Residential Value Tops 14B

December 8, 2005
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GRAND RAPIDS — The State Equalized Value of residential properties in the county rose by an average of 14 percent from 2003 to 2005. Seventeen jurisdictions had equalized values rise at a higher rate than the average, while three had a two-year increase of more than 20 percent.

The city of Rockford and Byron and Lowell townships topped the 20 percent mark. Vergennes and Nelson townships fell just short of it.

New housing construction over the past few years accounted for most of the increases.

Values in the county’s 21 townships grew by 15.8 percent from 2003 to 2005, while those in the county’s nine cities rose by 12.2 percent. (See related chart.) Townships accounted for 50.6 percent of the total $14.2 billion in residential equalized value for the year, and topped the value for cities for the second consecutive year. In 2003, cities had 50.2 percent of the total State Equalized Value.

The growth in value for Grand Rapids was under the county average at 12.5 percent.

Residential property represented 64 percent of the $22.11 billion in real and personal property in KentCounty for 2005.

Residential State Equalized Value (SEV) Gains

                            2005 SEV        % Gain

Jurisdiction                        (000)             ’03-’05

Rockford                          $131,414           22.8%

Byron                               $522,406           22.5%

LowellTown                   $157,263           22.3%

Vergennes                        $150,098           19.8%

Nelson                             $120,369           19.4%

Solon                               $125,427           18.9%

Courtland                        $245,815           18.1%

Ada                                 $616,109            17.8%

Gaines                             $525,614           17.1%

Oakfield                          $177,300           16.9%

GR Town                        $671,312           16.3%

Tyrone                              $93,336            16.1%

Cascade                           $913,600           15.7%

Caledonia                        $408,139           15.5%

Walker                            $503,560            15.2%

Spencer                           $107,278           14.8%

Plainfield                         $874,321           14.5%

Kent County Average                             14.0%

Grattan                            $155,000           13.3%

Wyoming                      $1,278,105           12.6%

Lowell                               $67,871            12.6%

Grand Rapids               $3,172,875            12.5%

Cedar Springs                    $38,967            12.5%

Cannon                           $572,256            12.2%

Sparta                             $169,408            12.0%

Algoma                           $291,074            11.6%

Kentwood                       $914,897            10.6%

Grandville                      $356,521               9.9%

East GR                         $569,077               9.2%

Bowne                              $97,884               7.9%

Alpine                            $209,654               7.5%

Total                         $14,236,963              14.0%

Source: KentCounty Equalization Report 2003, 2004 & 2005

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