Monday, June 24, 2019     

   



Real Property Value
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About the indicator:

Real property value is a measure of the total assessed value of all real property in the county after any necessary equalization adjustments are applied. Increasing property values are a sign of economic growth driven by demand for property in the area. Property owners generally want their property to increase in value even though their property taxes will also increase.


Performance Analysis:

Property values increased steadily between 2002 and 2008 until the real estate market collapsed. Property values declined dramatically from 2009 to 2012 during the economic downturn. They have recovered steadily since 2012 to reach an all-time high of $6.3 billion.


Data Notes:

The property value of individual parcels is determined by local (township and city) assessors using standard property appraisal methods. The property values are submitted annually to the County Equalization department by the local assessors for each local unit of government. The County Equalization Department audits submitted assessed values to determine the local unitís compliance with the Michigan constitutional level of assessment. If adjustments are necessary for compliance, a recommendation is made to the Allegan County Board of Commissioners for action. The result is a total county equalized value for real property which is published annually in May.


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