The City of Sterling Heights Building Department recently reported nearly $128 million in total residential, commercial and industrial activity for the year 2017.
Building Official Mike Viazanko said those numbers break down to $38,611,683 in residential property valuations and $88,996,305, combining for a total of $127,607,988 worth of residential, commercial and industrial commercial activity in 2017.
This construction activity is also reflected in the continually growing equalization values for Sterling Heights. According to the most recent equalization values, Sterling Heights is one of the top five cities in State Equalized Values (SEV) in the entire state of Michigan, and ranks No. 1 in industrial property values among the five highest SEV communities in the state. SEV is a reflection of 50 percent of market value.
Of the top SEV communities in Michigan, including Ann Arbor, Detroit, Troy and Grand Rapids, Sterling Heights ranks first in industrial property values at $409 million. Among this group, Sterling Heights ranks third in residential property values at $3.7 billion and fourth in personal property values at $270 million.
In Macomb County, Sterling Heights ranks as the top SEV community in the County, and sits at the top in both residential and commercial values. Sterling Heights had the largest SEV increase countywide of $202,734,084 or 3.9% compared to 2017.
Looking ahead to 2018, City Assessor Marcia Magyar-Smith said Sterling Heights is set to see property value increases across the board:
- Commercial – 6%
- Industrial – 10%
- Residential – 2.7%
The strong property values in Sterling Heights are reflective of a strong local economy, said Sterling Heights Mayor Michael C. Taylor.
“Strong property values and low taxes continue to make Sterling Heights an attractive community for homeowners and businesses,” Mayor Taylor said. “Proactive economic development initiatives offered from the City have led to billions of dollars in manufacturing investments, which have in turn generated new jobs and a demand for housing. We project SEV will continue to grow in Sterling Heights in the coming years.”
Mayor Taylor also remarked that the $45 million Recreating Recreation initiative, passed by the voters in 2016 and $77 million in new road improvements over the next five years, will undoubtedly continue to help property values grow.
“Improving neighborhood parks and constructing new recreational amenities while investing millions of dollars in roads, will only benefit our residents’ and businesses’ property values,” Mayor Taylor said.
The City is also continuing the efforts of its SHINE (Sterling Heights Initiative for Neighborhood Excellence) program, wherein blighted properties are cleaned up by a City contractor expeditiously. These initiatives have helped keep neighborhoods aesthetically pleasing and property values strong. Millions of dollars have been invested in neighborhoods through this innovative program.
“A home is typically an individual’s most important asset, so it is good news their asset has grown by more than 30% over the past few years. At the same time their property taxes are capped and cannot exceed the rate of inflation which has been less than 2% in recent years,” said City Assessor Dwayne McLachlan.
Charts containing the SEV of the top five communities in Michigan and Macomb County are below. Those with questions or those seeking more information can contact Community Relations Director Bridget Kozlowski at email@example.com or by calling (586) 446-2471.