DETROIT – How often is Detroit favorably compared to Miami for anything? According to Mayor Mike Duggan, Detroit just unseated Miami for the fastest-growing home-owner property values in the nation.
Michigan’s property tax system is complicated. To simplify, what’s most important to know is it’s capped at 5% this year, meaning that’s the most your tax bill can go up year to year. Additionally, you can appeal that.
Duggan said the property values showcase the city’s true comeback, citing significant gains.
“The green areas for the most part have 30 to 50% increases, the blue areas have increases of 50% or more,” Duggan said as he presented a property valuation map.
One of the neighborhoods in the 30-50% zone is on the city’s east side. Minnie Lester, with the Southeast Waterfront Neighborhood Association, said that’s great news that will still come with a tax bite.
“Well, I’m glad to see the house values go up but you know I’m not happy to see the taxes go up,” Lester said. “Nobody wants taxes to go up that high.”
Lester moved here in 1978, and watched the city’s fortunes fall and rise.
“I’ve seen the property value be very very low, now they’re coming back up,” Lester said.
Duggan said in 2017, Detroit’s overall property value amounted to roughly $2.8 billion -- a hefty jump from the years prior. It doubled again by 2021 and the estimate for 2024 is double again at $8.7 billion. He added the city appeal process may not net the savings Detroiters want to see.
“I mean this area is truly coming back, they’re really bringing it back,” Lester said. “The park by the river and so we got more people moving in there moving out.”