Detroit Property Values Soar, Finally
"Residential property values in 2018 rose in more than 90 percent of Detroit’s 194 neighborhoods," reports Jennifer Chambers. Detroit Mayor Mike Duggan is touting the data as evidence of the city's ongoing recovery.
"The average increase in residential value citywide was 12 percent, with several neighborhoods seeing gains of more than 20 percent," according to Chambers. The data was included in the City Assessor Office's annual proposed changes to property assessment, released on Tuesday, January 22.
"Last year, the city announced an increase of 5 percent in assessments citywide. Prior to that, residential property values in the city had dropped annually for 17 years, including a nearly $1 billion drop from 2013 to 2014, according to city officials.
The state of Michigan caps property tax increases, so the increase in property values will not result in a commensurate increase in property taxes.