11/25/2017 Detroit Homeowners plundered by fraudulent property tax assessments since 2008 part 1Read Now
The Detroit city government fraudulently overtaxed Detroit property owners during the Kilpatrick, Cockrel, Bing, and Duggan administrations. The resulting tax delinquency foreclosures led it to the systematic dispossession of Detroit homeowners by the government. The burden was disproportionately borne by those whose properties had lower values and could least afford it.
At the height of the recent economic crisis, Detroit assessed residential properties at market values that did not reflect what was happening to Detroit’s real estate. Valuations for tax purposes were going up. In reality, property values were going down, fast and hard. The city government systematically inflated the property tax assessments of homes in Detroit beyond the legal limit.
Starting in 2008, home values in Detroit plummeted as a result of the Great Recession. Instead of reducing property tax assessments to match the lower cost of homes, the government maintained the previous higher assessed value. The Michigan Constitution sets property assessments at no more than 50% of market value. That value is known as the State Equalized Value or SEV.
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