What’s happening: Michigan’s fourth largest city has once again placed in the top five for State Equalized Values (SEV) in the state. In addition to placing in the top five among state leaders in SEV, Sterling Heights placed either in first or second place in each of the SEV categories for all of Macomb County.

What it is: State Equalized Value is part of the property assessment process, and determines property values for tax purposes. Equalization happens on the local and county levels before reaching the SEV process.

Why it’s important: “Our city’s strong property values, which continue to rise year after year, are a testament to the robust and thriving economy we have cultivated here in Sterling Heights,” says Sterling Heights Mayor Michael C. Taylor. “This growth reflects the hard work and dedication of our residents, businesses and local government working together to ensure Sterling Heights remains an attractive and prosperous place to live and grow. Our efforts behind sustainable development will help our property values grow for years.”

Big numbers: Among the takeaways of the latest in SEV, Sterling Heights ranks second in industrial property values ($686 million) among Michigan’s top five SEV communities; Detroit ranks first at $994 million. Among the top five – which also includes Ann Arbor, Detroit, Troy, and Grand Rapids – Sterling Heights also ranks fourth in residential property values at nearly $6 billion, fifth in commercial property values at $1.14 billion, and fourth in increased assessed value at $727 million. In Macomb County, Sterling Heights ranks first in total assessed value ($8 billion); first in commercial property values, and second in both residential and industrial values.

What they’re saying: “Improving neighborhood parks and roads, constructing new recreational amenities, and making sure our public safety is a priority will continue to benefit our property values for residents and businesses alike,” Mayor Taylor says, crediting the city’s successes to voter-approved millages like Recreating Recreation and Safe Streets, as well as citywide initiatives including SHINE and the Beautification Commission.

Voters will have the opportunity to approve a new .95 millage with the Visioning 2040 ballot proposal on Tuesday, Nov. 5. Read about it on Metromode HERE.

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