Northwest Wayne News

Detroit homeowners experienced a significant increase in property values in 2023, resulting in a record $1.7 billion in wealth gains, according to Mayor Mike Duggan. Every residential neighborhood in Detroit saw an average increase of 23% compared to 2022. This rise in value will be reflected in the annual notice of proposed property assessment changes for 2024, which homeowners will start receiving this week.

The Michigan Constitution protects homeowners by capping tax increases at 5%, unless the home was sold in the last year. Mayor Duggan expressed his satisfaction with the rewards that homeowners who stayed in Detroit have received. He stated, "We have had some tough times in Detroit. I am really pleased that the homeowners who stayed have been rewarded."

The appreciation in home values in Detroit has been remarkable. Since 2017, the average Detroit homeowner has seen their property values more than triple, from $2.8 billion to $8.7 billion. This historic increase in value has provided greater stability for both neighborhoods and the city's financial outlook.

Neighborhoods across Detroit have experienced significant appreciation in property values. Some notable examples include Minock with a 29.92% increase, Greenacres with a 26.70% increase, and Boynton with a 31.99% increase.

To determine this year's assessment, the city examined over 13,100 market sales spanning two years. The proposed 2024 assessments are tentative until the completion of the local review period in March and any possible changes from the Wayne County Assessment and Equalization Department in April.

Property owners have the right to appeal the proposed assessment changes. The City of Detroit has extended the Assessor Review period from February 1st through February 22nd, allowing residents three weeks to appeal all assessments. Chief Financial Officer Jay Rising emphasized the significance of increased home values, stating, "The increased home value in every neighborhood is significant as it provides greater stability not only for neighborhoods but also for the City’s financial outlook."

In addition to property owners, eligible tenants may also appeal assessments. The City Ordinance has expanded the range of individuals who may consider themselves harmed by an assessment and make a complaint before the City's Board of Assessors.

The City of Detroit has sent out revamped proposed assessment notices, in accordance with the Property Tax Reform ordinance passed by the City Council. These notices provide larger print and more information about the assessment appeals process. The deadline for assessment appeals has been extended, and appeals can be submitted online, by letter, or in person.

The March Board of Review will provide property owners or their agents with the opportunity to present their appeals. Commercial, industrial, and personal property owners may also appeal directly to the Michigan Tax Tribunal if they choose to do so.

For homeowners in need, the Homeowners Property Tax Exemption (HOPE) program provides assistance. Depending on household income, homeowners can qualify for reductions in property taxes ranging from 10% to 100%. The deadline to apply for the HOPE program is November 1, 2024.

The significant increase in home values in Detroit has brought substantial wealth gains for homeowners. With every neighborhood experiencing appreciation, the city's financial outlook is more stable than ever.