Oakland Co. growth hits 40-year low

The Detroit Free Press reports:

After decades of double-digit growth in property values of residential, commercial and industrial properties, Oakland County's assessed value rose by a mere 1.17% in the past year -- the smallest margin in nearly 40 years.

And Oakland County is not alone. Property values in Wayne and Macomb have similarly stalled.


"It's the slowest growth year that we've ever experienced," Oakland County Equalization Director David Hieber told the county's Finance Committee on Thursday.

Eighteen of the county's 52 townships and cities showed a decline while the rest remained flat or increased slightly. Clarkston showed the biggest drop in value, with a 3.53% decline, while Keego Harbor had the biggest increase at 7.47%.

That's bad news for county governments as well, since they rely on property taxes to run services like the courts and the sheriff's department.

Economic fundamentals are slowing things down.