According to 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. 2 in industrial property values among five highest SEV communities in the state.
Of the top SEV communities in Michigan, including Ann Arbor, Detroit, Troy and Grand Rapids, Sterling Heights ranks second in industrial property values at $584 million. Among this group, Sterling Heights ranks fourth in residential property values at $4.5 billion and fourth in personal property values at $308 million.
In Macomb County, Sterling Heights ranks the top SEV community in the County, and sits at the top in both residential and commercial values.
City Assessor Robin Palazzolo said over the past year, Sterling Heights has seen both industrial and residential property value increase by roughly five percent.
Sterling Heights Mayor Michael C. Taylor believes the City’s strong property values are reflective of a strong local economy.
“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. I have a feeling we’ll continue to see our SEV 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, will undoubtedly continue to help property values grow.
“Improving neighborhood parks and constructing new recreational amenities, will only benefit our residents’ and businesses’ property values,” Mayor Taylor said.
The City continues the efforts of its SHINE (Sterling Heights Initiative for Neighborhood Excellence) program, wherein blighted properties are cleaned up by a City contractor expeditiously, and volunteers come out twice a year to help property owners in need to maintain their property. The Beautification Commission also continues to reward and acknowledge residents and business owners who take steps to beautify their property each year. These initiatives have helped keep neighborhoods aesthetically pleasing and property values strong.
Charts containing the SEV of the top five communities in Michigan and Macomb County are below.