Mayor: Detroit home values projected to rise average of 20%
DETROIT (AP) — Home values were projected to increase by an average of 20% across most Detroit neighborhoods, according to Mayor Mike Duggan.
Residential assessments for 2020 also show that property values are up 30% in several parts of the city.
The city said the figures are based on two years of actual market sales and that homeowners are protected by a 2% cap on property tax increases as long as ownership has not changed. Property owners can appeal assessments until Feb. 22.
Detroit residential property values rose an average of 13% last year.
“This is great news for Detroit homeowners, particularly those who held on to their properties and stayed in the city,” Duggan said. “Home values in nearly every neighborhood are rising and helping to build new wealth, without significant tax increases. This shows as clearly as anything that the city’s revitalization has reached nearly every corner of our city.”