CRYSTAL FALLS — Iron County’s total equalized property value for 2024 grew to $1.01 billion, an increase of 19%, the county board learned Tuesday.

Equalization Director Amy Bucek reported that taxable value rose 7.45% to $691 million following an 8.6% increase in 2023.

Bucek said that while most property classes saw an increase in taxable value, timber cutover parcels saw a large decrease of 22.5% due to Hematite Township changing all of its parcels that were previously classified as cutover to other classes such as residential.

A contributing factor to the increase in property values is a flourishing real estate market, which resulted in a large number of sales that impacted assessments, Bucek said.

For the second year in a row, the inflation rate cap on taxable value is 5%, the most that’s allowed under Michigan’s Proposal A. The actual inflation rate factor this year is 5.1%, according to the Michigan Tax Commission. In 2023, it was 7.9%.

The gap between equalized value and taxable value has grown to $326 million, which is the largest since a gap of $264 million in 2008.

In other business, the county board:

≤ Approved ballot proposals for a 0.5 millage renewal for the Iron County Road Commission, a 0.01 millage renewal for the Medical Care Access Coalition for health care benefits assistance; and a 0.1 millage renewal for the Meals on Wheels program. The board did not approve a request for a 0.05 mill increase for Meals on Wheels. Board Chair Mark Stauber felt the increased tax assessments should provide additional funds.

≤ Approved a ballot proposal for a 0.27 millage renewal for senior centers. In addition the board approved an increase in the base each center receives, rising to $17,500, up from $10,000, with the remainder of funds distributed based on population.

≤ Approved hiring for the probate register and Friend of the Court caseworker positions.

≤ Appointed Commissioner Ean Bruette to the Northpointe Behavioral Health Board after accepting the resignation of Nancy Pasternak.

≤ Adopted a resolution in support of Dickinson County’s efforts to stop the reorganization of the U.S. Postal Service’s processing and distribution center in Kingsford.