Tax Break At Detroit - Good news for investors.
David Schmidt, Mark Ijlal Inner Circle member and Reatlor out of Kellar Williams sent me this story. Some of my members buy and sell bank foreclosures in Detroit - all of them do pertty well. This is nothing but sweet music to there ears. City of Detroit has been losing hoemowners steadily to suburbs in Western Wayne, Oakland and Macomb counties. Combine the craziness of high taxes and even higher property and auto insurance that homeowners in Detroit have been paying for years - this news is nothing but good news for everybody in these 25 neighborhoods. I hope that they would not just stop there and extend the reach of this program in the entire city.
In the last week, dozens of residents in 25 Detroit neighborhoods, from Rosedale Park to East English Village, have bombarded the Detroit City Council with letters, e-mails and phone calls, urging members to approve a plan to cut their property taxes by up to 35%.On Friday, their efforts paid off.
The council voted unanimously to approve Mayor Kwame Kilpatrick's tax plan, which he said he hopes will provide homeowners some relief from the city's high property-tax rate. The cuts range from 18% to 35%, depending on the property's value.
Themilie Bush, who lives in the Arden Park neighborhood, is one of dozens who wrote council members and urged her neighbors to do the same.
She and her husband bought their home in 2002. They pay $7,500 in property taxes, $5,000 in car insurance and $3,800 in homeowners insurance, she said.
She was ecstatic that her family would receive relief that would help them, and others like them, remain in the city.
"We appreciate that council took this first step," Bush said.
About 20,000 homes are eligible for the tax cut. Homeowners are eligible if they bought their homes after 1997 and the homes sit on parcels mapped before 1968.
The cuts will take effect beginning July 1, 2007; the city will notify eligible homeowners by letter in the coming weeks. The city plans to expand the program to 47 neighborhoods over the next three years.
These are the 25 Detroit neighborhoods that will receive a tax break of up to 35% on property taxes, beginning July 1, 2007. Mayor Kwame Kilpatrick's administration said it expects to expand the program to a total of 47 neighborhoods over the next three years.Arden Park, Aviation, Bagley, Berry, Boston-Edison, All of East English Village, Golf Club Addition (aka the University District), Detroit Golf Club, Grandmont. Grandmont Subdivision, Green Acres, Greenlawn, Indian Village, LaSalle Gardens, Livernois Parkside, Longfellow, Oakman East and West, East Outer Drive, Palmer Woods, Rosedale Park North and South, Russell Woods, Sherwood Forest, West Outer Drive/Vassar
Source: City of Detroit
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