noreply_20260515_143635.pdf
Chad Michael Holt Petitioner V Township Of Brookfield Respondent · 26-001008-TT
Text extracted from the reviewed PDF, organized by page. OCR and reading order may contain errors; confirm details in the PDF below.
Page 1
March 9, 2026 To: Brookfield Township Board of Review From: Chad Holt and Kathy Kain, 8767 Narrow Lake Road Re: Request for review To whom it may concern: We are writing to formally request a review of the assessment and taxation of our property purchased in February 2023. Attached, you wili find documentation of: e A comparison of a similarly priced house (sold the same year) on the opposite side of the lake. The report includes square footage, sale price, assessed value, and taxable value comparisons since 2023 for 8767 Narrow Lake Road and 8616 Lake Drive - Email correspondence with the previous and current property assessor The original property appraisal at the time of sale for 8767 Narrow Lake Road It is our contention that our home was initially appraised and taxed unfairly, and the effects have made the current assessment and taxation incorrect or unfair in comparison. Any explanation that purchasing our home through foreclosure at a value much lower than the market value is not supported by either the homes in the area or the appraisal done at the time of sale. The sale price of the home declined dramatically due to the market value at the time and it remained on the market until its worth matched the sales price. The initial appraisal appears to be based on the highest and first amount the home was listed at. It did not receive an offer until the price went below $400,000. Opinions that it was worth more than the purchase price seem to be just that. We request that the initial assessment reflect the actual market and property values, as determined by the hired property appraiser. We also request that the following three years be computed using the correct information to accurately reflect the taxes owed. Thank you for your time and consideration in reviewing our case. incerely, Ah athy A. gain Kao
Page 2
LL/S gb ma algexeL 0078E'SHS wa a1gexe 00°LE0'BES ma lqexel 00°852'5€$ 1a eiqexel 00°550'PES 10 21qexeL 00°000'€0Z$ v0/6/LL 00°009'€0€$ 61L/8/8 @dud sles 9jeq ajes Adld Hd A3s 00'¥8€'5L$ Ha A3s 00°L£0'6€$ Ha A3s 00°088'€L$ Hd A3S 00'5€6'9v$ Hana3s 1.5% EVE 8vee abejoo asenbg 00269 212s wr? Ibs BYE RaLCal Xel leuid 97 A3S leuld 92 00°€00'202$ 00°€00'£02$ 008£'7228 00°288'227$ Xel leuld Sz A3S leuld 52 00292'L12$ 00292'1LZ$ 00'€62°0528 00°€62°052$ Xel feuld v7 A3S leuld bz Q0'EPY'SELS 00'G8S'6GLS 00'L0Z'69L$ 00'SIY'EETS Xe [euld £2 A3S euld £2 00'680'L2L$ 00°689'051 8 00'bYL'L9LS 00'729'L6L$ Xepjewdzz A3S leuld 27 00'000'58%$ €2ILIL 00'000'G6ES Prredcd 20ud ?leg Plog ise anuQ oe 9198 PEOY OXE] MOLEN [9/8 BALA 9%eT 91.98 POY 22 MoLEN £9/8 ang ave 9198 POY 24e MoueN £9/8 anuQ ae 9198 peoy oe MoueN 29/8 anuQ aye 9198 POY ove MOURN £9.8 ong axe 91.98 Peoy ove MOLeN £9/8 £202 Ul ploS SaWOH Ye mouieN Jo uosuedwo)
Page 3
This page is blank in the source PDF.
Page 4
3/10/26, 9:47 AM
8616 Lake Dr, Springport, MI 49284
| Zillow
<{
Backto search
Zz Zi | low
$485,000
8616 Lake Dr, Springport, Ml 49284
Est. refi payment: $3,023/mo © Refinance your loan
dll Single Family Residence
f° Built in 2021
22 $534,800 Zestimate®
is, $141/sqft
Home value
Zestimate®
$534,800
https:/fwww.zillow.com/homedetails/8616-Lake-Dr-Springport-Mi-49284/74716829_zpid/
Q save
iN Share
eco More
|
BE see all 60 photos
|
4
3
3,433
beds
baths
sqft
A. 0.52 Acres Lot
©) $3,463 Estimated rent
117Page 5
3/10/26, 8:28 AM Yahoo Mail - Re: Questions Re: Questions Cu re nt From: Jennifer Harris (jennifer.harris38@yahoo.com) To: mtneerone@yahoo.com Date: Monday, March 9, 2026 at 07:43 PM EDT Hi Chad, The appraisal completed when the bank sold the home reflects the value of a distressed transaction, not open-market conditions. Michigan law requires assessed value to be based on arm’s-length market sales, so foreclosure-related appraisals cannot be used to determine true cash value. The 2026 assessed value at 8616 Lake Dr is 222,373 and the taxable is 212,592. Thank you, Jennifer From: Chad Holt <mtneerone@yahoo.com> Sent: Monday, March 9, 2026 10:36 AM To: Jennifer Harris <jennifer.harris38@yahoo.com> Subject: Re: Questions Jennifer, Would the property appraisal done at the time of sale also be representative of the actual value? Thank you for clarifying the difference regarding the school millage and sewer assessment between the two homes. | don't think those are things that we can see online. If we were to narrow it down strictly to property taxes, what are the new assessed and taxable values for 8616 Lake Drive? Their square footage is 3433 and ours is only 2248. | want to thank you for your time in helping us work through this. You have been wonderfully responsive and informative. It is much appreciated. Thanks Chad On Sunday, March 8, 2026 at 07:36:07 PM EDT, Jennifer Harris <jennifer.hartis38@yahoo.com> wrote: about:blank 1/3
Page 6
3/10/28, 8:28 AM Yahoo Mail - Re: Questions Hi Chad, When you purchased your home in 2023, the taxable was capped. The year following a sale, there is uncapping, which brings the home to current market value and the assessed becomes the taxable for that year. In 2025, the market value decreased which is why your assessed shows lower. The taxable value cannot be higher than the assessed, so that is why the taxable value is the same as your assessed for that year. In 2026, there was an increase in market value, so your assessment went up. Your taxable went up the rate of inflation, which is 2.7% for 2026. Assessment values will fluctuate depending on market value for the year, while taxable values can only increase the rate of inflation or 5%, whichever is lower. I hope this gives you a better explanation. Thank you, Jennifer, Brookfield Township Assessor On Sunday, March 8, 2026 at 10:32:30 AM EDT, Chad Holt <mtneerone@yahoo.com> wrote: Good Morning, Jennifer. Have you had a chance to review our questions about the history of assessed and taxable value fluctuation. Thanks Chad Sent from my iPhone Begin forwarded message: From: Chad Holt <mtneerone@yahoo.com> Date: February 27, 2026 at 6:55:43 AM EST To: Jennifer Harris <jennifer.harris38@yahoo.com> Subject: Re: Questions Sorry for the typo:) We are just confused about how our “taxable value” and assessed value have changed so dramatically in comparison to homes of comparable value since we purchased it three years ago. On Feb 26, 2026, at 7:18 PM, Chad Holt <mtneerone@yahoo.com> wrote: We are just confused about how our and assessed value have changed so dramatically in comparison to homes of comparable value since we purchased it three years ago. about:blank 3/3
Page 7
3/9/26, 11:17 AM Yahoo Mail - Fwd: 8767 Narrow Lake Road Fwd: 8767 Narrow Lake Road From: Chad Holt (mtneerone@yahoo.com) To: Date: Sunday, March 8, 2026 at 07:44 AM EDT mtneerone@yahoo.com Pronto U b) Sent from my iPhone Begin forwarded message: about:blank From: Chad Holt <mineerone@yahoo.com> Date: March 20, 2025 at 12:52:51 PM EDT To: Patti Ostrowski <posprowski49076@hotmail.com> Subject: Re: 8767 Narrow Lake Road Patti, You have always been extremely responsive which is why | was concerned that you didn’t respond to the email last Thursday. My sent mail shows that | sent the first email successfully to the same address. You were extremely helpful in answering our questions about taxes prior to purchasing the home and then again with the exemption last year. | meant no disrespect toward you. "Dairus” is the guy from the Eaton County website where the township assessor's contact information is posted. He is listed as the county treasurer. I assumed that somethirig was wrong with the contact information and if so, he could get us to the right place. It appears that we get misinformation from others not only about how taxes are figured but who to contact. The information in the 3/13 email is a direct cut and paste from our loan agent. We are freaking out about the escrow letter that we received last week. The entire tax realm is not our area of expertise and | do appreciate yours. Why does the uncapping and resulting large increase in taxable value not happen in the previous sales since 2017? | don’t see where the taxable value made such a large jump in a wide range of sales prices since 2014. | would assume lenders are able to correctly judge a future mortgage payment based on something that more closely reality. After many home purchases, we have never seen anything like this. For some reason we are bombarded with tax lien warning letters for the previous owners, We are not sure what to make of this whole situation. Is the assessed value of about 250K indicating that our home was valued at $500,000? | will contact Tara regarding the special assessment. Chad Sent from my iPhone On Mar 20, 2025, at 12:13 PM, Patti Ostrowski <posprowski49076@hotmail.com> wrote: Mr. Holt, I received this message this morming from you regarding your issues with the property located at 8767 Narrow Like Road. On 3/6/2024 | sent your Principal Residence Exemption to the Township Treasurer and the County Treasurer. | looked at their records this morning and both 2023 and 2024 have 100% Principal Residence Exemption on them. The Principal Residence Exemption has been taken care of back in March of 2024.. Your Assessment Notice was sent to the 8767 Narrow Lake Address, both in 2024 and 2025, neither time did you appeal your assessment to the 5
