Detroit Evening Report: New study shows Detroit over-assessed its lowest-valued properties
Detroit City Council approved two resolutions this week to review the assessed values of homes under $35,000 in the city after a recent study found the properties to be significantly over-assessed.
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The University of Chicago study found that between April 1, 2023 to March 14, 2024, approximately 65% of the lowest value homes in Detroit — residential properties sold between $3,400 and $34,700 — were assessed over 50% of their market value.
However, City Assessor Alvin Horhn says only the state has the authority to change the assessments or offer a reduction after the review board is closed.
“The State tax commission has complete and total jurisdiction over assessment matters in the state. Anyone who has evidence, evidence that Michigan law is being broken, is obligated to take that evidence to the Michigan State Tax Commission so they can correct it.”
Horhn says what they can do is review the homes identified as over assessed and provide an outline on how those homes will be addressed during the next assessment period.
The approved resolutions also called for the city council to urge the Wayne County Treasurer to put a halt on tax foreclosures for the homes under review.
Other headlines for Tuesday, March 26, 2024:
- For the first time in 15 years the city of Detroit has an Investment Grade credit rating from Moody’s Investors Services.
- For the fourth consecutive year, Campus Martius Park has been nominated for Best Public Square in USA Today’s 10 Best Reader’s Choice Awards.
- Gesher Human Services is holding a free webinar at 1 p.m. Thursday, April 4 called “Re-entry and Money,” to teach Michiganders recently released from prison how to build and restore their finances.
- The Michigan Science Center is holding its next Community Free Day on Friday, April 8. Programming for the even will focus on space exploration and astronomy.
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