People outside of Michigan don't have any idea how brutal the 2008 recession was on Detroit. This story could be told thousands of times over.
A contributor to the problem was that property taxes didn't drop. A recent case about a house eviction revealed a $75,000 dollar house was bought for $25,000 in 2009. Good deal, right? The property taxes on that house stayed at $8000 a year and the buyer lost it. This tax policy just accelerated the decline of the city.
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[ 6.9 ms ] story [ 15.2 ms ] threadA contributor to the problem was that property taxes didn't drop. A recent case about a house eviction revealed a $75,000 dollar house was bought for $25,000 in 2009. Good deal, right? The property taxes on that house stayed at $8000 a year and the buyer lost it. This tax policy just accelerated the decline of the city.