Has your town recovered from the Great Recession? See the property value map.

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Rich
Mon, 03/20/2017 - 8:48am

I'm sure this sob story will lead to calls for higher taxes. Only the government can legally rob the residents through a higher property tax or assessment. If you want a better way, eliminate the property tax and replace it with a comforts tax to be levied on all residents of a community without regard to property values. Want a bigger library, fine, but all residents pay an equal amount for it. Want more school funding, fine, but the same applies, as does fire protection and that major league ballpark. Of course the residents retain the right, through the vote, to determine how deep the hand of government goes into everyone's pocket.

JohnChas
Mon, 03/20/2017 - 4:29pm

The wealthy & their sycophants constant whining about paying progressive taxes sure gets tiring. Rich people are not victims despite their attempts to portray themselves as such. You have more money, you get more services & you pay more taxes. Anyone who doesn't think that government doesn't service the wealthy better than anyone else ain't paying attention.

Jack
Wed, 08/02/2017 - 7:03pm

Spot on, JohnChas.

Jim
Mon, 03/20/2017 - 10:02am

Thanks for the nice map and information. I know my community is still struggling back from the G.O.P. caused decimation of 2008, and I only hope that moving forward, we can avoid another devastating republican damage episode to the economy.

Rich
Mon, 03/20/2017 - 12:00pm

Actually, if you read any books on the 2008 collapse, you will find that it was Bill Clinton who set the foundation for the collapse in place, from banking deregulation to an insistence that people should own homes even if not qualified.

JohnChas
Mon, 03/20/2017 - 4:23pm

The 2008 collapse was mostly republican policy driven including Bush's two terms in office & tax cuts for the wealthy, that being said the Clinton administration and the DLC in conjunction with the republican congress did help the process in their attempt to be republican lite. That certainly helped put the spin on the ball thrown by St. Ronald's crony capitalism administration. As to people buying homes they couldn't possibly afford the credit goes directly to the lending institutions and Wall Street for turning mortgages into financial instruments foisted on unwary investors by the very billionaires now making up Trumps cabinet. Hope you didn't sob to much when your investments tanked eh Rich.

Rich
Tue, 03/21/2017 - 9:00am

Tanked? There is no better investment than a distressed property in the right location bought for pennies on the dollar.

BRR
Mon, 05/08/2017 - 6:42pm

of course. that's what folks like about
capitalism: taking the best advantage of the misfortunes of others.

Ivy Bennett
Mon, 03/20/2017 - 12:04pm

Oh brother....

Bernadette
Mon, 03/20/2017 - 1:07pm

Agreed.

Anonymous
Sun, 03/26/2017 - 3:46pm

I call bull here

JohnChas
Mon, 03/20/2017 - 4:37pm

The map colors distort the story somewhat. The one example I would site is Ann Arbor, it is true that commercial & industrial are still down but despite that the residential value is green and up 4.5%. In addition the downtown commercial is thriving and both apartments & residential building is ongoing. Perhaps a more nuanced view would be more informative.

Justin Peck
Mon, 03/20/2017 - 6:04pm

Being a Real estate agent and constantly tracking home value data, this map is very misleading. I am guessing it is tracking property SEV or Taxable Value amounts....which are extremely off, based on properties that actually sell. We have sold properties for $80,000 with an SEV of $90,000 (effectively showing the state values property at $180,000). Then we have sold properties for $300,000 with that same SEV of $90,000 (effectively showing the state values property at $180,000). If you talk to a Real estate agent, I bet most of Michigan is ahead pre crash values of 2008.

Mark Hewitt
Mon, 03/20/2017 - 7:13pm

I TOTALLY agree Justin. We work in Barry County and we KNOW our market has surpassed 2008 levels. Unfortunately anyone can write anything and people will believe it. It's difficult to understand how they could have come up with this data but it appears it's SEV data, but honestly I can't tell. I just know if 100 people in Barry County read this article 98 would think their values are shy of 2008. Hopefully they are smart enough to call the other 2 when it comes to selling their home for about 12% MORE than 2008. YOU or I!!!!! Lol.

