Many Detroit homeowners will see their property tax assessments drop 5%-15% this year, although bustling downtown and Midtown will see an increase of 5%, city officials said this afternoon.
It's the latest adjustment in Detroit's three-year effort to reassess every one of the city's 220,000 homes, something that Detroit's chief assessor, Gary Evanko, said the city hasn't done in at least 45 years. Officials want to ensure property tax assessments more closely match home sale prices in a city deeply scarred by the subprime mortgage foreclosure crisis.
City officials said large portions of the northwest, north and northeast sides will see 15% reductions, while the southwest, near west and lower east sides will see reductions around 5%. But 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
http://www.freep.com/story/news/loca...gain/79644748/
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