Sunday, March 29, 2015

Property Values on Upswing

No surprise to people who live Downriver, but we have confirmation that property values are going up just about everywhere in our little neck of the woods. Only River Rouge, Ecorse, and Lincoln Park are not invited to the party. You can see the News-Herald reporting on it here.

The article points out that rising property values do not proportionately increase property taxes, which is good for homeowners but bad for local government. This flaw in Michigan's local government finance system has been discussed in depth in this blog before, and it needs to be addressed before every city Downriver is under a state controller. While I don't want to pay taxes either, cities and townships will continue to have budget problems even with rising values.