Equalized property tax values in Wayne County are continuing to rise, with values up 9.85 percent over 2022, according to a study performed for county officials said. Communities including Northville, Plymouth and Plymouth Township have experienced sizable gains according to the report.
Equalized values represent those submitted by all 43 county communities.
The equalized value in Wayne County is now $72.3 trillion, an increase of just under $6.5 trillion, officials said
County commissioners received the report last week, during their annual equalization meeting. It was presented by the Department of Management and Budget and is considered the 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 the assessed value of the property 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, according to the report. 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.
The report noted that while some area communities saw increases, inner-ring communities such as Ecorse, Harper Woods, Highland Park and River Rouge are listed among those with declining values.
