GRAND RAPIDS, Mich. — The place to go for many in recent years has been Grand Rapids.
"I know it's a hot market but when you compare it to other places that have the amenities the city of Grand Rapids has...it's a bargain," says Paula Jastifer the City Assessor.
But Michigan's best kept secret is starting to get out. Property values in Grand Rapids have increased for the sixth straight year.
A new report shows the annual increase for industrial and commercial are 7 and 12 percent higher respectively. Residential is up nearly 11 percent.
"That's a big number," says Jastifer.
But thanks to a 1994 state proposal the increase to your property taxes will not be 11 percent.
"That limited increases in your taxable value to your inflation rate, so we have a pretty low inflation rate at 1.9 percent for 2020, and so the taxable values are increasing at 1.9 percent," says Jastifer.
And sometimes the city's assessment of your property is wrong, if that's the case you can appeal.
"Many times we don't have complete information on the property and the property owner gives us that information and we're able to do another evaluation and provide them some relief," says Jastifer.
Finally there is the principle residence exemption that can also save you money.
"If your house is your primary residence, your principle residence, you would be eligible to claim the principle residence exemption and that exempts you from up to 18 mills of the school operating tax which is a big chunk of a property tax," says Jastifer.
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