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. 2 in industrial property values among the 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 $626 million. Among this group, Sterling Heights ranks fourth in residential property values at $5.3 billion and fourth in increase in assessed value at $612 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 industrial property value increase by roughly seven percent and residential property value increase by roughly eleven percent.
Sterling Heights Mayor Michael C. Taylor believes the City’s strong property values are reflective of a strong local economy.
“When our properties retain their worth and appreciate over time, it signals the confidence of investors, businesses and residents in the prosperity and potential of our community,” Mayor Taylor said. “Sterling Heights is a place where businesses thrive, jobs are abundant and families can build a solid foundation for their future. I have a feeling the work we’ve put in to nurture sustainable development will continue to make our property values grow for 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.
