DETROIT (WXYZ) — Property values in the city of Detroit are skyrocketing.
Today, Mayor Mike Duggan says the values of homes have tripled in the past seven years. Duggan called it the "best investment in America."
The mayor says he doesn't care what stock you bought -- or what investment you own -- there's no way it tripled in value in the same amount.
Since 2017, the value of Detroit homes grew from $2.8 billion to $8.7 billion.
Last year property values climbed 23%, gaining homeowners a record $1.7 billion in wealth from appreciation.
The city says all of its 200+ neighborhoods saw an increase.
Earlier this month a new real estate report by CoreLogic said the Motor City passed Miami as the fastest-appreciating housing market in the country.
Assessment notices have been mailed out to the city's 408,000 residential, commercial, industrial, and personal property owners, letting them know about the proposed assessments for 2024.
It's important to note this is not a bill.
Actual bills will be mailed out at the end of June and November by the city of Detroit’s Office of the Treasury.
If you're a property owner and you disagree with the assessment, you can appeal. Residents will have three weeks to appeal starting February 1st.
We also want to point out, under the Michigan constitution, tax rates are capped at 5 - unless there's a recent home sale.
