DETROIT (WXYZ) — Home property value across Detroit is set to increase once again this year, according to Mayor Mike Duggan.
In a press conference, it was revealed that property assessment notices have been mailed out this week, and homeowners are set to have a pleasant surprise.
Duggan announced that property value across the city is set to soar by an average of 31% while your property taxes will be capped.
"The taxes to our residents are only going up 3%," Duggan said.
According to the Michigan constitution, no matter how much your home value goes up, your actual taxes can only go up at the rate of inflation as long as you stay in your house.
"Now if you bought your house in 2021 and you bought your house for $80,000, you will pay taxes on $80,000," Duggan said.
Twenty-eight-year-old Mark Meisner bought a home last year in the gateway community.
For Meisner, low taxes were an attraction, but a higher amount would not have changed his buying decision.
"It really comes with the territory, and the people that move in the area should be and are aware of that and something willing to take on because they are passionate about being part of a certain community," Meisner said.
Harry Glanz from Capital Mortgage Funding says metro Detroit, especially the city of Detroit, is a hot spot for millennials looking to buy a home.
"If you can find a house for between 200 to 350 thousand (dollars), they are going in a matter of hours, as soon as those houses are listed," Glanz said.
Meanwhile, if you are not able to afford your property taxes moving forward, University of Detroit Mercy Dean Joseph EisenHaur says there are ways to mitigate it.
"You can file for reassessment and have their property reassessed that
— may bring their property value back down to something that has a more manageable tax to it," Eisenhauer said.
According to the city, residents will have three weeks to appeal all assessments. Also, people in the low-income bracket can enroll in the city’s Hope program for tax relief.
Harry also says this is the right time to buy property in Detroit, and if you are looking to buy one, then make sure you get your preapproval first and then check out the neighborhood before you sign the dotted line.