After completing a much-needed citywide assessment last year, the City of Detroit has released information on property values. In a press release, the City touted the first gain in residential property value in 17 years. The green sections of the map above show an increase in value in many areas around the city.
The City says that the assessed value of its 263,000 residential properties is coming in at $3 billion this year, up from $2.8 billion last year. In 2008, the total residential properties in Detroit had a value of $8.8 billion.
The increase in property value is seen as another recovery indicator by the City. “This is another sign of progress. We still have a long way to go to in rebuilding our property values, but the fact that we have halted such a long, steep decline is a significant milestone,” Mayor Mike Duggan said. “This also corresponds with the significant increase in home sale prices we have seen in neighborhoods across the city.”
Property owners should have received, or should be receiving updated assessments from the city. As far as taxes go, the City states that, “While many properties have seen significant increases in their assessments, property tax increases for 2018 are factored at 1.02%. Additionally, unless property changes ownership any taxable value increases are capped at the Consumer Price Index (CPI) or 5%, whichever is lower.”
If a property owner wants to appeal their assessment, they should contact the City of Detroit’s Office of the Assessor at the Coleman A. Young Municipal Center. The appeals process runs through February 15.