The value of property in Berrien County has skyrocketed in the past year. Speaking to Berrien County Commissioners Thursday, Equalization Director Warren Parrish said his office in its annual report has found the county equalized value of property last year rose by about 5.2%. And this year?
“This year, a 14.31% increase,” Parrish said. “I don’t know for sure, but I want to say that’s the biggest we’ve ever seen. Like ever.”
Parrish said the 14% increase in equalized value of properties this year means taxable value has also gone up by 8%. He said all this is driven by inflation. Board Chair Mac Elliott noted while increased property values may sound good, there’s a problem when that increase is driven by inflation.
“Even if people are getting 5% wage increases, inflation’s higher, and so they’re technically getting a pay cut,” Elliott said. “So, it’s not a good situation. It’s not sustainable, I would say.”
Parrish said the community with the largest rise in taxable value in the past year has been Benton Harbor. That’s due to a commercial rehabilitation certificate expiring on the Whirlpool campus downtown. He said that has meant a big increase in Benton Harbor’s tax base.
