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STERLING HEIGHTS — Sterling Heights’ property values measure up when comparing the state equalized values of top Michigan cities, according to city officials.
According to the state of Michigan’s website, state equalized value equates to half of a property’s true cash value. The state adds that assessed values are generally the same as SEV “unless an equalization factor has been applied by the county in which the property is located or the State.”
During a June 6 Sterling Heights City Council meeting, City Manager Mark Vanderpool broke down the latest 2023 equalization statistics.
“I think we can all take some pride in this,” he said, concerning the results.
Based on the latest state equalized value data, Sterling Heights is No. 5 overall in the state’s top five cities with $7.31 billion in total assessed value. The other cities were No. 1 Detroit ($14.73 billion), No. 2 Ann Arbor ($9.99 billion), No. 3 Grand Rapids ($9.78 billion) and No. 4 Troy ($8.14 billion).
Among those cities, Detroit took first place in commercial ($6.28 billion), industrial ($917 million) and personal ($1.69 billion) property, though it took third for residential property ($5.84 billion). Vanderpool attributed Detroit’s top rankings to its “vast size.”
Out of the top five cities, Sterling Heights took fifth place in commercial ($1.09 billion) and personal ($244 million) property values. But the city had the second-highest values for industrial property ($626 million) and was in fourth place for residential property with $5.36 billion.
“It’s reflective of the very strong, robust commercial, manufacturing (and) industrial property base in our city, and it’s really important to everyone who’s homeowners, because that very strong property value base helped keep residential property taxes low,” Vanderpool said.
“We are in the bottom half of property taxes statewide, and it’s because of this, in part.”
According to statistics from Sterling Heights City Assessor Robin Palazzolo, the city had its industrial property values elevate by around 7% and its residential values went up by around 11% compared to the prior year. Overall, the total assessed value of the city’s property reportedly increased by around $612 million.
“Those of you who own property in the city, whether it’s a business or a home, you always want to see your property appreciating. You never want to see depreciation with a property,” Vanderpool explained.
“And we’re very lucky in Sterling Heights, thanks to the hard work of everyone — residents taking a good effort to maintain their property (and) the city’s really strong economic development program encouraging businesses to expand and locate here. It’s a very vibrant community, and the end result, typically, is very strong property values.”
Vanderpool also credited programs like the neighborhood cleanup-related SHINE program, aka the Sterling Heights Initiative for Neighborhood Excellence, for keeping curb appeal and property values up.
When looking at property values in Macomb County alone, Vanderpool said that Sterling Heights has the highest total assessed value. The city took first place for residential and commercial property values and second place — behind Warren — for industrial and personal property values, Vanderpool said. He said Warren took first place for industrial due to having businesses like the General Motors Technical Center.
In a statement, Sterling Heights Mayor Michael Taylor said growing property values is a sign of confidence in the community and its potential.
“Sterling Heights is a place where businesses thrive, jobs are abundant and families can build a solid foundation for their future,” he said. “I have a feeling the work we’ve put in to nurture sustainable development will continue to make our property values grow for years.”
Learn more about Sterling Heights by visiting www.sterling-heights.net or by calling (586) 446-2489.
