Iron County equalized property values for 2024 up 19%

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.


Today's breaking news and more in your inbox

I'm interested in (please check all that apply)
Are you a paying subscriber to the newspaper *

Starting at $4.62/week.

Subscribe Today