New report: Values of township buildings increase

Felt Estate structures saw big rise in values in new report for insurance update.
The Mansion at the Felt Estate, 6597 138th Ave., increased in value from 2009 to 2023. The Chapel and Carriage House also increased in value according to a report.

The value of the buildings and other structures owned by Laketown Township have increased by $3.7 million, according to an insurance valuation report released Dec. 28, 2023.

The report by CBIZ Valuation Group, LLC, of Chicago, said township buildings, contents and site improvements classified for insurance purposes, have a replacement cost of $12,510,800 as of Oct. 19, 2023.

“Some assumptions inevitably will not materialize and unanticipated events and circumstances may occur; therefore, actual results achieved may vary,” the report said.

The update in the insurance valuation report of tangible property assets was required by the township’s insurance carrier.

“They wanted to be sure we were carrying enough insurance on our property and paying for it,” said township Manager Al Meshkin.

The insurance carrier paid for the cost of the reappraisal.

The increase does mean possible higher insurance payments, he added.

The last time the township’s property was evaluated for insurance purposes was 2009. The value then was set at about $8.8 million.

The report

The report looked at 15 structures and sites including a well station and several lift stations.

The estimates do not include land value.

The Chapel at the Felt Estate saw an increase of 255 percent, from $108,200 to $384,000. The Mansion itself increased 140 percent, from $1,648,200 to $3,960,000. The Carriage House rose 99 percent from $433,000 to $860,000. And the Solar Array on the property rose 67 percent from $300,000 to $500,000.

The total value of the properties at the Felt Estate, not including site improvements, increased from $2,489,400 to $5,704,000.

Overall, including building, contents and site improvements, the entire Felt Estate at $5,823,700 accounts for 46.5 percent of the total replacement cost value in the township of $12,510,800.

The Township Hall, 4338 Beeline Road, increased from $768,200 to $1,320,000.

The Graafschap Fire Department Station, 4534 60th St., increased from $2,101,500 to $2,805,000.

The only property not a lift station or well house to drop in value is the Wolters House, 6289 147th Ave. It dropped 57 percent, from $348,000 to $150,000.

“The original cost was based on the purchase price, which included the land value,” said Meshkin. “The new value excludes the land value, which is the majority of the value.”