City of Alpena property values increase slightly
ALPENA –Many property owners in the city of Alpena are going to be happy to know their property is going to be worth a little more than it was last year.
According to Equalization Director Jeff Shea, the city seen a 6 percent increase in assessed value on residential property overall. He said some neighborhoods saw a larger increase than others, but when all of the data was entered it was a nice bump compared to the last several years. After the market hit its bottom, Shea said things leveled out and now more modest gains are being seen in some areas.
“That 6 percent isn’t even throughout the city, but the main area of town that saw the most significant gains was south of Washington Avenue, over to State Street and Ripley Boulevard,” Shea said. “It saw between an 8 and 12 percent increase.”
Shea said neighborhoods near the high school were at about 6 percent and the northside was about 4 to 6 percent. The neighborhood north of Washington Avenue, between Ripley Street and the Thunder Bay river saw little is any gain at all, Shea said.
Seeing assessed values increase will help increase values of the homes, many of which had been valued nearly 50 percent during the heart of the recession. Shea said most of the assessments are still lower than they were before the market collapse.
“This helps them to recoup some of what they lost, but we’re not all the way back yet,” he said. “I hope we continue to see a bounce and it looks like that could be the way things are trending.”
Commercial property assessments also saw a boost, as they increased about 4 percent. Shea said the industrial class stayed pretty much the same as last year.
As far as tax revenue to the city is concerned, the increased assessments will lead to limited increases in city coffers. Shea said most of the increases didn’t affect the taxable value much.
Many of the tax bills this year will be higher however, thanks to a bump in inflation. Shea said the adjusted rate for inflation is 0.9 percent and will be added to the taxable value of a property. He said that figure could be higher if there was new construction to the home or business, or a transfer when it becomes upcapped.
“If you own a house and you didn’t do any construction it is only going to go up that minimal amount,” Shea said.
Steve Schulwitz can be reached via email at email@example.com or by phone at 358-5689. Follow Steve on Twitter ss_alpenanews.