Community Corner
Ferndale Loses One-Third of Property Value 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. Ferndale lost 33.7%.
Ferndale lost 33.7 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 published Tuesday.
Find out what's happening in Ferndalewith free, real-time updates from Patch.
Among the lowest rates of decline is a drop of less than 26 percent in Royal Oak. Among the highest is in Clawson, 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," says the brief report.
Find out what's happening in Ferndalewith free, real-time updates from Patch.
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
$1.0 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
$2.0 billion
29.8%
Rochester
$1.8 billion
$1.2 billion
30.1%
Rochester Hills
$7.9 billion
$5.7 billion
28.4%
Royal Oak
$6.0 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
