Every residential property in Detroit has a new assessed value, says Mayor Mike Duggan.
It’s the first time in 60 years the city has undertaken such an assessment. Duggan made the announcement Monday as the city is gearing up to send out its annual notice of property assessments to nearly 255,000 homeowners.
Some property values are going down, some are going up. But because of Michigan’s “Proposal A,” which limits the amount of annual increases to 5 percent or the rate of inflation — whichever is less — the effect on homeowners will be limited.
“Those who are seeing a cut will see an average cut of $263. Those who are seeing an increase will only see an increase of $80,” Duggan says.
City officials calculate about 94 percent of Detroit residents will see less than a 10 percent change in their home’s assessed value..
Duggan calls the new assessments the most reliable the city has had in decades.