No corner of Michigan has escaped unscathed from the “Big Flush,” the loss of billions upon billions of dollars in property values.
In five years, total Michigan property values plunged by more than $260 billion, according to an analysis of state records by Bridge Magazine. But while the decline continued over the last year, it slowed considerably.
Values dropped from $725.5 billion in 2011 to $698.6 billion in 2012. Adjusted for inflation, that amounts to a drop of nearly $36 billion in value for residential, industrial, commercial, timber, development and personal property.
WHAT’S PROPERTY WORTH IN YOUR HOMETOWN?
Using the state data, Bridge has ranked Michigan’s 83 counties by their percentage of property value growth or loss between 2011 and 2012.
HOW DOES THE STATE CALCULATE PROPERTY VALUES?
Gratiot County — smack in the middle of the Lower Peninsula — comes out on top, propelled by large recent investments in wind energy farming.
Scroll down to see where the value crunch was the worse — and where your home county ranks.
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