The good news? Your house is worth more! The bad news? Your property taxes may go up.

For the sixth straight year, property rates in the city of Grand Rapids have risen.

According to WZZM-13, the latest property value report shows commercial property up  12 percent, while residential property has risen 11 percent.

"I know it's a hot market but when you compare it to other places that have the amenities the city of Grand Rapids has...it's a bargain," Paula Jastifer, the City Assessor told WZZM-13 News.

My first reaction was "Oh my God! That's great, but are my taxes going up 11 percent!"

No, says Jastifer.

A 1994 State law will keep the increase tied to general inflation.

"That limited increases in your taxable value to your inflation rate, so we have a pretty low inflation rate at 1.9 percent for 2020, and so the taxable values are increasing at 1.9 percent."

Whew! That was close.