31,000 Homeowners in Detroit, Michigan Are Behind On Tax Bills

The City of Detroit financial woes continue and without some help from the State of Michigan, it may only get worse for them.

Here is more from Detroit News:

City and Wayne County officials want to wipe away portions of property tax debt for thousands of poor homeowners as part of a new proposal announced Wednesday.

Those who qualify for the program “Pay as You Stay” would get interest and fees eliminated. And the remainder of their debt would be capped at 10 percent of their home’s taxable value. The owners who qualify would have to pay the bill within three years with no interest charges.

About 31,000 Detroit owners living in their homes are behind on tax debt and Mayor Mike Duggan estimated that more than 60 percent could meet the income requirements to qualify.

More than 24,700 properties currently are on payment plans, according to county data as of Sept. 23. Of those, about 11,000 are believed to be owners living in their homes and are paying 6 percent interest on an average debt of $4,000.

Published by Hoosier Econ

Located out of Central Indiana. Blogger of economics, politics and societal trends.

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