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Local tax assessments indicate improving housing market

A look at property tax increases
A look at property tax increases

COLDWATER, MI (WTVB) - Coldwater City Manager Jeff Budd says assessor Deb Sikorski has received the assessed value amounts for the respective property classes from the County. In order to equalize the assessed values, it appears commercial properties will need to decrease 4% and residential properties will see a 3% increase. Industrial properties will remain unchanged. Remember, this is the equalization for assessed values. In general, a property owner whose taxable value is less than their assessed value will expect to see a 2.4% increase in their tax bill as determined by the State of Michigan.The increase in residential assessments tends to indicate the local housing market may have seen the bottom of the market. This is also being supported by the latest sales information from the Branch County Realtors Association indicating increasing home prices. There still wasn’t sufficient sales of industrial properties to change the current estimated values. Residents are reminded that winter property taxes are due this coming Thursday, February 14th, to avoid any penalties and interest.