Property values fall again 2012.03.07

Written by David Green.

Tax bills will vary, of course, but overall home values are dropping again this year in Lenawee County.

The declines aren’t as great as a year ago in most areas, but residential properties prices still haven’t recovered from the recession.

That doesn’t mean that some assessments may continue to rise, warns the county equalization department. Assessments in Michigan can still go up as much as the 2.7 percent inflation rate on property where a gap continues between the assessed value and the taxable value.

A year ago residential property values in Morenci declined by an average of 8.7 percent. Figures released this year by the equalization department shows a decrease of 2.9 percent.

The Medina Township drop of 6.5 percent a year ago came to a halt this year with no change listed. In Seneca Township, values went up by 2.0 percent a year ago, but dropped by the same amount this year.

Residential property took a drop in most locations, however, Palmyra and Woodstock townships both saw growth. The biggest decreases occurred in Blissfield Township (8.3) and Riga Township (7.7).

Overall, residential assessments fell by about 4.0 percent, the same figure for commercial property. Industrial property fell by 6.5 percent.

Farm land values continue to grow, showing an average increase of 2.0 percent. The biggest growth came in Fairfield Township at 11.1 percent, followed by Blissfield and Riga townships at 6.4.

Seneca Township values went up by 4.2 percent while Medina land stayed steady for the second year in a row. Seneca showed a 2.2 percent increase a year ago.

Falling assessments might sound like good news to taxpayers, but it could come back to bite them through a reduction in services. Less tax revenue to local government units can translate into less money for roads, law enforcement and other services.

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