DETROIT (WJBK) - Residential property values are going up in Detroit for the first time in 17 years, meaning more than half of Detroiters will see their 2018 assessments rise by up to 10 percent.
It's been nearly two decades in the making - the City of Detroit says it finally has some good news about property values. Nearly 60 percent of residents will see an increase.
"It's a good thing for the city because it makes it a much more attractive place for people to come and it also means for people who have been here a long time ... are now seeing some value accrue to their own properties," said John Hill, chief financial officer for the city.
City officials say investments Mayor Mike Duggan has made and continues to make in the city have helped to drive this increase not just residential but business properties as well.
"We can reduce the amount of blight to make the city more attractive, to increase the kind of amenities that will bring residents here, such as parks and recreation, and then also city services in general," Hill said.
So what could this increase mean for your property taxes?
"If you have let's say a $100,000 tax value the increase might be $67 on your tax return," Hill said.
But unless property changes ownership, Hill says any taxable value increases are capped at the Consumer Price Index. City officials say the good news about the property value increase is that it will have a ripple effect. The increase in revenue from property taxes will be reinvested