GENESEE COUNTY, MI — For the first time since at least 2009, home values are going up in every Genesee County community.
A recently released report from the Genesee County Equalization Department shows projected changes in property values for 2017 for every city and township in Genesee County. And in every one of those jurisdictions, residential property values are going up.
It’s uncertain exactly when that happened last. Online records go back to 2009, and this is the first time without a single community expecting an average decline in home values since at least then.
The vast majority of communities in Genesee County also are seeing an increase in the value of commercial, industrial, and agricultural properties.
The report gives an early snapshot into property tax assessments—and, on a basic level, offers a glimpse into the area’s economic health.
“We are starting to see a turnaround,” County Treasurer Deborah Cherry said. “Our economy on a whole is stabilizing and we are starting to see a little bit of recovery.”
The increase in prices will mean more revenue for local governments and higher taxes for residents—but both the boon to governments and cost to homeowners will be moderate, at most, because Michigan residential property tax increases remain capped by Proposal A.
It’s impossible to determine exactly how much of an impact the Flint water crisis has had on property values in Flint, but the report expects Flint to be among those communities with increases in property values across the board in commercial, industrial, and residential properties.
Rob Moen, President of the East Central Association of Realtors, said homeowners in Mott Park, Woodcroft, and College Cultural areas “are seeing the highest appreciation, however home values are rising throughout the city.”
The increase in property values coincides with a decrease in the number of available homes on the market, said Kim Thompson, CEO of the East Central Association of Realtors.
According to association data released last week, the average sales price for February 2017 rose by 11 percent over last year. Spring traditionally brings a new influx of homes for sale, but as of now there are roughly 30 percent fewer active listings in the area than there were last February.
The “Tentative Equalization Ratios and Multipliers” report indicates the average increase (or decrease) in property values for every city and township in Genesee County. However, the report does not determine the actual value of any individual property.
Local assessors determine all property values. If a property owner disputes that value, it can appeal to the local Board of Review, before the county can determine its total taxable value.
Overall, Genesee County’s taxable property values have risen every year since 2013, even though not all communities increased each year.
(Article Courtesy of Flintside.com)