Detroit Lakes property values increase between 3% to 34%, city assessor’s office says

By Michael Achterling May 1, 2023 | 6:50 AM

Detroit Lakes, Minn. (KDLM) – The 2023 Detroit Lakes Assessment Report was released by the city assessor’s office during the Board of Equalization meeting on April 25.

In 2022, the report stated, Detroit Lakes saw 222 residential property sales within the city, which was 17 fewer than last year.

The median sales ratio for 179 off-water property sales in Detroit Lakes came in at 86.6% of the estimated market value, which meant nearby home owners could see valuation increases between 3.4 and 18.4% to bring the city’s properties into compliance with state property value regulations.

Additionally, 44 lakefront property sales occurred in Detroit Lakes last year and those homeowners could see their values rise up to 34.3% based on the properties being sold above the estimated market value.

New construction topped out at more than $11 million in 2022; down from $18.6 million in 2021.

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