Page 8
3/9/28, 11:17 AM about:blank Yahoo Mail - Fwd: 8767 Narrow Lake Road does NOT authorize the assessor to AUTOMATICALLY set the assessed value of a property which has sold at 1/2 of the sale price. Neither the County or the Assessor used the bank sale as an arm's length transaction. Your appeal right was to the March Board of Review for your Assessed Value, you can not appeal your property uncapping (this is set by law when a transfer occurs, unless this was from a relative or other strict guidelines where it should have not been uncapped). You challenge the assessed value not the taxable value, and your assessed Is not set at '; of the sale price. The Clerk in Brookfield Township is: Tara Miller, Township Clerk and can be reached at brookfieldtwpclerk@gmail.com Patti Ostrowski, Assessor Brookfield Township 269-749-9108 From: Chad Holt Sent: Thursday, March 20, 2025 9:11 AM To: treasurer@eatoncounty.org Cc: posprowski49076@hotmail.com Subject: Fw: 8767 Narrow Lake Road Dairus, We have reached out to our township assessor's office with two rather urgent questions about concerns raised over our assessments over the last three years and a special assessment. | am wondering if maybe | have the wrong contact information? It has been a week with no response. First, we really just want our assessments explained to us because we have been told by counsel and a loan agent that we should challenge their accuracy/fairness. | requested that we be advised of the actual process or have it explained to us. The second question has to do with the Narrow Lake Sewer Special Assessment and when that expires. 3/5
Page 9
3/9/26, 11:17 AM about:blank ‘Yahoo Mail - Fwd: 8767 Narrow Lake Road negative after only two years in our home. This has created a significant increase in our monthly payment. Our loan agent expressed the following: You only paid $395,000 for the home but they have the taxable value at $250,293, which is a really big adjustment. The taxable value should only be 50% of the value of the home, which is the $395,000 you paid for the home. | would reach out to the Brookfield Twp assessing department and you can challenge the taxable value of the home based on your purchase price. Really, it should only be $197,500 which would lower your taxes pretty significantly. For example, the 2024 summer tax was $7,189 but with the corrected taxable value, it would only be $4,684. They might be able to adjust the summer tax for 2024 based on where the actual value should have been. The winter tax would be lower as well. We recently received a new assessment letter for $220 which our loan agent still feels is to big an increase in such a short time. How do we go about challenging or requesting a review of our taxable value and taxes? Our second question has to do with the Narrow Lake Sewar. When we purchased the home, we were told it would expire in a year or two. When does that tax expire? Thanks Chad Holt and Kathy Kain 5/5
Page 10
Propurty Ao anise [ 7023 123010182 File No. PA-012331-001 Patrick Appraisal skirt [INVOICE Heese Fils Number: PA-012331-001 * No AMC Dait Bank 500 N Homer Lansing, MI 48912 Borrower : Chad Hoyt Invoice # : PA-012331-001 i Order Date : 01/31/2023 i Reference/Case #: 123010182 | PO Number : | 8767 Narrow Lake Rd Springpart, MI 40284 $ i Single Family Residence $ 525.00 i At : Invoice Total $ 525,00 } State Sales Tax @ 0% $ 0.00 ! Deposit ($ ) Deposit ($ ) ! Amaunt Due $ 525.00 | Terms: Due Upon Receipt - Thank You Please Make Check Payable To: Patrick Appraisal 246 Wedgewoad Dr Charlotte, Mt 48813 Fed. LD. #:
Page 11
Patrick Appraisal 123010182 FleNo. PA-012331-001 APPRAISAL OF LOCATED AT: 8787 Narrow Lake Rd Springport, MI 49284 FOR: Dart Bank 500 N Homer Lansing, MI, 48912 BORROWER: Chad Hoyt AS OF: February 1, 2023 BY: Gus Patrick Ill
Page 12
Patrick Appraisal
123010182
Uniform Residential Appraisal Report
Fie No. PA-012331-001
Tha purpose of thls summary
appraisat yaport Is to pravida the lendar/oliant with an accurate, and adaquately
supported, opinion of the market value of the subject property.
Property Address 8767 Narrow Lake Rd
Cy Springport
State Mi __ Zip Cade 49284.
Borrower Chad Hoyt
Quner of Public Record Federal Nattonal Mig
Counly Eaton
Legal Dascription LOT 39 ASSESSORS PLAT OF NARROW LAKE, SECTION 28, T1N R4W, BROOKFIELD TOWNSHIP
Assassors Parcsl #_23-150-040-600-039-00
Tax Year 2022
RE Taxas$ 10,644
Neighborhood Nama Olivet
Map Reference 2010
Census Tract 0211.00
Occupant [J Owner | J Tenant _(X) Vacant
Special
155 0
[Jeu
Hons ©
[Jperyear [J pormonth
Property Rights
Atpeslsed__[X)Fee Simple
|) Leasehold
{.. JOiher (describe)
Type (X] Purchase Tr
[ml]
Tr
[_Jother
)
Lender/Client Dart Bank
Address 500 N Homer, Lansing, MI 48912
Is the subject property currently offered for sate or has tt been offered for salen the iwelve months prior to tha effective data of this
appraisal?
(XIves [Jno
Report data source(s) used, offering prica(s), and dale(s).
DOM 233; Greater Lansing Assoc of Realtors, MLS# 265583, Listing Date: 06/03/2022,
Listing Price: $529,000
Price Change: 06/30/2022 -fo- $499,900 __ Price Change: 07/25/2022 to-_< continued in addendum >
XJaa
(Joa notanalyze the conlract
for sale for tha subject purchase transaction. Explain the resuils
of the analysis of the contract for sale or why the analysis was oot performed.
REQ sale: Initial Offer: $395,000. subject to a satisfactory Home inspection, Seller to pay $3,000 toward Pre-Palds and Closing Costs.
The offer was writen on a Fannie Mae Purchase Agreement
|
| ©!
IF] contract Pica $ 395,000
Date
of Contract 01/19/2023 ___ ls ho property seller the owner
of public record?
[X)
Yes [
Jtlo__Data Soureals) See Attached Add]
Is there any financiat
asistance
{loan wiarges, sale concessions, git or
downpayment assistance, ec.) la ba paid by any perly
on behalf
of the borrower?
1X)
Yes [No
IF Yes, report the total dollar amount and describe he items ta be pald.
$3000:;Seller to pay $3,000 toward Pre-Paids and Closing
Costs
borhood are not appraisal factors.
{
hy
Bi.
“2
Orie URK Noting Trends
©
|.
OnkUalt Houstng ©]: Present
Land Uses
5
Location [__] Urban
Suburban
{Rural
Proery Values |
]
1X) state
Declining:
PRICE
AGE
| One-Unit
72%
ByitUp
{_lover7se,
X]2575%
Under 25% | DamandiSupply
[_IShortage
XJ in Balance {__] over Supply :_${000)
rs)
| 2-4unit
1%
Grovan_[_}Rapid
Stable
Stow
Markefing Time
_{_jUnderamins
[X}3-6mths
{_JOversmthe
35 Low
4 | but Family
1%
4 Neighborhood Boundardes The Subject property is bordered by Royston Rd fo the East, V Drive N
925 High
180 | Commerdal
1%
®
to the South, Cochran Rd lo the West and Bellevite Fwy fo the North
230 Pres,
60
[Other Vacant
25%
Neighborhood Descripion
See Additional Comments Page
Market Conditions (including support far the above conclusions)
See Attached Addendum
Dimensions 98x151.85x61.35x38.96x142.19
Area 13939 sf
Shape Rectangular
view B;Lake;Res
B Specific Zoning
Clasi
R1
Zoning
Description
Residential
Zoning Compliance
_[X]Legal
{Legal Nonconformiog (Grandiathered Use)
[No Zoning |. egal (describe)
1s tra highest and hest use of the subject properly
as improved {or 8s proposed
per plans and specificaions)
the presentuse?
