Detroit’s commercial real estate values increased by 35 percent in 2018 compared to last year after the city completed its first citywide reassessment of commercial buildings in decades, Mayor Mike Duggan said Tuesday.
Detroit’s commercial real estates saw a major upward readjustment based on a recently completed citywide reappraisal The reappraisal – the first on commercial properties in decades – showed a 35% increase in value citywide, bringing the assessed value for all commercial properties up from $2.96 billion to more than $4.5 billion. While most of the value growth occurred in the city’s core, commercial properties across the city saw significant increases in their value.
Interim Chief Financial Officer Dave Massaron pointed out that while there are far more residential properties in the city, it is the commercial and industrial classes of property that contribute the largest share of the city’s property tax revenue annually.
