Kent Commercial SEV Up


    GRAND RAPIDS — The State Equalized Value of commercial property in the county rose by 6.1 percent over the past year, growing by $228 million to $3.94 billion, and topped the 4.1-percent increase registered the previous year.

    According to the 2005 Kent County Equalization Report, three of the 30 jurisdictions didn’t have their commercial SEVs rise over the past year, while three others had double-digit growth. Last year, four didn’t experience a gain and five had double-digit increases. Algoma and Bowne townships both exceeded 20 percent rises.

    All of the county’s nine cities had an SEV increase. The SEV for commercial property in Grand Rapids rose by $84 million from 2004 and accounted for 37 percent of the county’s $228 million gain. Last year, Grand Rapids captured 16 percent of the county’s total increase.

    Here are the SEVs for each jurisdiction for the last two years, the percent change from 2004 to 2005, and the percent change from 2003 to 2004.    

    Source: KentCounty Equalization Report, 2003, 2004 & 2005

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