(X)Yes |_JNo
If No, describe.
Utilitles
Public
Other (describe)
Public
Other (describe)
Oif-site Improyemenis—~Typs
Pubifc
Privata|
iE Eloctricity
X;
Water
IX] Well
Street Asphalt
X;
Ez] cas
X
H
‘Sanitary Sewer
[XJ septic
Aly Nong
FEMA Special Flood Hazard Area
(3, Yos | INo
FEMA Flood Zone A
FEMAMap#
26045CO450E
FEMA Map Date 11/26/2010
Ave fhe ules ang off-sts improvements typical for the market area?
(X)
Yes | INo
If No, describ.
Ara there any adverse site conditions or extemal factors {sasemerts, encroachments, environmental conditions, land uses, ete.)?
[i] Yes
No
Ifves.deseribo.
The Subject
property Is not located in a area where it is economically feasible to connect fo public services. Well and Septic meet County standards
:
ENERALDESGRIPTIO
EOUNDATION
EXTERIOR DESCRIPTION
condo: | INTERIOR”,
7
malerigijgar
Units
_(X]One
{One wih Accassory Unit_ ||] Concrete Sabi
[J Crawl Space
Foundation Walls
____Block-Avg
Floors
Wood/Gpt/Lam-A
#of Stories
2
(XJ Full Basement
Partial Basement _| Exfarior Walls
Stone/Vinyl- Avg
| Walls
Drywall - Avg
Tyme
[X)Det.
| JA
| 1S.Det/End Unit| BasamantArea
1147 50.1 | Roof Surface
Asphalt - Avg
TimiFnish
Wood - Avg
f(x] Existing
[_JProposed
(Under Const.
|B
Finish
60 % | Gutters & Downspouts Aluminum-Avg
| Ba Floer__
Tile- Avg
Design (Se) Colonial
(XJ ouside Entry/Esit
| Sump Pump
| Window Type
Double Hung -Avg | BathWainscot Fiberglass - Avg
Year Built 2007
idence
of {_]
infestation
Sto
daled_None
CarSlorage|__
Nong,
Effective
Age Yrs) 15
[Jampress
[) Seitement
Screans
Yes - Avg
Koriveway_#of Cars
2
Alc
T_INone
Heating [XC FWA Il] rwee [|] Radiant] Amenites
[IWoodStove(s) #0 _| Driveway Surface Concrete
Drop Stake
stairs
[Tower
Tul Gas
X) Fireplace(s)
# 2
Fonco None
[I X|Garage
BofCars
2
Floor
Seutile
Coallng 1%) Cental Alr Canctioning
XJ PatioiDeck Both
Pach Front
Camort
HofGars
QO
Finished
Rested
indidyal
{other
Poot None
ther None
ae,
[Joe
[JBuitin
ox
Dishwasher
|] Dispasal_[P)] Microwave
|] WasheriDryer |) Other (describe)
Finished aiea above grads contains:
6 Rooms
3 Bedrooms
2.1 Balh(s)
2,296 Square Feet of Gross Living Area Above Grade
Additional features {special anergy efficient items, etc.)
Vinyl Stone Exterior, Central Air Conditioning, 2 Fireplaces, Finished Walkout Basement,
Wood Floors, Lake Front Property
Describe the condifion of the proposty {including neaded repairs, deterioration, renovations, remadefing, sfc).
C3:No updates in the prior 15 years; The subject
property Is well maintained showing only minor deferred maintenance due to normal wear and tear.
(PROVEMENTS
Are thers any physical deficiencies of adverse condiins that afect the fvabilly, soundness, or stucturalniegety of the property?
[J Yes
(X]No
Yes. describe. S86
Attached Addendum
Does the property generally
confor to the neighbarhoad (functional uit, syle, condition, use, constuction, etc)?
(X)
Yes {_JNo
If No, dosarite.
.
98a Nac: Foam 19 arch 2
Varsk
1
Froducad veg Ake
245m
a.
Farrie
Maz For
1004 Marth 2005
Fix
005
UAB Version 9201
ig CT
TT
a aia
wri
om ME Bech 2Page 13
Patrick Appraisal
123010182
Uniform Residential Appraisal Report
Fie No. PA-012331-001
The intended user of this report is Dart Bank. The intended use Is to evaluate the properly that is the subject of this appraisal for a
mortgage finance transaction, subject
to the Scope of Work, purpose of the appraisal, reporting requirements of this apyraisal report
form, and definition of Market Value, No additional intended users are identified by the appraiser.
No employes, director, officer, or agent of the lender, or any other third party acting as a joint venture partner, Independent contractor,
appraisal management company, or partner on behalf of the lender has influenced or attempted to influence the development,
| reporting,
result, or review of this assignment through coercion, extortion, collusion, compensation, Instruction, inducement,
ol
intimidation, bribery or in any other manner,
| have not been contacted by anyone other than the intended user (lender/client as
[Identified on the first page of the report), borrower, or designated contact to make an appointment to enter the property.
| agres to
immediately any unauthorized contacts either personally by phone or electronically to the responsible parly who orderad the report.
“1 have performed no (or the specified) 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 acceptanca of this assignment.”
Reasonable Exposure Time for this property is 60 days.
Appraiser must perform the Appraisal in conformity with the USPAR and Title XI of FIRREA, and any implementing regulations in effect
11
at the time of the Appraisal being signed
H
5 The appraiser tested a random sampling of elecirical outlets, appliances, tested the plumbing by opening the faucets and flushing the
E toilet, and tested the heating and/or cooling system as required by HUD, Unless stated elsewhere In this report these systems appeared
81
to be operable far their designed funclion with no readily observable deficiencies being noted or reported by the property contact.
The appraiser performed a visual inspection of all finished areas and a (head and shoulder) inspection of the attic,
bE
The Utilities were on at the time of the appraisal
The subject property was measured to ANSI 2765-2021 Standards
In the state of Michigan Appraisers are required to be certified and are regulated by the:
State of Michigan Department of Licensing and Regulatory Affairs
RPO. Box 30870
4
Lansing, Michigan 48909
2
COST APPROACH
TO VALUE (nok reqiikied
by
Fannia
-
Provide adequate information for the lendericliont to replicate Ihe below cast figures and calculations.
Support fot the opinion of site value (summary of comparable fand sales or cther mattiads for estimating site vaiie)
Market Evaluation
pat ESTIMATED
{REPRODUCTION OR
TXTREPLAGEMENT COST NEW.
OPINION OF SITE VALUE...
70,000
IE} Source of cast data Local Builders
Dyeing
2,296 $0. FL. @$
Q
J Quality rating from cast service NA
Effective dato ofcostdata NA
Bsmt; 1147
Se. FL @$
[1]
JE} Comments
on GastApproach
{gross living area
fons, depreciation,
ete.)
17 The estimated cost is from Local builders, Quality Ratings, and
Garage/Carport_ BOQ
Sq.FL@$
0
48 effective date of Cost data, would not apply to this estimate.
Total Estimate
of Gost-New.
9
Depreciation in this market and it's relevance fo older homes. Itis
|Less
100
Physical
| Functional |
Extemal
not deemed reliable.
Depreciation
15%
1)
The buyer pool in this market does not analyze the warth of a
Deprediated Cost of Improvemenls ,
0
property using the Gost Approach.
“Asis” Value of Site Improvements .
INDICATED VALUE BY COST APPROACH.
id
a
NCOME APPROACH. TGVAL
E {not requlrsd by Fania
Mag)
i
Estimated Monthly Marks{ Rept §
X Gross Rent Malliplier
0 _ Indicated Value by income Aaproseh
‘Summary of Income Approach {including support for market rent and GRM) The Income approach was not applicable o this report, there was no evaluation
or research performed, The buyer pool in this market d
h,
15 the developerbuilder in control of the Homeowners Associaton (HOA?
Ea
Unitiypefs)
| JDetached |) Atlached
Provide the folowing informalion for PUDs ONLY Ifthe developerfbuler 5 In contol ofthe HOA and the subject praperiy is an stashed dwelling unit.
Legal name of project. NA
Total rumber
of phases
“Total number
of writs
Total umber
of units sold
Total muriet
of unis rented
“Total number of units forsale
Data sources) NA
Was the prajact created by the conversion of an existing building(s)into
a PUD?
