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Detroit Gets Another Round of Property Tax Reductions
"Detroit Mayor Mike Duggan is set…to announce details of the city’s annual proposed property assessment changes, which are expected to bring a reduction in assessments for nearly all city residential property owners," reports The Detroit News.
The article notes that property tax reductions are becoming something of an annual tradition in Detroit, following "years of complaints from homeowners that home assessments, which taxes are based on, didn’t match market value, significantly increasing taxes and leading to foreclosures." The article also credits a report from the Lincoln Institute of Land Policy for advocating for the continued overhaul of the city's tax assessment system.
Matt Helms also reported on the most recent property tax reductions, with a few more details about the adjustments:
City officials said large portions of northwest, north and northeast Detroit will see 15% reductions, while the southwest, near west and lower east parts of the city will see reductions around 5%. Some of the city's more stable neighborhoods — Boston-Edison, Indian Village and Sherwood Forest — will see increases of 15%, reflecting rising sale prices. But assessments on 95% of homes in the city will go down.
Helms also includes statements from Mayor Mike Duggan about the health of the real estate market in Detroit. Mayor Duggan recommended potential homebuyers to buy in 2016, because real estate price are stabilizing and growing in the city.