Community Corner
Royal Oak Property Values Fall 25.9% in 4 Years
Oakland County led the state, losing one-third of its property value since 2007, according to a special report in Bridge magazine.
Royal Oak lost 25.9 percent of its taxable property value in the past four years, as Oakland County led all counties in Michigan, losing nearly a third of its tax base since 2007, according to a special report in Bridge magazine.
Since 2007, Oakland County has lost $25 billion in state equalized value, according to a Bridge analysis of state Treasury Department data.
In Oakland County, the total real market value of taxable properties dropped 33.4 percent during the past four years, according to a compilation of assessment figures.
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Among the lowest rates of decline is a drop of less than 26 percent in Royal Oak. , where overall property values fell by more than 36 percent since 2007.
"Michigan overall lost 20 percent of its property value. . . . Countless Michigan communities fared far worse," says the report in Bridge, an online publication launched last month by the Center for Michigan, a 5-year-old Ann Arbor think tank. It provides a searchable list of 1,599 Michigan cities and townships. "The news differs based on where you live."
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Figures cover residential, commercial and industrial properties.
The table below shows results for 13 southeast Oakland communities in the Patch Network. Nine have a rate of decline below the county's rate, while Clawson, Birmingham, Ferndale and West Bloomfield are above that level – though by only 0.3 percentage points in the latter two communities.
Impact in Southeast Oakland
Community
2007 Total Property Value
2011 Total Property Value
Percentage Decline
Oakland County
$146.4 billion
$97.5 billion
33.4%
Berkley
$1.4 billion
$931.9 million
31.6%
Birmingham
$5.7 billion
$3.7 billion
35.8%
Bloomfield Hills
$2.1 billion
$1.5 billion
30.7%
Bloomfield Township
$9.2 billion
$6.3 billion
31.6%
Clawson
$1 billion
$637.7 million
36.2%
Ferndale
$1.7 billion
$1.1 billion
33.7%
Huntington Woods
$882.4 million
$613.3 million
30.5%
Oakland Township
$2.9 billion
$2 billion
29.8%
Rochester
$1.8 billion
$1.2 billion
30.1%
Rochester Hills
$7.9 billion
$5.7 billion
28.4%
Royal Oak
$6 billion
$4.4 billion
25.9%
Troy
$11.9 billion
$8.3 billion
30.2%
West Bloomfield
$9.5 billion
$6.3 billion
33.7%
Source: Bridge magazine