for 2025, three comparable sales were analyzed and adjusted to reflect differences between each property and the subject. All comparables are in proximity to the subject property and share similar design, condition, and market appeal. Adjustments were applied for variations in seller concessions, market condition, gross living area, basement finish, unit design (end-unit/interior unit), view and bathroom count. Among the three, Comparable Sale Three required the least adjustment and most closely mirrors the subject in terms of view and size. However, all three comparables provided meaningful market data and effectively bracketed the subject property, with adjusted sale prices ranging from $734,200 to $774,400. The final opinion of market value for the subject property as of December 31, 2024, is $760,000. Therefore, the City of Ann Arbor respectfully requests the 2025 values be revised as follows: RESPONDENT’S REVISED VALUE OPINION Year TCV SEV TV 2025 $760,000 380,000 370,103 2026 Reconciliation For the 2026 valuation, three comparable sales were selected based on proximity, design, condition, and market appeal relative to the subject property. Adjustments were made for
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VALUATION REPORT MTT DOCKET 25-002398 26 differences in market condition, bathroom count, unit design (end-unit/interior unit), view, and basement finish. All sales occurred within a reasonable period prior to the effective date and reflect market conditions as of December 31, 2025. The adjusted sale prices ranged from $734,000 to $781,300. Comparable Sale Three reflects a gross adjustment of 6.30%, indicating it as the most comparable property. Considering this analysis and current market conditions, the final estimated market value of the subject property as of December 31, 2025, is $770,000. Therefore, the City of Ann Arbor respectfully requests the 2026 values be revised as follows: RESPONDENT’S REVISED VALUE OPINION Year TCV SEV TV 2026 $770,000 385,000 373,800 SUBJECT PHOTOS SUBJECT FRONT 3066 N Spurway Dr SUBJECT
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VALUATION REPORT MTT DOCKET 25-002398 27 FLOOR PLAN SUBJECT PLAT MAP
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VALUATION REPORT MTT DOCKET 25-002398 28 SUBJECT AERIAL MAP
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VALUATION REPORT MTT DOCKET 25-002398 29 Subject Street Scene (South View) Subject Street Scene (North View)
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VALUATION REPORT MTT DOCKET 25-002398 30 COMPARABLE SALE PHOTOS COMPARABLE SALE NO. 1A Sales Data Property ID No(s): 09-09-10-402-034 Property Address: 3064 N Spurway Dr Date of Sale: 7/23/2025 Sale Price: $725,000 Verification: 5597/330 Style: 2 Story (3 beds, 2.1 baths) Dwelling Size: 2,372 SF Year Built: 2019 Unit Rate: $305.65 per square foot
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VALUATION REPORT MTT DOCKET 25-002398 31 COMPARABLE SALE NO. 2A Sales Data Property ID No(s): 09-09-10-402-048 Property Address: 3092 N Spurway Dr Date of Sale: 8/12/2025 Sale Price: $722,500 Verification: 5599/593 Style: 2 Story (4 beds, 3.1 baths) Dwelling Size: 2,326 SF Year Built: 2020 Unit Rate: $310.62 per square foot
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VALUATION REPORT MTT DOCKET 25-002398 32 COMPARABLE SALE NO. 3A Sales Data Property ID No(s): 09-09-10-402-052 Property Address: 3302 Sunton Rd Date of Sale: 6/20/2025 Sale Price: $735,000 Verification: 5593/515 Style: 2 Story (4 beds, 2.1 baths) Dwelling Size: 2,358 SF Year Built: 2020 Unit Rate: $311.70 per square foot
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VALUATION REPORT MTT DOCKET 25-002398 33 COMPARABLE SALE NO. 1B Sales Data Property ID No(s): 09-09-10-402-137 Property Address: 3079 N Spurway Dr Date of Sale: 7/17/2024 Sale Price: $758,000 Verification: 5561/336 Style: 2 Story (4 beds, 3.1 baths) Dwelling Size: 2,403 SF Year Built: 2020 Unit Rate: $315.44 per square foot
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VALUATION REPORT MTT DOCKET 25-002398 34 COMPARABLE SALE NO. 2B Sales Data Property ID No(s): 09-09-10-402-200 Property Address: 3033 N Spurway Dr Date of Sale: 12/16/2024 Sale Price: $735,000 Verification: 5574/209 Style: 2 Story (4 beds, 3.1 baths) Dwelling Size: 2,393 SF Year Built: 2020 Unit Rate: $307.15 per square foot
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VALUATION REPORT MTT DOCKET 25-002398 35 COMPARABLE SALE NO. 3B Sales Data Property ID No(s): 09-09-10-402-038 Property Address: 3072 N Spurway Dr Date of Sale: 8/19/2024 Sale Price: $749,900 Verification: 5563/055 Style: 2 Story (4 beds, 3.1 baths) Dwelling Size: 2,323 SF Year Built: 2022 Unit Rate: $322.82 per square foot
