Detroit Homeowners See Property Values Rise: Here's How Much And Where

DETROIT — All residential neighborhoods in Detroit saw property values rise in 2023, continuing an 8-year trend, Detroit Mayor Mike Duggan announced Monday.

Data shows homeowners saw an average increase of 23 percent in 2023 when compared with 2022. The increase shows homeowners gained a record $1.7 billion in wealth, the largest single-year increase on record.

Property tax assessments have been mailed out to homeowners. Officials reiterated the proposed assessments for 2024 are not tax bills. The tax bills will be mailed out at the end of June (summer) and November (winter) by the City of Detroit’s Office of the Treasury.

Under the Michigan Constitution, tax rates are capped at 5 percent, unless there's a recent home sale. When a home sells, the cap is lifted, and the taxable amount adjusts to the State Equalized Value the year following the transfer.

The average Detroit homeowner has seen their property values more than triple since 2017. Detroit homeowners’ value grew from $2.8 billion to $8.7 billion in that time.

Total value of all Detroit residential property

• 2017 - $2.8 billion
• 2018 - $3.0 billion
• 2019 - $3.4 billion
• 2020 - $4.2 billon
• 2021 - $4.5 billion
• 2022 - $5.9 billon
• 2023 - $7.0 billon
• 2024 - $8.7 billon

"We have had some tough times in Detroit. I am really pleased that the homeowners who stayed have been rewarded," Duggan said.

Every neighborhood in Detroit saw home value appreciation in 2023, according to the data. Some examples of neighborhood value increases include:

• District 1: Minock, 29.9 percent
• District 2: Greenacres, 26.7 percent
• District 3: Mohican Regent, 27.3 percent
• District 4: Fox Creek, 30 percent
• District 5: Dexter/Linwood, 30.3 percent
• District 6: Boynton, 32 percent
• District 7: Franklin Park, 27 percent

2023 Property tax assessments show all 206 Detroit neighborhoods grew. City of Detroit

To determine this year’s assessment, city officials examined over 13,100 market sales across two years (April 1, 2021, through March 31, 2023) to compute the proposed 2024 Assessments.

The Office of the Assessor reviewed aerial and street level imagery of properties to determine valuation. Below is a breakdown of this year’s assessed residential value changes across the city’s 209 neighborhoods:

• 3 out of 209 neighborhoods (1 percent) had an increase in value over 50 percent
• 48 out of 209 neighborhoods (23 percent) had an increase in value ranging from 30 percent to 49 percent
• 140 out of 209 neighborhoods (67 percent) had an increase in value ranging from 15 percent to 29 percent
• 7 out of 209 neighborhoods (3 percent) had an increase in value ranging from 10 percent to 15 percent
• 9 out of 209 neighborhoods (4 percent) had an increase in value ranging from 5 percent to 9 percent

• 2 out of 209 neighborhoods (1 percent) had an increase in value ranging from 0.01 percent to 1 percent

"The increased home value in every neighborhood is significant as it provides greater stability not only for neighborhoods but also for the City’s financial outlook," Chief Financial Officer Jay Rising said.