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Detroit's
Mayor,
Mike
Duggan,
announced
the
significant
increase
in
residential
property
value in
the past
year,
which
was the
largest
single-year
increase
on
record.
Based on
home
sales
data
from the
past two
years,
homeowners
saw an
average
increase
of 23%
over
2022.
This
increase
in
property
value
will be
reflected
in an
annual
notice
of
proposed
property
assessment
changes
for
2024.
(Photo
by HB
Meeks/tellusdetroit.com) |
| |
Detroit
home
values
increased
an
average
of 23%
in 2023;
Individual
tax
increases
capped
at 5%.
By
Wendell
Bryant
tellusdetroit.com
DETROIT
-
Homeowners
in the
City of
Detroit
experienced
an
average
increase
of 23%
in the
value of
their
homes in
2023.
This
resulted
in a
record
gain of
$1.7
billion
in
wealth
for the
residents.
All
residential
neighborhoods
saw an
increase
in
property
value
compared
to the
previous
year,
continuing
an
8-year
trend.
To
protect
homeowners
from
excessive
tax
increases,
there is
a 5%
limit on
tax
increases
this
year.
Notices
of
proposed
assessment
changes
will
start
arriving
this
week.
Any
property
owner or
renter
who is
obligated
to pay
property
taxes or
has a
rental
agreement
or lease
may
appeal
their
proposed
assessments
until
February
22nd.
Property
owners
or their
agents
can go
directly
to the
March
Board of
Review.
Detroit's
Mayor,
Mike
Duggan,
announced
the
significant
increase
in
residential
property
value in
the past
year,
which
was the
largest
single-year
increase
on
record.
Based on
home
sales
data
from the
past two
years,
homeowners
saw an
average
increase
of 23%
over
2022.
This
increase
in
property
value
will be
reflected
in an
annual
notice
of
proposed
property
assessment
changes
for
2024.
Property
tax
increases
are
capped
at 5% by
the
Michigan
Constitution,
except
for
homes
that
were
sold in
the last
year. In
such
cases,
the cap
is
lifted,
and the
taxable
amount
adjusts
to the
State
Equalized
Value
the year
after
the
transfer.
To
determine
this
year's
assessment,
the city
examined
over
13,100
market
sales
across
two
years.
Additionally,
the
Office
of the
Assessor
reviewed
aerial
and
street-level
imagery
of
properties
to
determine
valuation.
Notices
have
been
mailed
to the
city's
over
408,000
property
owners,
advising
them of
their
proposed
assessments
for
2024.
These
are not
tax
bills.
Actual
bills
will be
mailed
out by
the City
of
Detroit's
Office
of the
Treasury
at the
end of
June
(summer)
and
November
(winter).
Residents
can
appeal
their
proposed
assessments
until
February
22nd.
The City
of
Detroit
has
permanently
extended
the
Assessor
Review
from
February
1st
through
February
22nd.
The
review
is open
from
Monday
to
Friday,
8:30 am
to 5:00
pm.
City of
Detroit
Office
of the
Assessor
– ABOR
2
Woodward
Ave
Suite
804
Detroit
MI 48226
The City
of
Detroit
March
Board of
Review
begins
March
6th and
ends
March
23rd.
Any
property
owner or
their
agent
who
wishes
to
present
to the
Detroit
Board of
Review
will
have
that
opportunity.
A
completed
petition
to the
March
Board of
Review
must be
filed by
March
11,
2024,
4:30
p.m. to
schedule
a
hearing.
Teleconferencing
is
encouraged.
Commercial,
Industrial,
and
Personal
Property
owners
may,
appeal
to the
March
Board of
Review,
or if
they
chose,
proceed
directly
to the
Michigan
Tax
Tribunal.
The
deadline
to
appeal
directly
to the
Michigan
Tax
Tribunal
is May
31st.
Help
with
property
taxes
for
those in
need
Through
the
Homeowners
Property
Tax
Exemption
(HOPE)
program,
homeowners
can
qualify
for 10%,
25%,
50%,
75%, or
a 100%
reduction
in
property
taxes,
depending
on
household
income.
The
deadline
to apply
is
November
1, 2024.
For more
information
on HOPE,
go to
www.detroitmi.gov/HOPE.
.
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