{Ves [
No
ifVes, date of conversion.
NA
Does the project contain any mult-weling units?
[J Yes
|
JNo
Data sources)
NA
Are the unis,
and
recreation facilites
7
[J¥es (_JNo
ItNo, describe ihastatus of
completion. NA
PUD INFORMATION
Are tia common elements teased to or by the Homeowners’ Association?
|] Yes {_JNo
Yes, describe the rental lems and cplions. NA
Describe common elements and recreational faciliies.
NA
“Frais Hac Farm
70 Haven 2005
RD Version STOTT
Pretuced using 4) Sve, BOF DE wd wove oom
Faviee
Fo 0 Vor 0
3a5
7500 3708
PagePage 14
Patrick Appraisal
123010182
Uniform Residential Appraisal Report
Flo No. PA-012331-001
APPRAISERS CERTIFICATION: The Appraiser certifies and agrees that:
1.
| have, at a minimum, developed and reporied this appraisal In accordance with the scope of work requirements stated in this
appraisal report,
2.
| performed a complete visual Inspection of the interior and exterior areas of the subject property.
| reported the condition of
the Improvements In faciual, specific terms.
{ identified and reported the physical deficiencles that could affect the livability,
soundness, or structural Integrity of the property.
31 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 to develop a reliable sales comparison approach for this appraisal
assignment.
1 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, unless otherwise indicated in this report.
6.
| researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior fo the
date of sale of the comparable sale, unless otherwise indicated in this report.
7.
selected and used comparable sales that are locationaly, physically, and functionally the most similar
to the subject properly.
8.
1 have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home
that has been built or will be built on the land.
9.
| have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
property and the comparable sales.
10.
| verified, from a disinterested source, all information in this report that was provided by parties who have a fi nancial interest in
the sate or financing of the subject property.
11.
| have knowledge and experience in appralsing this type of property in this market area.
12.
1 am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing
services, fax assessment records, public land records and other such data sources for the area in which the property is located.
13.
1 obtained the information, estimates, and opinlons furnished by other parties and expressed in this appraisal report from
reliable sources that | believe to be true and correct.
14.
I 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 fo adverse influences in the development of my opinion of market value.
| have
nated in this appraisal report any adverse conditions {such as, but not limited to, needed repalrs, deterioration, the presence of
hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property
or that
I 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.
15.
| have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all
stalements and information In this appraisal report are true and correct.
16.
i 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.
17.
I 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.
| did not base, either partially or completely, my
analysls and/or opinlon of market value in this appraisal report on the race, colar, religlon, sex, age, marltal status, handicap,
famillal status, or national origin of either the prospeciive owners or occupants of the subject property or of the present owners or
accupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18. My employment and/or compensation for perfarming 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 value, a range or direction in value, a value that favors the cause of any parly, or the
attainment of a specific result or cccurrence of a specific subsequent event (such as approval of a pending mortgage loan
application},
19.
| personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report.
If I relied on
significant real property appraisal assistance from any individual ar Indlviduals in the performance of this appraisal or the
preparation of this appraisal report,
[ have named such individual(s) and disclosed ths specific tasks performed in this appraisal
report.
| certify that any individual so named is qualified to perform the tasks.
| have not authorized anyone to make a change to
any item
in this appraisal report; therefore, any change made to this appraisal is unauthorized and
| will take no responsibility for it.
20.
| identified the lender/client in this appraisal report wha is the individual, organization, or agent for the organization that ordered
and will recelve this appraisal report.
21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower;
the mortgagee or its successors and assigns; morlgage insurers; government sponsored enterprises; other secondary market
pariicipants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality
of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or
supervisory appraiser's {if applicable) consent. Such consent must be ablalned before this appraisal report may be disclosed or
distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other
media}.
rede MacFom
70 Hach 2008
AD Version 83011
Produced wing ACT sown BOO B31 BT
ssh Ion
Forni
Mae Form 1001 March 2005
Fog SAB.
104.9504 12180015Page 15
Patrick Appralsal
123010182
Uniform Residential Appraisal Report
Fio No. PA-012331-001
FEATURE
]
SUBJECT
COMPARABLE SALE NO. 4
COMPARABLE SALE NO. 5
COMPARABLE SALE NO. §
8767 Narrow Lake Rd
3026 N Drs
1210 Day Rd
Address Springport,
9284
Marshall, M1 48068
Union City, M1 49094
Proyimity to Subject
22.83 miles SW
33.01 miles SW
Salo Price
H
395,000
Ji:
i
397,000
B
[EEE]
Sale Pricelross Liv. Area
263.81 sq. tt
:N8
361.88 sq h[F
Ein
59. fp:
Data Source(s)
BCAR #22021530,D0M 60
BCAR #22021345:00M 162
Verification Sources)
:’|
See Addendum
See Addendum
VALUE ADJUSTMENTS
DESCRIPTION
3) 8 Adjustment
DESCRIPTION.
2)§ Musimant
DESCRIPTION
+4:
Adusiment
Sala ot Financing
JArmbth
ArmLth
Concessions
~} Conv;0
Conv;0
alg of Sale/Time.
5
<1] s08/22;008/22
612/22;611/22
Location
B;Lake;
Bit ake;
Blake;
i
1
aa Simple
| Fea Simple
Fee Simple
Fee Simple
!
Site
13939 sf
7772 sf
0421344 sf
[J
!
View
BiLake;Res
Bilake;Res
B;Lake;Res
Cesign (Siyle}
DT2;Colonial
DT1;Ranch
0{DT1;Ranch
0
Quality
of Construction;
QF
Q4
25,0001Q3
Actual Age
16
87
10,2001
4
-2,400
Condition
C3
C3
C3
Abovs Grade
Tota ms
Baha
Total ams]
Bhs
2,000 | 1a
gama)
pene
4,000 | Tota [Bos]
Baths
Room Gount
6:31
21
|6l2]
20
1000[6
[11
11
2,000
Gross Livy Area 50
2,296 sq.ft.
1,906 sq. A
39,500
1,589 wa. &
35.400
sq.ft.
Basemant& Finished
1147sf688sfwo
| 1508s1840sfwo
+2,300 | 1589sf1111sfwo
6,300
Rooms Below Grads
1rr1br).Obalo
1irtbri.Obalo
=2,000 | 1rr3br1.0ba0o
-2,000
Fungtionat Utillty
Average
Average
Average
Heating/Cooling
Gas FWA C/AIr _| Gas FWA C/Air
Gas FWA C/AIr
Enargy Eficient items
None
None
None
Garage/Carport
2ga2dw
2gaZdw
2ga2dw
PorchiPatia/Deck
Porch, Deck, Patio
| Porch, Deck,Patic
Porch, Deck, Patio
2 Fireplace
1 Fireplace
3,000 | No Fireplace
6,000
None
None
None
IR
Lake Frontage
100.31
74
0125
[4]
3 Net Adjusment (Tout)
17
100:
[1
Ts
76,400
+
IIs
38700
[J+
1)
Is
FE Adjasted Sale Price
NetAd.,
19.2%
NetAd.
6.4%
NatAd).
%
TF of Comparables
p
{orassag 21.4%)s
473.400 | GrossAd,
10.1%
1$
611,700 | Gross Ag,
%i$
Z
ITEM
SUBJECT
COMPARABLE SALE NO. 4
COMPARABLE SALE NO. §
COMPARABLE SALENO. 8
5 Date of Prior SalofTranster
08/08/2019
{4 price of Prior SaleTranstor
$303,600
I Data Source(s)
GLAR
BCAR
BCAR
iF&] Ettactive
Dato of Data Source(s)
| 02/01/2023
02/01/2023
02/01/2023
PH Summary
of Sales Comparison Approach
2)
E
Freddie Mac Form 76 March 2605.
VAD Version 82011
Produced using AGH software, 400.234 8727 wei aise con
Fannie Maa Form 1084 March 2005
104 J5UAD 12222015.Page 16
Patrick Appraisal
123010182
Uniform Appraisal Dataset Definitions
Fla No. PA-012331-001
Condition Ratings and Definitions
G1
The improvements
have been very recently constructed and have not previously been occupied. The entire structure and all components are naw and te dwelling features no
physical depreciation.”
“Note: Newly constructed improvements that feature recycled malerials and/or components can be considered new dwellings provided that the dwelling is placed on a 100% new
foundation and the recycled materials and the recycled components have been rehsbilliated)re-manufactured into ike-new condition, Recently constructed improvements that have
not been previously occupied are nol considered “new” if they have any significant physical depreciation (1.e., newly constructed dwellings that have been vacant for an extended
period of time withou! adequate maintenance os upkeep).
