Brandon Township ranked eighth among 20 Oakland County communities that reported a decline in the average value of existing homes in 2006, according to a report issued by the Oakland County Equalization Division in January. Groveland Township posted a small increase, along with 32 communities in the county.
According to the report compiled from 52 communities, Brandon Township posted a 2.70 percent decline in values, while Groveland Township reported a 1.09 percent increase. The data is based on sales information.
Changes countywide ranged from an increase of 5.37 percent in Keego Harbor to a decrease of 3.62 percent in Bloomfield Hills.
‘The housing market is flat,? said David Hieber, county equalization manager. ‘It’s jobs and the number of layoffs over the past few months that causes this fluctuation. And there are more layoffs that have not hit the market yet. This is the first year since the early 1980s we’ve seen decreases in property values.?
Hieber says it’s often confusing when the home value declines, yet property taxes stay the same or increase.
‘This is the first year since the early 1980s we’ve seen a decrease in property values like we have now.?
Kim Feigley, township assessor for the past two years, said that while many township neighborhoods may have experienced a drop in values, some could have increased.
‘It depends on the sales within the neighborhoods,? said Feigley. ‘It could also be that while the values have declined, your taxes could have increased.?
The county uses the data on changes in property values to send out notices of changes in assessed and taxable value to homeowners in February. Increases in taxable value, after adjustments for additions or losses, are limited to the percent of change in the rate of inflation or 5 percent, whichever is less. The current rate of inflation is 3.7 percent.