Property values in Wayne County continue to rise steadily, with significant increases in residential properties. According to a recent report from Wayne County, certain communities are seeing particularly strong growth. Inkster, for example, experienced the largest jump, with average assessments rising by nearly 22 percent. Other areas, such as Melvindale and Hamtramck, are also seeing substantial increases, with assessments climbing by around 16 percent and almost 12.5 percent, respectively.
Wayne County has seen an overall increase in property values, with the standard equalized value (SEV) rising by 7.64 percent. The taxable value, which directly impacts property owners’ payments, has grown by about 5.5 percent. This rise in assessments is expected to generate an additional \$24 million in revenue for the county, as reported by the Wayne County. Wayne County Commission Chair Alisha Bell (D-Detroit) indicated that these figures reflect the county’s positive growth and continued recovery. “This indicates Wayne County’s comeback is continuing, much to the delight of us all,” Bell stated.
Certain areas that were affected by the previous downturn are now showing notable growth. Dearborn, Highland Park, Lincoln Park, and Trenton have experienced property value increases of 10-11 percent. Detroit, in line with the county’s overall trend, has also seen a 7.64 percent increase in property values.
Wayne County’s assessed value has reached over $86.3 billion, reflecting an increase of more than $6.1 billion since 2021. These assessment figures were approved by the county commission at its annual property tax equalization meeting last month. The state equalized value (SEV) represents half of a property’s market value, and property tax bills are determined by the SEV combined with the relevant millages. These figures offer an overview of the financial landscape for property owners in Wayne County for the upcoming tax year.
