Great News For Detroit Homes… Property Values Increase
DETROIT (CBS Detroit/ AP) - The City of Detroit's assessor's office released this year's numbers and they show that residential homes have increased by 12 percent over last year.
Meanwhile, a citywide reappraisal shows commercial property values were up about 35 percent.
The Midtown and Brush Park areas had increases of more than 40 percent in residential value. Sixteen of Detroit's 194 neighborhoods showed decreases of minus-1 percent to minus-15 percent.
The 2017 average citywide increase was about 5 percent. Residential property values had been dropping annually for 17 years.
Mayor Mike Duggan said the change shows the work the city is doing "to remove blight, improve parks and revitalize commercial districts" in neighborhoods "is paying off."
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