Property values are rising in Detroit.
For the first time in at least 17 years, a net increase in residential property values shows "the city’s revitalization continues and spreads," a mayoral announcement says, adding:
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, for example, 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.
"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 says in the statement. "This also corresponds with the significant increase in home sale prices we have seen in neighborhoods across the city."
