In the Department of About Time, Detroit will review all of their tax assessments for accuracy. Considering that probably none of them are, except for those that have been recently contested and adjudicated by the Michigan Tax Tribunal, this is a big job. So big that it will take about five years. And yet, you would think that they would be reassessing properties to market value every year, right? Obviously not.
Detroit is notorious for over-valuing property, and also has an appeal process with extra steps peculiar to Detroit that make it harder to contest them.
Doing it accurately will result in a significant revenue drop to the city. Oh well.
Here's the Detroit News' report.
http://www.detroitnews.com/article/20130905/METRO01/309050046/Detroit-reassess-all-property-values?odyssey=tab|topnews|text|FRONTPAGE
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