Detroit Evening Report: Detroit home values rise for ninth straight year
Good news for Detroit homeowners. Home values in the city increased an average of 19% in 2024, with 99% of neighborhoods seeing an increase compared to the previous year, according to the mayor’s office.
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Detroit homeowners gained $1.4 billion in new wealth last year from the appreciation in the value of their homes. This is the second largest gain in the city’s history.
This rise in value will be reflected in the city’s annual proposed property tax changes for 2025.
Even though the values increased, taxes won’t see a large increase due to the tax cap protections in the Michigan Constitution. Any home purchased prior to 2024 that gained value would see a property tax increase of 3.1% or less compared to last year’s rate. Only when the home changes ownership will the cap be lifted — and the new amount for the new owner will be based on the State Equalized Value the year following the transfer — and that new tax is protected by the cap.
For more information on how these changes affect you go to detroitmi.gov.
Other headlines for Friday, Jan. 31, 2025:
- The Detroit Police Athletic League will host a workshop for girls ages 11-17 on Saturday, Feb. 15, designed to help them learn how to construct a self-care routine and set goals through team building activities.
- The 67th annual Detroit Boat Show will open at Huntington Place on Saturday, Feb. 1 and run through Feb. 8.
- The Detroit Symphony Orchestra will present Prokofiev & Price featuring American Concert Violinist Randall Goosby and Conductor Christein Reif at 8 p.m. Saturday, Feb. 1 and 3 p.m. Sunday, Feb. 2. For tickets go to dso.org.
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