Detroit Mayor Mike Duggan says Detroit real estate is thriving, home values triple since 2017
(CBS DETROIT) – Real estate in Detroit is not only recovering but thriving, with Mayor Mike Duggan announcing on Monday that homeowners have seen their property values more than triple since 2017.
"We are now seeing the neighborhoods that had lagged before are now climbing the fastest," Duggan said during a news conference.
One of those is the Delray neighborhood that sits in the shadow of the future Gordy Howe Bridge, which homeowners feel has put them in the spotlight.
"Before the bridge was there, nobody even knew we were over here," Jeffery Byrd, who lives in Detroit's Delray neighborhood, said.
They're getting more attention.
According to data from the city, property values in zip code 48209 went up by more than 50% in the last year. Citywide, there was an average increase of 23%, resulting in a record $1.7 billion increase in homeowner wealth.
"Detroit has now passed the city of Miami with the most rapidly growing home values in America. For 16 straight months, Miami led the country. They're the hot city. When they got displaced, you would have thought it would have been Phoenix or Austin, Texas, or someplace in North Carolina," Duggan said. "Who would have ever thought we'd see the day that the value of homeowners in Detroit is exceeding the rest of America?"
Duggan attributes the success to various initiatives, including demolitions, renovation of vacant houses, and improving infrastructure.
"There was no investment in America that is better than a 300% gain in owning a house in the city of Detroit in the last seven years," Duggan said.
Despite this remarkable increase, under the state constitution, tax hikes are capped at five percent, providing relief to homeowners.
Assessment notices are going out this week, which is the first step in case homeowners want to file an appeal with the assessor's office.
"We know we do a good job. But there are 220,000 houses in this city. We'll get something wrong. That's why Detroit has the longest and most intensive review period in the state of Michigan," Alvin Horhn, Detroit's chief assessor, said.
Tax bills will go out at the end of June and November.
Per the city of Detroit, here's how to file an appeal:
"Anyone with questions regarding their assessment, may email the Assessor's office at AsktheAssessor@detroitmi.gov. Appeals can be submitted online, by letter, or in person. Property owners can also submit their appeal in person Monday-Thursday, 8:00 a.m. to 4:30 p.m. at the Coleman A. Young Municipal Center, in the Detroit Taxpayer Service Center Suite 130. Anyone wishing to address the Office of the Assessor in person will have the opportunity to do so via teleconferencing or by appointment.
To file an appeal online, visit www.detroitmi.gov/PropertyTaxAppeal (available February 1 through 22nd by 4:30 p.m.). To file an appeal by mail (must be postmarked to the Office of the Assessor by February 22, 2024) send to:
City of Detroit
Office of the Assessor – ABOR
2 Woodward Ave Suite 804
Detroit MI 48226"
