KALAMAZOO, MI (WKZO AM/FM) – It’s a good news bad news kind of story, depending on what side of the tax bill you are on.
The Kalamazoo County Board of Commissioners has just approved their latest Tax Equalization report, and it shows a growth rate of 6.8% in the value of local properties in the last year.
That’s the highest in the last decade, according to Board Chair John Taylor, who says that’s more tax revenue for county programs, but it also impacts negatively those who are trying to get into the housing market, and the poor.
Property values were boosted in part by the housing shortage, but also by all the construction taking place in downtown Kalamazoo, in Portage, and in surrounding neighborhoods.
It also means local property tax bills will be higher for almost everyone, even if the taxable rate remains the same, making housing less affordable overall.
Increases will be limited to the rate of inflation by the Headlee Amendment, which Kalamazoo County voters declined to override last fall.
