Residential property values climbing in 2012 in Washtenaw County

Posted on Mon, Apr 16, 2012 : 6:51 p.m.

Initial assessment changes in Washtenaw County show overall value increases for residential property in eight communities in 2012, the most since the recession.

File photo

Washtenaw County's Equalization Department showed projected value increases for eight communities after assessment changes this year: Ann Arbor (2.5 percent), Ann Arbor Township (4.7), Dexter Township (2.2), Lodi Township (3.1), Lyndon Township (0.2), Salem Township (5.6), Saline Township (1.6) and Scio Township (1.2).

Those percentages were based on reports completed before each municipality's board of review met to rule on appeals made by homeowners on the initial 2012 assessments.

Municipalities have been providing updated figures to the equalization department over recent weeks, said Director Raman Patel.

Now the county's board of commissioners expects a final report - with updated numbers - at Wednesday's meeting.

In 2011, the county saw its first signs of value stabilization as four communities saw value increases.

Going back to 2009, 14 communities saw double-digit value drops. By the initial 2012 numbers, only one is above a 10 percent value loss: Milan, which is at -11.4 percent.

The valuations are done on "arms length" transactions, not short sales or foreclosures. However, real estate experts said, the pressures in the market caused by both types of under-market sales resulted in widespread value drops in county.

Here's a look at Washtenaw County's changes in residential property values, based on the initial numbers provided to the county. Positive numbers are bolded.

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