Detroit: Values Down, Taxes Up
The Detroit News is reporting that for the second year in a row, most metro-Detroit area homeowners are facing higher tax assessments while their home values have dropped. That also translates into possible higher property tax bills as well. Needless to say, most homeowners are not happy and are likely to be placing appeals before local assessment review boards in the new few weeks. On average, the city’s Board of Review handles approximately 800 appeals per year. However, officials believe that 2007 could easily see an increase of 10% to 20% in that number.
Dave Heiber, Oakland County’s equalization manager, said the homes that have been hardest hit by slipping values are those in the middle range — $150,000 to $300,000. Homes that cost up to $150,000 or so are holding their values, as are those priced at $300,000 and up.