DETROIT (CBS Detroit/AP) — Residential property assessments in Detroit are projected to increase by an average of 31% per neighborhood in 2021, the city said.
The figure is based on the most recent sales study and analysis of property values across the city and marks the fifth consecutive year of growth, according to Mayor Mike Duggan’s office.READ MORE: Ribs RnB Music Festival Kicks Off This Weekend In Downtown Detroit
“This steady rise in property value is a reflection of ongoing improvements in neighborhoods such as blight removal, park improvements, commercial corridor upgrades and other key city services,” Duggan said in a statement
“Home values in nearly every neighborhood are rising and helping to build new wealth, without significant tax increases. These numbers show that while there is still a lot of work to do, the city’s revitalization has reached nearly every corner of our city.”
The city says 21 of Detroit’s 208 neighborhoods had an increase in value over 50%, while 91 neighborhoods showed an increase from 30% to 49%.READ MORE: Judge Says Michigan Gov. Whitmer Won't Have To Testify In Abortion Lawsuit
Only five neighborhoods lost value.
Detroit homeowners are protected against large property tax hikes as state law caps the annual increase at the consumer price index or 5%, whichever is lower, as long as homeownership has not changed.
The cap is lifted when a home sells and the taxable amount adjusts to the state equalized value the year following the transfer.MORE NEWS: MDHHS Lifts No-Contact Recommendation In Huron River Chemical Spill
© 2022 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.