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Residential property values in Taylor are on the rise, according to the City Assessor.
The City’s 2019 residential assessed values are increasing by 17.6 percent overall. Some areas of Taylor will increase over 17 percent in value, while others will not increase as much, but overall residential assessed value is up approximately $143M overall.
All of this is welcome news for residents of Taylor.
“We have worked hard to bring our neighborhoods back, through our Home Rehabilitation Program and our Good to Great Neighborhood Program,” said Mayor Rick Sollars. “The rehab program claims tax foreclosed housing in Taylor, improves it and resells it, preferably to dedicated home buyers who become invested in our City. Home investment is a huge step in anyone’s life, and we want people who are invested in their own community.
“The G2G effort, started last year, focuses our infrastructure improvement work on specific neighborhoods, one at a time. Both of these programs impact the value of your home or business.”
Mayor Sollars points out that success is a step-by-step process. “It’s at-times slow, but if we stay the course, the proof is in the pudding,” he said. “We still have a lot of work to do, but it is paying dividends.”
Taylor, like many other cities across Michigan and the United States, suffered devastating financial blows during the recession of a decade ago. Tax foreclosures became common place. People lost investments, jobs and hope. It had a lasting impact from which we are now only recovering. But we are recovering, albeit slowly.
But now the market is showing a strong rebound. Commercial and industrial assessments in Taylor are also up. The commercial assessed values increased by 5.9 percent ($21M) and industrial assessed values increased by 6.4 percent ($12M).
“This is very welcome news, because property value is a basic driver of the local economy,” Mayor Sollars said. “This shows that our economy has gotten stronger, and much of the heavy lifting that we’ve done locally is paying dividends.
“Over the last five years, we worked diligently to lure new business activity into our community. Five years ago, we recognized that our residential property outlook was not going to change overnight, and that new business activity could aid our recovery. And it has, through investments and jobs for our residents.”
It should be noted that while property values have shown a welcome increase, property taxes for the most part will not. Under State of Michigan law, annual property tax increases are restricted by both the Headlee and Proposal A amendments, which allows for taxes to decline quickly, but not rise in the same fashion. That tax cap is lifted only when the property transfers, as the taxable value adjusts to the State Equalized Value the following year.
Otherwise, taxable values in Taylor, according to the assessor, will increase a very modest 2.4 percent over 2018 values.