Detroit City Wire

More than 97% of Detroit homes saw property value increase in the last two years, continuing a six-year trend, with increases larger than most surrounding communities.  Neighborhoods across the city saw an average value increase of 20% over last year.

That rise in value will be reflected in an annual notice of property assessment changes for 2023 that will begin arriving in mailboxes this week. Though there has been an average increase in property taxes of 20%, the individual taxes increases have been capped at 5%.

Homeownership is also on the rise! The percentage of owner-occupied homes climbed to 51.3%, that’s up from 47.8% in 2019.  The first time in years that more than half the homes in Detroit were owner-occupied!

“Home values in nearly every neighborhood have been steadily rising, allowing longtime Detroit homeowners to build new wealth, without significant tax increases,” said Mayor Duggan.  “These numbers show that while there is still more work to do, the city’s revitalization has reached nearly every corner of our city.”

If you, or someone you know, is struggling to pay property taxes there is help.

Visit the HOPE program website www.detroitmi.gov/HOPE or call 313-244-0474 for organizations that can help you apply.

Original source can be found here.