C2
Tha Improvements feature no deferred maintenance, litle or no physical depreciation, and require no repairs. Virtually all building components are new of have been recently
repaired, reflnlshed, or rehabiitated. All cutdated components and finishes have been updated and/or repiaced with components that meet current standards. Dwellings in this category
sither are almost new of have been recently completely ranovated and are siilar in condition to new construction.
“Note: The improvements represent a relalively
new property that is well maintained with no deferred maintenance and litle or no physical depreciation, or an older property that has
been recently completely ranovaied.
G3
The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may
be updated or recantly rehabilitated. The structure has been well maintainad.
“Note: Th improvement is in ts frst-cycle of replacing short-lived bullding components (appliances, floor coverings, HVAC, etc.) and is being well maintained. is estimated effective age
la less than ts acluat age. It aiso may reflect a property in which the majority of short4ived buriding components have been replaced but not to he level of a complete fenovation.
G4
Tha improvements featura some minor deferred maintenance and physical deterioration due to normal wear and tsar. The dwelling has been adequately maintained and requires
only minima? repairs to building componentshmoshanical systems and cosmetic repairs. All mejor buflding components have been adequately maintained and are functionally adequate.
“Note: The estiinated effective age may be close to or equal to its actual age. It reflects a property in which some of the shortfived building components have been replaced, and some
short-lived building components are at or near the end of their physical fife expectancy; however, they stil function adequately. Most minor repairs have been addressed on an ongaing
‘basis resuling In an adequately maintained property.
C5
Thelmprovemants feature obvious deferred maintenance and ara In naed of some significant repairs. Some building components nesd repairs, rehabilitation, er updating. The
functional utility and overait livability is somewhat diminished due to condition, but the dwelling remains useatie and functional as a residence.
“Noto: Some significant repairs are needed to the impro
due to the lack of
intenancs. It reflects & property in which many of its short-lived building components are
al the end of or have
thelr physical Ho expectancy but resin
functi
C6
The Improvements have substantial damage or deferrsd maintenance with deficiencles or defects that are severe enough to affact the safety, soundness, oF structural integrity
of the improvements. The Improvements aro In need of substantial repalrs and rehabiitation, including many or most major components.
“Noto: Substantial repairs are needed Lo the improvements due Io the lack of adequate maintenance or property damage. It reflects a property with conditions severe enough to affect
the safely, soundness, or structural integrity of the improvements.
Quality Ratings and Definitions
Ql
Dvalings with this quality rating are usually unique structures that are Individually designed by an architect for a specified user. Stich residences typically are constmicted from
detalled architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of the
structure. The dosign features pxceptionally high-quality exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and
fishes throughout the dwelling are of exceptionally high quay.
Q2
Dwellings with thig quaity rating are often custom designed for construction on an individual property owner's sita. However, dwellings in this quality grade are also found in
high-quality tract developments featuring residences constructed from individual plans or from highly modified or upgraded plans, The design features detailed, high-quality axiarior
omamentation, High-qually interior refinemerits, and dati. The workmanship, materials, and finishes throughout the dwalling are generally of high or very high quality,
Q3
Dwellings with this quality rating are residences of higher quality built from individual of readlly
available
designer pians In abo
d
tract deve
oron
an individual property owner's site. The design includes significant exterior omamentation and interiors that are wall finished. The workmanship exceeds acceptable standards and
many materials and finishes firoughiout the dwelling have been upgraded from Stock” standards.
Q4
Delings with this quality rating meot of exceed the requirements of applicable building codes. Standard or modified standard building plane are utilized and the design includes
adequate fenestration and some exterior ornamentation and Interior refinements. Materlals, workmanship, finish, and equipment are of stock or builder grade and may feature somo.
upgrades.
Q5
Dwellings with this quality rafing feature asonomy of construction and bast functionality as main considerations. Such dwellings feature a plain design using readily available or
basic floor plans featuring minimal fenestration and basic finishes with minimal exterior omamentation and limited interior detail. These dwellings mast minimue building codes and are
constructed with inexpensive, stock materials with limited refinements and upgrades.
Q&
Dwelings with this quaity rating are of basic quality and lower cost; some may not ba suitable for year-round occupancy. Such dwellings are often bul with simpla plans or
without pian, often utilizing tho lowest quality building materials. Such dwellings are often built or expanded by persens who ars professionally unskiflad of possess only minimal
construction skills, Electrical, plumbing, and other mechanical systams and equipment may be minimal or non-existent. Older dwallings may feature ong or mere substandard or
non-confosming addidons to the original structure.
Definitions of Not Updated, Updated, and Remodeled
Not Updated
Little or no updating or modernization. This description includes, but is not limited to, new homes.
Residential properties of fifteen years of aga or less often reflect an original condition with no updating, if no major components have been replaced or updated. Those over fifteen
years of aga are also considered not updated if the appliances, fixtures, and finishes are predominany dated. An area that is Not Updated’ may still be well maintained and fully
functional, and this rating does not necessarify imply deferred maintenance or physical functional deterioration.
Updated
The area of the home has been modifled to meet current markst expectations. These madifications are limited in terms of both scope and cost.
Ant updated area of the home should have an improved look and feel, or functional utility. Changes that constitute updates include refurbishment and/or feplacing components to meet
existing market expectations. Updates do not include signfficant alterations to the existing structure.
Remodeled
Significant finish andfor structural changes have been made that Increase utility and appeal through complete replacement andf or expansion.
A remodeled araa reflects fundamantal changes that include multiple alterations. Thess alterations may include soma or all of the following: replacement of
a major component
{cabinst(s), bathtub, or bathroom tile), relocation of plumbingtgas fixturesfappliancas, signficant structural alterations {relocating walls, and/or the addition of square footage).
‘This would frclude a complate gutting and rebuild.
Explanation of Bathroom Count
The number of full and haf baths is reported by separating the two values by a period. The ful bath is represented to the left of the pariod. The half bath count Is reprasented to the
right of the period. Three-guarter baths are to be counted as a full bath in all cases. Quarter baths {baths that feature only tollef) are not to be included in the bathroom count,
AG Version $2011
Print
ACT cea E0727
wn ue om
To ToD Ez
Uitte Appraisal Dataset DefinibonsPage 17
ADDENDUM
Borrower: Chad Hoyt
File No.: PA-012331-001
Property Address: 8767 Narrow Lake Rd
Casa No: 123010182
City: Springport
State:
Mi
Zip; 46284
Lander: Dart Bank
Twelve Month Listing History of Subjsct Property
Continued from Twelve Month Listing History of Subject Property: $469,900
Price Change: 08/16/2022 -to- $459,900
Price Change: 10/14/2022 -to- $449,900
Price Change: 10/14/2022 to- $430,900
Price Change: 10/17/2022 -to-
$429.900
Price Change: 11/18/2022 -to- $419,900
Price Change: 12/16/2023 -to- $409,900
Contract Data Source
Eaton County records
Neighborhood Description
Subject property Is located in a Rural area comprised of a combination of Working Farms and Single Famlly residences. The
homes are a variety of Designs, Ades, Sites, GLA's and Amenttles vary.
The subject property Is within close proximity to local schools, employment, shopping and transportation. The majority of
homes are single family that appear to be well maintained. No adverse conditions wers noted that might have a negative
impact on property values.
I have considered relevant competitive Listings/Contract offerings in performing this appralsal, and any trend Indicated by
that data is supported by the listing/offering Information included in this report,
Financing/Seller Paid Concessions are common in this market, any concessions are noted in the Sales Comparison Grid
and deducted from the selling price of the comparable.
Nelghborhood Market Conditions
The Greater Lansing Assoc of Realtors reports that Housing Prices in the Olivet School District Increased 3.8% for the
period of January 22 through January 23, for the purpose of this report the market is being treated as stable.
The Greater Lansing Assoc of Realtors does not specifically track Foreclosed properties, fn reviewing the Active Listings 0
Properties (of similar design and amenities) were identified as Bank/Corporate Ownexl. There are 14 Total Active Listings tn
this market,
Per the MLS the Average Marketing time for all types of homes in the search area which had Sold {64 total) was 29 days, the
Days on Market for Active/Pending Listings (14 total) the Average is 102 days.
Per the MLS the variance of the Selling price for all types of homes in the search area was at 0% of the Listing price.
