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Half of Detroit Properties Have Not Paid Taxes; Update on Detroit Bankruptcy

epeon Wrote: Feb 25, 2013 5:54 PM
My wife and I are fairly successful. I grew up in Detroit and moved to Houston about 40 years ago. At this point, my wife and I live on our investments. I have looked at Detroit real estate. There are some very nice homes (built in the 20s for the auto execs) that are still in nice shape and at very reasonable prices. However, to live in Detroit you would have to pay about 7% state income tax and about $10,000 per year in property taxes. It is still cheaper to pay four times as much for that type of home in Houston because your income taxes are like $5000 per year and you pay no income taxes. Detroit just isn't economical if you have income.

The hollowing out of Detroit is nearly complete. All that's left is a bankrupt shell of a city with no services and scattered citizens that do not pay taxes.

The Detroit News reports Half of Detroit Property Owners Don't Pay Taxes

Nearly half of the owners of Detroit's 305,000 properties failed to pay their tax bills last year, exacerbating a punishing cycle of declining revenues and diminished services for a city in a financial crisis, according to a Detroit News analysis of government records.

The News reviewed more than 200,000 pages...