Source: Grosse Pointe News Online

Nice jump for values in Shores

by Brad Lindberg Staff Writer

December 27, 2012

GROSSE POINTE SHORES — Property values are rebounding.

Assessed values increased 8 percent this year, according to Grosse Pointe Shores Councilman Bruce Bisballe, citing Wayne County equalization figures.

“Our property values finally bottomed out,” added Bisballe, head of the finance committee. “Last year, we were down 12 percent. This year, we’re up 8 (percent).”

The increase won’t mean a corresponding jump in property tax receipts due to limits prescribed in the Headlee Amendment.

“The only thing we can capture is 2.4 percent,” said Mark Wollenweber, city manager.

Still, that comes to about $120,000, including new construction, according to Wollenweber.

“We have four new building sites on line,” said Mayor Ted Kedzierski. “One’s for sale now. The taxes won’t be assessed and issued until it is sold at fair market value. It was previously assessed as an undeveloped lot.”

“Homes are selling for more than their taxable values, so we’re going to see increases in our taxable base,” Bisballe said. “That should help our revenue stream.”

Finance committee meetings resume in January with a focus on drafting next fiscal year’s budget.

“We’re finally getting some stability in terms of financial planning,” said Bisballe. “We know where we stand at this point, which is encouraging.”