Absorption Rate: 2.6 month supply of homes in this market
Change In Sales (Yearto Year) 21 ~ 22: 53 sales, 22 ~ 23: 64 sales
Change in Average Home Sales Price (Year
to Year) 21 ~ 22: $221,849, 22 ~ 23: $230,266
Prior 2 Months Prior 4~8 Months Prior Month 3 Prior Month 2 Prior Month
Total # of Sold Comparables
3
18
6
[]
Avg Comparable Sales Price
$249,188
$209,689
$185,833
$260,500
$129,537
Avg Comparable Days on Market
31
20
18
35
74
Avg Sales Price as % of Listing Price
101.05%
100.23%
96.98%
93.39%
108.28%
Physical Deficiencies or Adverss Conditions
The appraiser tested a random sampling of electrical outlets/appliances, tested the plumbing by opening the faucets and
flushing the toilet, and tested the heating and/or cooling system as required by HUD. Unless stated elsewhere in this report
these systems appeared to be operable for their designed function with no readily observable deficiencies being noted or
reported by the property contact.
The appraiser performed a visual inspection of all finished areas, the garage, basement and a (head and shoulder}
inspection of the sittic and craw space (if present).
Comments on Sales Comparison
All comparables are recent sales of similar styled homes located in close proximity of each other in School Districts (Subject
Comparable 1= Charlotte, Comparable 2 = Faton Rapids, Comparable 3 = Springport, Comparable 4 = Tekonsha,
Comparable § = Union City) and are considered to be good indices of value. Minor adjustments were made for Location {the
Subject property and Comparables 1 & 2 are no Non-Wake Lakes, Comparables 3, 4 & 5 ars located on All-Sports Lakes),
Quality of Construction, Age ($200.00 per yr), Condttion, the number of Bed and Bath rooms, Gross Living Area {$50.00 per
sq. ft.), the presence of a Basement and it being Finished or Unfinished {at $15.00 per Finished sq. ft.), having Central Air
Conditioning, the number of Garage Stalls, having a Porch/Deck/Patio/Enclosed Porch, Fireplace and Pole Barn.
The limited number of available comparables necessitated extending the search back 12 months and outside the desired
radius.
Adjustments to Comparables 2 & 4 exceed allowable limits due to the Line Item Adjustments for Quality of Construction,
Condition and GLA
The GLA of Comparables 4 & 5 differ from the Subject property by more than 20%, however were included in the report due
to the limited number of viable comparables in the area.
As noted in the Data/Verification Source all comparables are verifiable through the MLS as Arm's Length Transactions.
The following parameters were used as the search criteria In the Market Analysis for selecting Comparables: Area: Charlotte,
Olivet, Eaton Rapids, Springport, Bellevue, Penfield, Harper Creek, Marshall, Tekonsha and Union Clty School Districts,
GLA: 1,400 ~ 2,900 sq. ft., Site: Lakefront
The Digital Photo taken of Comparable 3 was unusable the Photo in the report is from the MLS
Addendum
Page 1 of 2Page 18
Patrick Appraisal
123010182
Market Conditions Addendum to the Appraisal Report
fieNo. PA-012331-001
The purpose of Uis ddendunt is o provid the landerfcliznt with a clear and aceurata understanding af Ihe market rends and condiions prevatent in lhe subject neighborhood, This Is a required
| addendum for al appraisal reports wilh en effective
date gn or after April 1, 2009,
Propetty Address 8767 Narrow Lake Rd
City Springport
Sala MI __ Zip Code 49284
Bosrawer Chad Hoyt
Instructions: The appraiser must use the information required or this form as fhe basis for his/her conclusions, and must provide support for those conclusions, regarding housing trends and
overall market conditions 25 feported In lhe Neighborhood section of the appalsal report form. The appralser mast fl in all the information ta the extant itis available and reliable and must provide
analysis as indicated below. if any required data is unavalablo or is corisiderad unveliable, the appraiser must provide an explanation. It is recognized that not all data sources wil be abla lo
‘provide data for the shadad areas below: if tis available, however, the appraiser must include ihe data in the analysis. If data sources provide the required information as an averaga instead of the
madian, the appraiser should repo the available figure and Identify # as an average, Sales and listings must be prapadias that. semis wilh the subject, pry. determined by applying the criteria
Prior
7-12 Months | Prior 4-8 Months | Current
-3 rer
Oval Trad
Total #.f Camparabla Salos (Satled)
4
5
2
Increasing
|X) Stable
Declining
‘Absorption Rate (Total SalesiMonths)
0.67
2.00
0.67
creasing
_[[X] state
Degining
Total # of Comparable
Active Lislings
:
:
Tri
6
q
oC
sae
Hf
Inereasing.
Marth of using Supaly
Total Listngs/Ab Rate)
SET
8.96
BE
Incioasing
*
TH
2]
Prior 7-12 Months | Prior 4-6 Months | Gusrent - 3 Months
oral Trond
Modan Comparable Sak Pico
392,500
458.500
412,500
IX
Stable
Decl
Median Comparable Sales Days on Market
34
9
Stable
Incraasing
Median Comparable List Prica
2
388,250
Stable
t
Viailing.
Median Comparable Listings Days on Market
EAR
RE
5
117
KX
Stahl ©
-Hinéreasing
Median Sale Privo as % of List Pice
100.00%
86.91%
93.34%
Increasing
Siable
Declining
Selter-(developer, builder, otc Jpald finandlal
prevalent?
[J¥es
[XINo
{]
Deciing
Stable
Increasing
Explain In detail the seller concessions trands for the past 12 months (e.g. seller contributions increased from 3% to 5%, Increasing use of buydowns, closing costs, condo fess, options, etc.)
Seller paid concessions are not as prevalent as in the past, when they are present they are typically
3 ~ 6%_of the selling price,
HJ A foreclosure sales (REQ sales) a facor in the market? 1 Yes
No
i yes, explain (including Ibe trends in listings and sates of foreclosed properties).
Foreclosures are effecting every market, the appraisers opinion is that the overall state of the economy/employment is the driving
factor in this market,
Cite data sources for above information. Battle Creek Assoc of Realtors
Suminariza the above information as support for your conclusions in the Nelghbarhaod section of the appraisal report orm. If you used any additional Information. such as an analysis of
pending sales andlor expired and withdrawn listings, to formulate your conclusions, provide both an explanation and sugport for your canclusians.
The Ballle Creek Assoc of Realtors does not specifically track Foreclosure's (REQ) properties.
The analysis of "Neighborhood Market Conditions” is deemed to be more reliable than the 1004MC In determining Market Trends for
this report,
If the subject Is a unit in a condominium or cooperative graject , completo the following:
Project Name:
Subject Project Data.
Prior 7-12 Months | Prior 4.6 Months | Currant - 3 Months
Overall Trend
“Total
of Comparable Salas (Sellied)
[
Jihceasing
||
State
Declining
Absorption Rate (Tolal SalesiMonihs)
" looreasing
Stable
Declining
Total # of Active Comparable Listings
To
TEE
Dedindiy
BE
Toctaasing
Months of Uni Supply (Tole Lisings/Ab. Rale)
REE
:
&
Dikining
Stable:
| Increasing
Ara foradsure salos (REQ sales) a faclorin the poject?
|_| Yes
|__| No _ ifyes, indicate (he number of REO lilings and explain the bends In isfings and sales of foreclosed properties.
fo
Summarize tho above trends and address tho impact
on the subject unit and project.
