The increase in state equalized value was driven, in part, by a 20.57 percent increase in Detroit that has been linked to redevelopment of properties throughout the city.
“This is good news and a strong indicator that Wayne County continues it’s comeback,” Wayne County Commission Chair Alisha Bell (D-Detroit) said.
Assessment figures were approved by the county commission today at its annual property tax equalization meeting, held in April each year.
The equalized value of all county properties for the 2022 tax year have risen by approximately 8.56 percent from the previous year, the county Office of Management and Budget stated in its annual report to the commission.
Overall, the assessed value of Wayne County properties surpassed $65.8 billion, an increase of more than $5.1 billion from 2021.
Other communities experiencing a double-digit increase in state equalized value included:
• Hamtramck – 19.12 percent.
• Huron Township – 13.89 percent.
• Highland Park – 13.87 percent.
• Melvindale – 12.83 percent.
• Ecorse – 12.17 percent.
• Lincoln Park – 11.9 percent.
State equalized value represents one-half of a property’s total value. A property’s tax rate is formed by multiplying millages assessed on the property by the SEV.