Detroit’s residential property values have climbed by roughly $500 million in the last year, signaling continued growth across the city and rising equity for homeowners, according to city officials.
The increase follows a steady upward trend that began in 2014, the city said, ascribing the increase to improvements in public safety, city services, and blight remediation that helped restore confidence in Detroit’s housing market.
Officials emphasized that while assessed values are rising, most homeowners will not see sharp increases in their tax bills…