Commercial SEV Continues Steady Climb

May 4, 2007
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GRAND RAPIDS — The State Equalized Value of commercial property in the county rose by 6 percent over the past year, growing by $250 million to $4.4 billion.

The percentage increase was similar to the gains made in the two previous years. The SEV rose by 5.8 percent last year and 6.1 percent in 2005.

The SEV for the 21 townships in the county went up by $66 million, or 5.3 percent, to $1.3 billion in the latest report. Tyrone Township recorded the largest percentage gain, at 21.7 percent, followed by Oakfield at 10.5 percent, Caledonia at 9.9 percent and Bowne at 8.7 percent. Only Solon and Vergennes townships didn't register an SEV increase; six others had increases less than the inflation rate.

The SEV for the county's nine cities grew by $185 million to $3.1 billion. Wyoming had the largest percentage gain at 16.9 percent, followed by East Grand Rapids, 12.8 percent, and Walker, 7.2 percent. All but two cities, Cedar Springs and Kentwood, recorded gains above the inflation rate.

Kent County Equalization Director David Jager said the inflation rate for the county last year was 3.7 percent.

Here are SEVs for each jurisdiction for the past two years, the percent change from 2006 to 2007, and the percentage each comprises of the total 2007 commercial SEV in the county.


Juristiction


2006 SEV


2007 SEV

Percent
Change

Percent of Total 2007 SEV

Ada

$54,365,500

 $57,664,100

+6.0%

1.3%

Algoma

$44,123,200

$45,521,200

+3.2%

1.0%

Alpine

$139,197,000

$143,902,700

+3.4%

3.2%

Bowne

$5,426,100

$5,900,800

+8.7%

0.1%

Byron

$106,031,400

$113,752,500

+7.3%

2.6%

Caledonia

$101,206,000

$111,249,800

+9.9%

2.5%

Cannon

$12,308,500

$12,352,500

+0.4%

0.3%

Cascade

$208,192,300

$218,974,700

+5.2%

4.9%

Cedar Springs

$25,559,300

$25,779,000

+0.9%

0.6%

Courtland

$7,453,900

$8,038,800

+7.8%

0.2%

E. Grand Rapids

$20,285,600

$22,878,700

+12.8%

0.5%

Gaines

$126,733,700

$133,178,400

+5.1%

3.0%

Grand Rapids

$1,237,600,100

$1,288,224,300

+4.1%

29.0%

Grand Rapids Township

$159,914,000

$165,889,200

+3.7%

3.7%

Grandville

$264,436,600

$280,354,900

+6.0%

6.3%

Grattan

$2,908,700

$2,965,300

+1.9%

0.1%

Kentwood

$581,580,200

$595,623,000

+2.4%

13.5%

Lowell

$37,541,900

$39,513,600

+5.3%

0.9%

Lowell Township

$24,393,200

$24,744,000

+1.4%

0.6%

Nelson

$5,806,100

$6,185,100

+6.5%

0.1%

Oakfield

$4,996,900

$5,522,500

+10.5%

0.1%

Plainfield

$188,862,700

$197,592,598

+4.6%

4.5%

Rockford

$40,423,100

$42,734,000

+5.7%

1.0%

Solon

$10,987,300

$10,809,700

0.0%

0.2%

Sparta

$37,373,100

$40,201,900

+7.6%

0.9%

Spencer

$3,784,200

$3,863,800

+2.1%

0.1%

Tyrone

$7,497,600

$9,128,700

+21.7%

0.2%

Vergennes

$3,227,200

$2,823,900

-12.5%

0.1%

Walker

$233,258,700

$250,170,100

+7.2%

5.7%

Wyoming

$475,443,000

$555,781,400

+16.9%

12.6%

Total

$4,170,396,000

$4,421,321,198

+6.0

100%

Source: Kent County 2006 & 2007 Equalization Reports.

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