Assessed value of industrial property in Detroit rises 64%

Posted on February 7, 2018

City of Detroit

The city of Detroit’s citywide residential property assessment values for 2018 rose for the first time in 17 years. For the first time, the city assessor’s office has plotted total assessment value increases by neighborhood to give realtors and lenders better data on the housing market in Detroit.

  • Detroit’s assessed value of industrial property increased 64 percent from 2017
  • Reassessment in 2016 “significantly undervalued” industrial parcels
  • For first time in 17 years, residential assessments rose citywide

The assessed value of industrial property in Detroit rose sharply by more than 64 percent for this year after city officials concluded they undervalued the land during a post-bankruptcy citywide reassessment of all types of property.

City assessors increased the citywide value of industrial properties in Detroit from $314 million in 2017 to $513 million this year, according to data released Monday.

Continue reading full article on Crain’s Detroit Business.