City’s property value stats outrank most Mich. cities
By Eric Czarnik
Posted April 7, 2017
The gradual recovery of Sterling Heights real estate is highlighted in recent economic statistics, according to city officials.
During an April 4 Sterling Heights City Council meeting, City Manager Mark Vanderpool cited recent statistics from the Michigan Department of Treasury on taxable property values within the state and Macomb County that rank Sterling Heights highly. He welcomed the news and attributed the rising values to city economic development initiatives, a higher aesthetic standard and proactive programs for maintaining properties.
“This is especially good news for homeowners, considering the fact that a home is often an individual or a family’s most valuable asset,” Vanderpool said.
As the fourth-most populous city in Michigan, with more than 132,000 residents, Sterling Heights had the fifth-highest taxable property value in the state in 2016 with a total assessed value of around $4.66 billion. The cities ahead of it are Ann Arbor, at $6.39 billion; Detroit, at $5.43 billion; Troy, at $5.24 billion; and Grand Rapids, at $4.70 billion.
Within Macomb County, Sterling Heights took first place among communities in total taxable property value, with second-place Macomb Township having almost a billion dollars less total assessed value, with around $3.68 billion.
The breakdown by property classification of Sterling Heights’ 2016 total assessed value amounts to about $3.5 billion in residential, $763 million in commercial and $379.2 million in industrial assessed values.
The assessed values equate to half the properties’ market values, Sterling Heights officials said.
But Vanderpool said that despite the city’s good track record of “leading the pack,” property values are still not on par with where values were in 2008, when the recession took hold. The most recent overall total is still around 18.9 percent less compared to the assessed values in 2008, officials said.
Projections currently put the city on course to reach that 2008 level sometime in the early 2020s, he said.
Vanderpool said many other cities throughout the state are in worse financial shape and haven’t taken the sort of cost-cutting measures that city administrators did on matters like staff reduction and legacy costs.
He called it a “looming disaster” if the Michigan Legislature doesn’t act in the next couple of years.
“Many are still on the financial brink,” he said. “Without some sort of municipal finance reform and allowing cities to recover some of their lost revenue that the state has taken, there is going to be many more cities that will collapse across the state.”
In a statement, Sterling Heights Mayor Michael Taylor said the latest property value figures are metrics that point to the city being on the right path.
“Strong property values and low taxes continue to make Sterling Heights an attractive community for homeowners and businesses,” he said.
Find out more about Sterling Heights, including property value data, by visiting www.sterling-heights.net or by calling (586) 446-2489.
About the author
Staff Writer Eric Czarnik reports on Sterling Heights and Utica Community Schools, and he writes a weekly auto column. He is a Wayne State University graduate who has been employed at C & G Newspapers since 2007.
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