Property Values Top 23 Billion

April 24, 2006
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GRAND RAPIDS — The State Equalized Value of real and personal property in Kent County rose by nearly 5.6 percent over the past year to $23.34 billion from $22.11 billion.

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.

The residential SEV rose by 6.3 percent from 2005 to 2006, commercial increased by 5.1 percent over the same period, and industrial was up by 4.9 percent. The agricultural SEV, though, fell by 2.6 percent over the past year.

Jager said the current report had the SEV at 86 percent of the taxable value, the closest the two indicators have been in years.

The county compiled its report from tax assessments made by the 21 townships and nine cities in Kent County. The report has to be filed with the State Tax Commission by May 1. But county commissioners have to adopt the report before that can happen and they are expected to do that on Thursday.    

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