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VALUATION REPORT MTT DOCKET 25-002398 36 SALE COMPARABLE MAP
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VALUATION REPORT MTT DOCKET 25-002398 37
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VALUATION REPORT MTT DOCKET 25-002398 38 APPENDIX • 2025 SALES GRID • 2026 SALES GRID • 2025 SUBJECT RECORD CARD • 2026 SUBJECT RECORD CARD • 2025 SUBJECT VALUATION REPORT • 2026 SUBJECT VALUATION REPORT • SUBJECT DEED • SUBJECT MLS LISTING • COMP DEEDS • COMP MLS LISTINGS
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VALUATION REPORT MTT DOCKET 25-002398 39 2025 Sales Grid
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VALUATION REPORT MTT DOCKET 25-002398 40 2026 Sales Grid
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VALUATION REPORT MTT DOCKET 25-002398 41 2025 Subject Record Card
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VALUATION REPORT MTT DOCKET 25-002398 42 2026 Subject Record Card
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VALUATION REPORT MTT DOCKET 25-002398 43 2025 ECF
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VALUATION REPORT MTT DOCKET 25-002398 44 2026 ECF
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VALUATION REPORT MTT DOCKET 25-002398 45 2025 Subject Valuation Report VALUATION REPORT 2025 Subject Valuation Report MTT DOCKET 25-002398 2025 Subject Valuation Report Land Value Estimates for Land Table 0033.033 North Oaks * Factors * 45 Description Frontage Depth Front Depth Rate %AdS. Reason Value <Site Value A> Unit rate 140000 100 140,000 0.00 Total Acres Total Est. Land Value = 140,000 Cost Est. for Res. dg: 1 Town Home 2 STORY, C-BC Cls BC Blt 2015 Exterior Units: 1 Interior Units: 0 Roof: Asph.Shingle (11) Heating System: Forced Heat & Cool Ground Area = 1368 SF Floor Area = 2324 SF. Phy/Ab.Phy/Func/Econ/Comb. % Cood=34/100/100/100/34 Building Areas Stories Exterior Foundation Size Cost New Depr. Cost 2 Story Siding Basement €53 1 Story Siding Basement 652 1 Story Siding Basement 13 1 Story Siding Basement 10 1 Story Siding Overhang 260 1 Story Siding Overkang 3 Total: 384,233 361,175 Other Additions/Adjustments Plumbing 3 Fixture Bath 1 7.316 6.8m 2 Fixture Bath 1 4,%02 4,608 Extra Sink 2 3,014 2,833 Ceramic Tile Floor 2 2,880 2,707 Ceramic Tile Wains 1 2,919 2,744 Ceramic Tub Alcove 1 7 513 Porches ccP (1 Story) 3¢ 1,459 1,371 Garages Class: BC Exterior: Siding Foundation: 42 Inch (Finished) Base Cost 335¢ 31,225 25,355 Door Opener 1 732 11] Water/Sewer Public Water 1 2,043 1,926 Public Sewer 1 2,045 1,926 Built-Ins Ceok Tep 1 1,301 1,223 Dishwasher 1 1,238 1,183 Vented Hood 1 856 80s Oven 1 2,179 2,048 Microwave 1 870 818 Totals: 450,217 423,204 Notes: ECF (033 NORTH OAKS) 1.500 => TCV: €34,806 2025 Est. T.C.V. 05-05-10-402-035 = 774,806
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VALUATION REPORT MTT DOCKET 25-002398 46 2026 Subject Valuation Report VALUATION REPORT MTT DOCKET 25-002398 2026 Subject Valuation Report 2026 Subject Valuation Report Land Value Estimates for Land Table 0033.033 Forth Oaks * Factors * Description Frontage Depth Front Depth Rate $id). Reason Value <Site Value A> Unit rate 140000 100 140,000 0.00 Total Acres Total Est. Land Value = 140,000 Cost Est. for Res. Bldg: 1 Town Home 2 STORY, C-BC Cls BC Bl: 201% Exterior Units: 1 Interior Umits: 0 Roof: Asph.Shingle (11) Heating System: Forced Heat & Cool Ground Area = 1368 SF Floor Area = 2324 SF. Phy/Ab_Phy/Func/Econ/Comb. § Good=33/100/100/100/53 Building Areas Stories Exterior Foundation Size Cost New Depr. Cost 2 Story Siding Basement €33 1 Story Siding Basement €s52 1 Story Siding Basement 13 1 Story Siding Basement 10 1 Story Siding Overhang 260 1 Stoxy Siding Overhang 3 Total: 408,638 380,033 Other Additions/Adjustments Plumbing 3 Fixture Bath 1 7.107 €,610 2 Fixture Bath 1 4,782 4,425 Extra Sink 2 2,928 2,723 Ceramic Tile Floor 2 3,074 2,885 Ceramic Tile Wains 1 2,088 2,683 Ceramic Tub Alcove 1 959 8s2 Porches CCP (1 Story) 34 1,574 1,464 Garages Class: BC Exterior: Siding Foundation: 42 Inch (Finished) Base Cost 35€ 30,330 28,207 Door Opener 1 711 61 Water/Sewer Public Water 1 2,028 1,883 Public Sewer 1 2,025 1,883 Built-Ins Cook Top 1 1,286 1,196 Dishwasher 1 1,244 1,157 Vented Hood 1 84¢ 787 Oven 1 2,154 2,003 Microwave 1 860 800 473,408 440,270 Notes: ECF (033 NORTE OAKS) 1.380 => TCV: €07,573 2026 Est. T.C.V. 05-05-10-402-035 = 747,573 46
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VALUATION REPORT MTT DOCKET 25-002398 47 Subject Deed