DETROIT (WWJ) Detroit home values increased for the ninth consecutive year in 2024, as they saw their second largest annual gains in the city's history; Mayor Mike Duggan said.
In a press conference; Duggan said Detroit home owners gained an estimated $1.4 billion in new wealth combined from the appreciating values of their homes last year.
“This is a day for the Detroiters who stayed when values were dropping," Duggan said.
99% of all residential areas experienced an increase, according to Duggan.
“Because (Detroiters) held on to their homes and helped strengthen their neighborhoods, they are now building significant generational wealth for their families," he said.
City officials said home sales data saw an average increase in house value of 19% in 2024 over 2023.
According to their numbers; in 2023, all residential property in the city combined totaled $7 billion in value. In 2024, it rose to $8.4 billion. This year, it’s $10.1 billion.
In 2017, that number was only $2.8 billion.
However, despite the rising value, Michigan’s Constitution protects homeowners from experiencing skyrocketing taxes as a result. Anyone who purchased their house before 2024 are capped at a property tax increase of 3.1% or less.
The cap is lifted when a new owner takes over a house, and the taxable amount adjusts to the State Equalized Value during the transfer. In the following years, the new homeowner is protected by the cap for as long as they keep the house.
Detroit residents and business owners should be checking their mailboxes over the next few weeks for their property assessments. It’s important to note these are not tax bills.
The tax bills will be mailed out at the end of June (summer) and November (winter) by City of Detroit’s Office of the Treasury.
Those with questions about their assessments should email AsktheAssessor@detroitmi.gov.
Applications to file an appeal on property assessments will be available here beginning on February 1st. The deadline for the appeal is February 22nd.
The Homeowners Property Tax Exemption Program (HOPE) offers homeowners the opportunity to apply for a deduction in property taxes of 10%, 25%, 50%, 75% or 100% based on household income. The deadline for the application is November 1st, 2025.
Breaking down the numbers
The city examined over 16,000 market sales between April of 2022 and March 2024 to calculate the proposed 2025 Assessments.
According to their assessments; over three quarters of the neighborhoods— 164 of the 208 neighborhoods— increased in value between 15% to 29%.
Five of the 208 neighborhoods had an increase in value of over 50%.
14 neighborhoods had an increase of under 10%.
Examples of neighborhood increases include the Buffalo/Charles neighborhood at 61.26%, Pingree Park at 51.28%, Chadsey at 32.31%, Gratiot/Mack at 29.32%, Brightmoor at 26.43%, and Martin Park/Pilgrim Village at 25.73%.
Why It Matters
Longtime residents of Detroit took to the podium at Tuesday’s press conference, expressing how much their home and city means to them.
George Preston, of the Mohican Regent neighborhood, said he bought his home in the eighties.
“I was looking for a nice home in a nice neighborhood. I found that home…I worked hard over the past 45 years to maintain the beauty of that neighborhood.”
His home has almost tripled in value over the years, he said.
“I’m excited about the increase and what I’m turning over to my children and my grandchildren."
Grace and Francois Moore are lifelong Detroit residents who were born and raised in the city—graduates of Cooley High School (Grace) and Detroit Central (Francois).
Detroit is also where they raised their two daughters into adulthood, started a business and a nonprofit.
Grace Moore said their home in the College Park neighorhood has increased in value by 500% since they purchased it.
“We are true 313 no matter where we go. Everybody in our family wears Detroit Vs. Everybody attire because we love our city and we’re not going anywhere. We’re truly here to stay.”
She added she’s seen the city change for the better during her lifetime.
“To see the parks and things that have come up, if you guys go down the 6 Mile/Grand River area, it’s just totally different than it was even ten years ago. We have a full garden—zucchini, squash, collard greens.”