Grand Rapids property values rose by an average 5.6% over the past year, according to State Equalized Values. Residential property jumped significantly, increasing 6.3 percent.
According to excerpts from the story:
The equalized value of real property, which includes agricultural, commercial, industrial and residential holdings, totaled $21.53 billion. Personal property was $1.81 billion. Those figures came from the 2006 equalization report that was filed last week with the county’s Finance and Physical Resources Committee.
“This year has just been phenomenal,” said Kent County Equalization Director David Jager. “There has been a lot of new construction.”
Of the real property SEV total, residential was valued at $15.1 billion. Commercial was listed at $4.1 billion, industrial at nearly $1.9 billion, and farms and orchards were valued at $298.4 million.
More on the story here.
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