Justin Peck
Tue, 03/21/2017 - 1:57pm

Yeah buddy! Did some number pulling. Residential (including Single Family / Condo / Farm) Data as of 3.21.2017 from FLEXMLS (Multiple Listing System). Kent County average sale price in 2006= $165,159 / 2007= $155,531 / 2008= $130,187 / 2009= $110,025 . Then in 2016: $193,030. Much above pre-2008 figures. I didn't take the time because we know, but from 2009 to 2016 there was a steady increase each year. Barry County average sale price in 2006= $159,228 / 2007= $158,413 / 2008= $130,037 / 2009= $105,139. Then in 2016= $164,945. Again above pre-2008 figures. So property value increases are NOT elusive. They are real and already happening!

Charles Buck
Sat, 03/25/2017 - 11:53am

Your FLEXMLS analysis is skewed upward in recent years due to the fact many lower income home buyers are newly excluded from the homeowner market by post-housing bubble/bank crisis reforms tightening up lax bank lending standards. There is less demand currently for lower priced homes than in 2006 and 2007 when no one was required to submit proof of their stated income level to get an ARM or balloon payment mortgage. If past sale prices were corrected for this structural difference, it would raise pre-2008 average sale price and put into proper perspective the price rebound observed today.

Rosemary Anger
Mon, 08/14/2017 - 7:24pm

Mark & Rachel...you are spot on. The fault is that assessments lag the market. The 2017 starting values are based on sales 10/1/2015 to 09/30/2017. The mid point of that time period is October 1st of 2016...by March Board of Review 2017 that is 18 month behind. It will get worse the 2018 starting values which are being pushed back to 04/01/2015 to 03/31/2017, midpoint March 2016 for MBOR 2018...a full two years behind the market.

Rachel
Sun, 08/06/2017 - 8:04am

Taxable values always lag a year or two behind (either up or down) due to the way assessments run. This article is dated and looks inaccurate based on some of the areas examined. Least that is my opinion

Dick G
Tue, 03/21/2017 - 12:43pm

Only farm land has gone up in Huron County. There has been some recovery of lake front property but not much elsewhere.

Margaret
Tue, 04/04/2017 - 10:23am

Please google and read,
Michigan's Property Tax System: You Saved Big $$ (on pdf).
This explains why SEV and Taxable Values haven't increased as much as we hoped. Most communities dropped 50% or more in value after 2008, with a limit of 5% increase per year (per proposal A), it will take 10-15 years for properties to reach their previous values.

Jack
Mon, 04/17/2017 - 10:05pm

The map would be easier to use if the county borders were better defined.

Michelle Gordon
Sat, 05/13/2017 - 7:49am

I would love to know how and where you are pulling your numbers from as if it as Justin suggest from SEV - I agree with Justin and not a good measure - if anyone wants to see true numbers for West Michigan - please visit www.grar.com and click on stats - it only goes back to 2011 but a very good indicator this report would not be as accurate as it suggest

sean
Wed, 08/02/2017 - 4:35pm

Even if they are using SEVs, a lot of vacation property and second houses were sold that people haven't repurchased.

Jack
Wed, 08/02/2017 - 7:15pm

"Recover"? Prices remain slightly below 2008, because home values were artificially pumped up WAY beyond where they should have been. Home prices are - and always must be - relative to real world wages - wages that in the face of inflation, devaluation, and increased productivity, have been falling for decades for the vast majority of Americans.

Prices are currently at a typical near-decade high, and when the next recession hits (about a 90% likelihood at some point within the next 1.3 years), you are going to watch home prices drop all over again - no, they wont fall to the buy-a-house-in-Plymouth-for-$50k bargain basement level of 2010-2011, but they will drop nonetheless.

Rachel
Sun, 08/06/2017 - 8:08am

Agreed.

Wages and house prices are out of whack. It's largely interest rate driven, so when they get into more normal ranges, it is hard to see prices staying elevated, unless wages increase significantly.

tom swift
Tue, 09/12/2017 - 11:35am

Maybe our property haven't "risen" as much.But, we now have a road tax,park tax and increased gas tax And a increase in reg.fee. That should make up for our lack in a property tax increases.

Kevin Krause
Mon, 09/18/2017 - 8:52am

The methodology of this map may be flawed, as some have pointed out.

As published, this map shows a bit of a correlation (positive) between wind farm locations and rises in property values.