Assessed value of industrial property in Detroit rises 64%

The assessed value of industrial property in Detroit rose sharply by more than 64 percent for this year after city officials concluded they undervalued the land during a post-bankruptcy citywide reassessment of all types of property.

City assessors increased the citywide value of industrial properties in Detroit from $314 million in 2017 to $513 million this year, according to data released Monday.

The $513 million citywide assessment of Detroit’s industrial land is about 9 percent higher than the 2016 assessment that industrial properties were worth a collective $470 million — and that’s with 1,500 fewer parcels that have been converted to commercial use.

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Posted Under: CBOR News