Michigan Property Tax Revenues Up

The total value of property taxes collected in Michigan increased slightly from $12.8 billion in 2013 to $13.0 billion in 2014, a 1.7 percent increase, according to the state’s annual property tax report. This exceeded the 1.0 percent inflation growth for the Detroit metropolitan statistical area over the same period.

While property tax revenue decreased from 2007 to 2012, revenue increased in both 2013 and 2014. Average tax rates increased from 40.47 mills in 2013 to 40.79 mills in 2014 and the aggregate taxable value of all property increased a small amount, from $316.7 billion to $319.5 billion.

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