Agreement Reached Between Leland Township, Celebrate Life Trust
LAKE LEELANAU -- The Leland Township Board and attorneys representing Celebrate Life Trust on Tuesday agreed to a True-Cash Value of $8 million on a prominent North Lake Leelanau property, ending litigation over the taxable value of one of Northern Michigan's most unique estates.
The property on North Manitou Trail in Leland, owned since 2006 by the Celebrate Life Trust, was assessed in 2018 at $24 million -- the highest valuation in the state. Even at $8 million, the home remains one of the highest-valued properties in Northern Michigan, and several million dollars more than any other residential property in Leland Township.
A Michigan Tax Tribunal trial, scheduled for Tuesday, was canceled. Both sides Tuesday morning said they were satisfied with the settlement.
Negotiations between the township and Trust’s attorneys continued for more than a year, as did the appeals process. During that time, an outside appraiser hired by the township valued the property at $13.3 million. An initial appraisal performed by the property owner's team determined a value of $6.45 million; a second appraisal for the Trust determined a value of $7.2 million.
The agreement Tuesday set the true cash value at $8 million for years 2019, 2020 and 2021, which allows the Trust a refund of overpayments on property taxes in years 2019 and 2020.
Please refer any additional questions to township attorney Peter Boyles by phone at (231) 486-4511 or email at firstname.lastname@example.org, and Jack VanCoevering at (616) 726-2200 or at email@example.com.