According to a recent report released by the Michigan Department of Treasury, the City of Sterling Heights has the fifth-highest taxable property value in the State of Michigan and the highest taxable property value in Macomb County for the year of 2016.
Sterling Heights total assessed value came in at $4,659,209,727, affirming the City’s strong property values.
Like most cities in Michigan, the City of Sterling Heights has struggled with staggering revenue losses of almost $90 million due to steep declines in property values during the Great Recession and reduced state revenue sharing since 2002. In response to these challenges, the City implemented massive cost saving measures, developed service sharing agreements, and privatized services and implemented major labor and legacy cost reforms.
Mayor Michael Taylor says he is proud of Sterling Heights and the manner in which the City has persevered through difficult economic times.
“I could not be more pleased with all that we have achieved as a community,” Mayor Taylor said. “Strong property values and low taxes continue to make Sterling Heights an attractive community for homeowners and businesses. I am glad metrics like the recently announced statewide property value report validate we are on the right track.”
The City of Sterling Heights continued to grow the revenue pie through proactive efforts, which included economic development initiatives leading to billions of dollars in manufacturing investments. These investments generated new jobs and a demand for new housing.
At the same time the City implemented cost saving measures, the Sterling Heights community approved two new revenue sources. The first was approval of the “Safe Streets” proposal in 2013 resulting in new funding to improve roads and preserve outstanding public safety services. The City then developed a Visioning 2030 plan, leading to the second proposal “Recreating Recreation” approved by voters in 2016. This effort will involve a massive investment in quality of life amenities including recreational improvements in programing, buildings and parks. The City continues to implement its progressive 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.
In addition to these successes, Mayor Taylor said Sterling Heights leaders are working with stakeholders at the state level to address Michigan’s broken municipal finance model and seeking needed reforms so that cities across the state, not just Sterling Heights, can prosper long term.
“We are incredibly proud of our accomplishments and even more hopeful for the future of Sterling Heights,” Mayor Taylor said.
For more information or to schedule an interview, contact the City’s Community Relations Director Bridget Kozlowski at (586) 446-2471.