Property values in Wayne County rise to near- historic levels, continue 16-year climb

Equalized property tax values in Wayne County are continuing to rise, with values up 9.85 percent over 2022, officials said. Equalized values represent those submitted by all 43 county communities. The county's equalized value in now $72.3 trillion, an increase of just under $6.5 trillion, officials said

County commissioners received the report Thursday, during their annual equalization meeting. It was presented by the county's Department of Management and Budget. This is considered the county's first post-COVID county equalization report.

"There was a feeling that there would be a deep dive in values as a result of COVID, but that didn't happen," commission Chair Alisha Bell (D-Detroit) said. "This report is good news, but it also indicates that there are issues that remain." The report indicated that average county homeowners will see an increase of 5 percent on July property tax bills, based on taxable value of their homes. The increase is the maximum allowed under Proposal A, which sets Michigan property tax policy. Without the cap provided by Proposal A, the increase would have been 7.9 percent based on the inflation rate, officials said.

Taxable value represents one-half of a property's assessed value and is multiplied against millage rates to determine how much a property owner pays in taxes. Taxable value of county property is now at roughly 98 percent of the historic level recorded in 2007, the last year before the Great Recession. Assessed value of county property is now at 109 percent of the 2007 level.

The report indicated that increases were unevenly distributed throughout county communities. While communities including Northville, Plymouth and Plymouth Township have experienced sizable gains, inner-ring communities such as Ecorse, Harper Woods, Highland Park and River Rouge are listed among those that continue to struggle with declining values.