Assessed property values go up in Detroit for first time in 17 years
City officials say increase shows continuing revitalization
DETROIT – Detroit has seen its first net increase in residential property values in at least 17 years, city officials said.
Officials said the trend is another indication that Detroit property values are increasing as the city's revitalization continues and spreads.
For years, the Office of the Assessor had reduced assessments across the city to reflect the loss in value of properties in Detroit. In 2008, the cumulative assessed value of all residential properties in the city was $8.8 billion. Last year, that number was $2.8 billion. This year, the assessed value of the city's 263,000 residential properties was up slightly to $3 billion.
Meanwhile, the city's commercial properties continued a steady increase in value to nearly $3 billion, while the value of industrial properties recovered from a drop last year, rising from $314 million to $513 million.
Mayor Mike Duggan pointed to the increase as a tangible example of the city's ongoing recovery, which includes a significant rise in residential property values in most areas of the city, based on actual sales data.
"This is another sign of progress," Duggan said. "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. This also corresponds with the significant increase in home sale prices we have seen in neighborhoods across the city."
In late January, the Office of the Assessor mailed out notices to residential property owners, advising them of their proposed assessments for 2018. These are not tax bills. Actual bills will be mailed out in June and payments are due Aug. 15.
Property owners are encouraged to use one of the 28 payment kiosks across the city that will allow them to make their payment at their convenience without having to travel and park downtown.
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