CONDO CO-OP PRO
APPRAISER
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Signature =t
:
=z
Signature
[2]
Name Gus Patrick lll
Name
i g
Company Name Patrick Appraisal
Company Name
BE
Company Address 246 Wedgewood Dr, Charlotte,
Ml 48813
Company Address
Charlotte, MI 48813
State License/Certification # 1204069640
StateMl
State License/Certification #
State
Email Address guspatrick@sbeglobat.net
Email Address
Freda Hac Form 11 March 2000
Foca
AC) SEAGER, 800 234 B12 whieh Com
Faia Vea Form (0001C Horch 208
Papi
t
iC. 2080080Page 19
SUBJECT PROPERTY PHOTO ADDENDUM Borrower: Chad Hoyt Fila No. PA-012331-001 Properly Address: 8767 Narrow Lake Rd Case No.; 123010182 City: Springport State: Mt Zip: 49284 Lender. Dart Bank FRONT VIEW OF SUBJECT PROPERTY Appraised Date: February 1, 2023 Appraised Value: § 395,000 REAR VIEW OF SUBJECT PROPERTY STREET SCENE
Page 20
INTERIOR PHOTOS Borrower: Chad Hoyt Fite No.: PA-012331.001 Property Address: 8767 Narrow Lake Rd Case No.: 123010182 City: Springport State: Mi 7ip; 49284 Lender: Dart Bank Kitchen Comment: Living Area Description: Comtent: Bathroom Description: Comment: Protacotusng ACT scleao, 500 23 A727 who sch com CEE]
Page 21
INTERIOR PHOTOS Borrower: Chad Hoyt Flle No.. PA-012331-001 Property Address: 8767 Narrow Lake Rd Case No.: 123010182 City: Springport State: MI Zip: 49284 Lender: Dart Bank Bedroom Corament: Bedroom Comment: Bedroom Comment: Probeelusing ACH sclveso, 500234 5127 ww nth com TAR ORE
Page 22
COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: Chad Hoyt Fila No: _PA-012331-001 Property Address: 8767 Narrow Lake Rd Case No.: 123010182 City: Springport State: MI Zip: 49284 Lender: Dart Bank COMPARABLE SALE #1 1043 N Crandell Dr Charlotte, MI 48813 Sale Date! 508/22;c07/22 Sale Price: § 395,000 COMPARABLE SALE #2 : 8678 Lake Dr Springport, Mi 49284 Sale Date: s07/22;c05/22 Sale Price: § 230,000 COMPARABLE SALE #3 4271 Anderson Rd Albion, Mi 49224 Sale Date: s08/22;c07/22 Sale Price: § 620,000
Page 23
COMPARABLE PROPERTY PHOTO ADDENDUM Borrower; Chad Hoyt Filg No. PA-012331-001 Property Address: 8767 Narrow Lake Rd Case No.: 123010182 City: Springport State: MI Zip: 49284 Lender: Dart Bank COMPARABLE SALE #7 152 Alden Ln East Leroy, Ml 49051 Sale Date: Active Sale Price: § 290,000 COMPARABLE SALE #8 332 Community Dr Battle Creek, Ml 49014 Sale Date: Active Sale Price: § 599.000 COMPARABLE SALE #9 Sale Date: Sale Price: §
Page 24
LOCATION MAP
Borrower, Chad Hoyt
File No.._PA-012331-001
!
Property Address: 8767 Narrow Lake Rd
Case No.: 123010182
{
City: Springport
State: Ml
Zip: 49284
Lender: Dart Bank
hills
'
arter
Twp
* Comparatio
Sale 1
:
1043 N Crandell
Dr
| Chattolia,
Mi 48373
©
ary
tar,
1
Subject
Je
:
| 8767 Narrow Lake Rg
©.
7 Comparaing Sete 2
Sed
} Soi
Mi4g282
UT
ake
Dr
; 1
Spngpor,
Yon
Spdngperd, MI 49284
¢.
-
0.34 miles HE
Comparable
Sale 3
|
":, 4271 Anderson Rd
oe
i
SRT
foo, Mi 49224
©
;
A
4.52 miles BW
.
dktord
- Comparable Sale 5
: 20DayRd
:
; Comparable Sale 4
Unlon City, di 49094
©
i
WB MOG
BOTmlessw
©
iPage 25
Patrick Appraisal Borrower. Chad Hoyt Buhgect 8757 Marrow Lake Re 2 Springport, ME49284 5: a 2023 GRES F AlLus,
Page 26
Patrick Appraisal Borrower: Chad Hoyt File No. PA-012331-001 Property Address; 8767 Narrow Lake Rd Case No. 123010182 Gity: Springport State: MI Zip: 49284 Lender: Dart Bank l | | | | & (330729 anenguer wana Ra STATE OF MICHIGAN DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS BUREAU OF PROFESSIONAL LICENSING CERTIFIED RESIDENTIAL REAL ESTATE APPRAISER LICENSE ' GUS FORREST PATRICK. TIT Nr on gare — il FETT EA) 857307 Blip BRL7L04D659 EE Respompaiseg sR RE EB LT TO eR TET B EEE SERS
Page 27
FILING INSTRUCTIONS FOR PROPERTY TAX APPEAL Please follow these instructions for filing a small claims property tax appeal. If more room is needed on your petition, use a separate sheet of paper. Provide a copy of the document(s) from which you are appealing (Board of Review decision, etc.). For questions that are not answered in these instructions, please refer to the Tribunal's website at www.michigan.gov/taxtrib or contact our office at 517-373-3003. Line 1. The “petitioner” is the person or business filing the appeal. If there is more than one petitioner, use an additional sheet of paper to provide the name, address and daytime phone number for each petitioner. Line 2. The petitioner need not be represented by an attorney or agent to file an appeal with the Tribunal. If the petitioner is using an attorney or agent, that attorney or agent's name, address and daytime phone number must be provided. If the petitioner elects to have an attorney or agent, only the attorney or agent will receive documents from the Tribunal. The attorney or agent will also be required to appear at the hearing. Line 3. Provide the classification of the property being appealed, such as residential or commercial, found on the Notice of Assessment, Line 4. Provide the name of the county, and the city OR township (not both) where the property is located. The Tribunal will provide a copy of your petition to this unit of government. Line 5. Indicate whether Petitioner protested the assessment to the Board of Review. If not, provide the reason(s) for not doing so. Line 6. Indicate whether Petitioner requested a poverty/hardship exemption at the Board of Review, Line 7. Provide the reasons for your appeal. True cash value is the property's "usual selling price” or market price. Taxable Value is the lesser of the property's State Equalized Value or its capped value. Taxable value may only increase by the rate of inflation or 5% (whichever is less} in a given year, unless there are additions to the property. Line 8. From the Notice of Assessment, or from the decision of the Board of Review, list each parcel ID number under appeal, that you own, the tax year at Issue for each parcel, the State Equalized Value (which is 50% of the true cash value), and the Taxable Value. If you are appealing a parcel for multiple years, you must provide all the information FOR EACH YEAR, FOR EACH PARCEL under appeal. Please use a separate sheet of paper, if necessary. If multiple parcels are being appealed, a separate petition must be filed for each non-adjoining parcel being appealed. Line 9. List Petitioner's belief of the fair market value of each parcel ID number under appeal, for each tax year at issue. If a parcel is being appealed for multiple years, provide the information FOR EACH YEAR, FOR EACH PARCEL under appeal. Please use a separate sheet of paper, if necessary. Divide Petitioner's belief of fair market value by 2 to determine Petitioner's State Equalized Value. Line 10. Explain the reasons for this appeal. Line 11. If the property at issue has a principal residence exemption of 50% or more for the tax year at issue, no fee is required. Otherwise, use the worksheet on the petition form to determine the fee. Add $25 for each adjoining parce! that you own and are appealing, not to exceed a total fee of $1,000. If there is more than one adjoining parcel under appeal, use the parcel with the highest “SEV in contention” for the base fee. Make check payable to State of Michigan. Line 12. Petitioner must sign this form unless represented by an attorney or agent. If using an attorney or agent, only the attorney or agent must sign. REMEMBER: Provide to the Tribunal the original and a copy of the completed petition, including two copies of any attachments. Failure to provide an original and a copy of your documents will delay processing of your appeal. The Tribunal will forward an Answer form and a copy of the petition, with any attachments, to the appropriate unit of government (respondent). The respondent will have an allotted period of time to respond, after which time the case will be ready for a hearing. The Tribunal will send a notice of hearing to the parties approximately 30-45 days in advance. To check the status of your appeal, visit our website at www.michigan.gov/taxtrib.
