DETROIT (AP) - Property values in Detroit are on the rise.
Data released Tuesday by the city Assessor’s office shows the average increase in residential property value last year was 12 percent. Meanwhile, a citywide reappraisal shows commercial property values were up about 35 percent.
The Midtown and Brush Park areas had increases of more than 40 percent in residential value. Sixteen of Detroit’s 194 neighborhoods showed decreases of minus-1 percent to minus-15 percent.
The 2017 average citywide increase was about 5 percent. Residential property values had been dropping annually for 17 years.
Mayor Mike Duggan said the change shows the work the city is doing “to remove blight, improve parks and revitalize commercial districts” in neighborhoods “is paying off.”
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This story has been corrected to indicate that the Detroit’s mayor’s first name is Mike, not Mark.
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