Detroit residential property values increase for first time in nearly 20 years
Detroit property values jump by 12 percent
DETROIT – For the first time in nearly two decades, residential property values in the city of Detroit are seeing an increase.
Mayor Mike Duggan announced property values rose 12 percent in 2018.
"You're going to see more money, and now, an opportunity to access credit that hasn't been available to Detroiters in the past," Detroit City Council member Scott Benson said.
Residential and commercial property values are seeing double-digit increases. One neighborhood that showed very strong numbers is Southwest Detroit.
"You will see very few vacant houses in that area," Duggan said. "You'll see houses well-maintained."
Officials said the neighborhood has a thriving community filled with businesses.
"It's great," Southwest Detroit resident Laura Luna said. "It's really good for our community."
Luna said the change is evident in the area.
"What an improvement," Luna said. "We've come so far, and I think we've got a lot more to go."
Higher property values means an increase in taxes by 1 percent.
"If it costs a little bit -- 1 to 2 percent -- I think we could manage," Luna said.
Resident Ruth Carmona believes owning a home in Detroit is already tough, and higher taxes will be difficult for many owners.
It will be an adjustment for Detroit residents, but city officials believe it will create a big payoff in the end.
Copyright 2019 by WDIV ClickOnDetroit - All rights reserved.