Page 28
Ra ogg rom THIS IS NOT A TAX BILL L-4400 Notice of Assessment, Taxable Valuation, and Property Classification This form is issued under the aulhority of Public Act 206 of 1893, Sec. 211.24c and Sec.211.34c, as amended. This is a model assessment notice to be used by the local assessor. FROM JENNIFER HARRIS, ASSESSOR PARCEL IDENTIFICATION 955 TYLER DRIVE PARCEL NUMBER: 23150-040-600-039-00 EATON RAPIDS, Mi 48827 PROPERTY ADDRESS: 8767 NARROW LAKE RD Springport, Ml 49284 SCHOOL DISTRICT CODE: 23080 OWNER'S NAME & ADDRESS/PERSON NAMED ON ASSESSMENT ROLL: EXEMPTIONS Ean % Exempt As "Homeowners Principal Residence”: 100.00% IN % Exempt As "Qualified Agricultural Property”: .00% SPRINGPORT MI 49284 % Exempt As "MBT Industrial Personal”: 00% % Exempt As "MBT Commercial Personal™: 00% Exempt As "Disabled Veteran or Surviving Spouse": 0 Yes No Exempt As "Qualified Forest Property": l} Yes No Exempt As "Development Property": [1] Yes XI No LEGAL DESCRIPTION: LOT 39. ASSESSORS PLAT OF NARROW LAKE SEC. 28, T1N,R4W, BROOKFIELD TOWNSHIP ACCORDING TO MCL. 211.34¢ THIS PROPERTY IS CLASSIFIED AS: 401 Residential PRIOR YEAR'S CLASSIFICATION IF DIFFERENT: 401 Residential CHANGE FROM PRIOR AMOUNT CURRENT TENTATIVE PRIOR YEAR TO YEAR: 2025 AMOUNT YEAR: 095 CURRENT YEAR 1. TAXABLE VALUE: 222,387 228,391 6,004 2. ASSESSED VALUE: 222,387 282,288 59,901 3. TENTATIVE EQUALIZATION FACTOR: 1.000 i Gi Ln : = 4. STATE EQUALIZED VALUE (SEV): 222,387 282,288 59,901 5. WAS THERE A TRANSFER OF OWNERSHIP IN025 THAT RESULTED IN A TAXABLE VALUE UNCAPPING? [Ives No 6. Assessor Change Reason(s): The 2026 Inflation rate Multiplier is: 1.027 Questions regarding the Notice of Assessment, Taxable Valuation, and Property Classification may be directed to the Following: Name: Telephone Number: Email Address: JENNIFER HARRIS (517) 213-6039 JENNIFER.HARRIS38@YAHOO.COM March Board of Review Appeal Information. The Board of Review will meet at the following dates and times: THE 2026 BROOKFIELD TOWNSHIP BOARD OF REVIEW WILL MEET ON TUESDAY, MARCH 10, 2026 FROM 9:00AM- NOON AND 2:00PM - 5:00PM AND THURSDAY, MARCH 12, 2026 FROM 9:00 - NOON AND 6:00PM - 9:00PM AT THE BROOKFIELD TOWNSHIP HALL, 8033 BROOKFIELD RD, CHARLOTTE TO HEAR TAXPAYER APPEALS. THE BOARD OF REVIEW WILL ALSO MEET ON MARCH 3, 2026 AT 10:00 TO EXAMINE THE ASSESSMENT ROLL, NO APPEALS WILL BE TAKEN AT THIS MEETING. ALL LETTER APPEALS MUST BE RECIEVED BY MARCH 12, 2026 AT NOON. FOR POVERTY OR VETERANS EXEMPTIONS CALL JENNIFER HARRIS 517-213-6039. THE TOWNSHIP WILL PROVIDE NECESSARY AND REASONABLE SERVICES TO INDIVIDUALS WITH DISABILITIES AT THE BOARD OF REVIEW MEETINGS UPON SEVEN DAY NOTICE. CONTACT NOLAN SPOTTS, SUPERVISOR AT 517-543-2119. PRINCIPAL/ AGRICULTURAL EXEMPTION:(UPPER RIGHT CORNER) [F NO EXEMPTION HAS BEEN FILED THIS WILL SHOW UP AS 0.00% IF YOU FEEL YOU ARE ENTITLED TO AN EXEMPTION, PLEASE CONTACT JENNIFER HARRIS. IT 1S YOUR RESPONSIBILITY TO MAKE SURE YOUR EXEMPTION IS ON FILE WITH THE ASSESSING OFFFICE.
Page 29
03/21/2026 09:13 AM 2026 BOARD OF REVIEW DECISION I FROM JENNIFER HARRIS, ASSESSOR 955 TYLER DRIVE EATON RAPIDS, MI 48827 NAME AND ADDRESS OF OWNER OR PERSON NAMED ON ASSESSMENT ROLL: PROPERTY IDENTIFICATION: (Parcel Code required. Property address and legal description optional.): 23150-040-600-039-00 8767 NARROW LAKE HOLT CHAD & KAIN KATHY 8767 NARROW LAKE RD SPRINGPORT MI 49284 LOT 39. ASSESSORS PLAT OF NARROW LAKE SEC. 28, TIN,R4W, BROOKFIELD TOWNSHIP THIS PROPERTY IS CLASSIFIED 401 (RESIDENTIAL-IMPROVED) Thank you for attending this years March Board of Review. The Board has reviewed the information you supplied and the data necessary to compute your assessment and taxable value. The Board has completed their review of parcel number 23150-040-600-039-00 They have made the following determination based on the information you supplied. Board of Review Comments ASSESSMENT ACCURATE | 2026 ORIGINAL ASSESSED VALUE 282,288 | 2026 "BOARD OF REVIEW" ASSESSED VALUE 282,288 | (If the above amounts are the same, no revisions have occured) 2026 ORIGINAL TAXABLE VALUE 228,391 2026 "BOARD OF REVIEW" TAXABLE VALUE 228,391 2026 PRINCIPAL RESIDENCE EXEMPTION/QUALIFIED AG 100.0000 Please feel free to contact the assessor at the address listed above or call if you have any questions. “Effective March 1, 2013, the Tribunal is no longer able to accept Small Claims letter appeals. Rather, you are required to file a petition to initiate a new Small Claims appeal. Petition forms are available on this website.” http://www.michigan.gov/taxtrib/0,4677,7-187-38254---,00.html
Page 30
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
ASEESSED VALUE
Disposition by Board of Review. The Board of Review must diate To reason for ts action below.
[% Denied
J Azsessed Value Changed From
[
| to
[
|
Regard of Vote — Board or three-member committee of board
Chairperson;
K] ves L No [eon
Member:
IX] ves rr’
lo DF
Member;
Kom i! No
{ bY
Initials
Initials
als
cama dr % 0 per
To
xO, MOLT
Gg 2Prg. SAL wAS AO AE wee
SAA
YOLK anv
USE
Fes
oe
Free
0%
ery
opr 7h Alor real VET gee EN fe AY 9 7,
IE: Te
if you disa:
e Board of Review AA tentative assessed value! you may appeal that decision fer
fillng a petition with the Michigan Tex Tribunal
at PO Box 30232, Lansing, Mi 48908. Commercial Real, industrial Real, Developmental Res, Commercial Personal, Industrial Personal and Uillity Personal Properly 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 filed
on a Michigan Tax Tribunal form of or a form approved by the Michigan Tax Tribunal, Michigan Tax Tribunel forms are avallable at www, mishigan.goultaxtrb
“Disposition by Board of Review. The Board of Review must
state
the reason
for
its action
below
Od Denied
J Tentative Taxable Value Changed From
to
{See attached L-4035A)
Record of Vote — Board or three-member commiitee of board
Chairperson:
|
| Yes [Jno
Member:
[7] yes [No
Member:
[Jes [No
Initials
initials
Initials
Reason for Board Action
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
PO Box 30232, Lansing Mi 48909. Commercial Real, Indusirial Real, Developmental Real, Commercial Personal, Industrial Personal and Utllity Personal Property may. bs
appealed by May 31. Agricultural Real, Residential Real, Timber-Cutover Real and Agricultural Personal Property may be appealed by July 31. The patition must be filed on
a Michigan Tax Tribunal form or a form approved by the Michigan Tax Tribunal. Michigan Tax Tribunal forms are » available at wwwmichlgan,govitaxtrib,
TB
CLASSIFG
:
isposition by Board of Revi
must
state the
re;
Denled
O Classification Changed From
fo
Record of Vote -— Board or three-membar committee of board
Chairperson:
7 Yes J No
Mambar:
[] Yes 1 No
Member:
IN Yes J No
Initials
Initials
Initials
Reason for Board Action
If you disagree with the decision of the Board of Review regarding classification, you may appeal by sanding Form 2167 to the State Tax Commission at PO Box-30471,
Lansing Mi 48809, by June 30.
Disposttian by Board of Review.
Tha Board of Review st
tate
the Toason for its act
Exemption Request Denied
[I Exemption percent modified from
%
to
%
Record of Vote — Board or thres-member committee of board
Chairperson:
[I Yes 7 No
Member:
1 Yes | No
Member:
1 Yes [7] No
Initials
Initials
Initials
Reason for Board Action
If you disagree with the decision of the Board of Review regarding qualified agricufiurat property exemption, you may appeal that decision by filing a petition with the
Michigan Tax Tribunal at PO Box 30232, Lansing MI 48909 by July 31. The petition must he filed on a Michigan Tax Tribunal form or a form approved by the Michigan Tax
Tribunal. Michigan Tax Tribunal forms are avaliable at www.michigan.govftaxirib.
Date
Beard of 2 Signatur
BALRE
Reason
for Board Action 4.8,
LAW
2 ALT LUFF Sui iolar
¥) CAR, KORE USSESS Hes,
oU,
Zo lenTy
WA <p nlp