Detroit Expected $55 Million in Property Tax Revenue; It Brought in $6.7 Million

Michigan Capitol Confidential ^ | 9/5/2014 | Tom Gantert

[Starboard]

$6.7 million. They’re lucky they got that much. LOL.

[aces]

Fire the government..start over with judeo christian values. Jail the hoodlums..

[The_Republic_Of_Maine]

as china waits for the auction.

[edpc]

Rounding error.

[ThunderSleeps]

So they fell about 50 million short on taxes in the 4th quarter and low and behold they were about 50 million short in the 4th quarter budget.

It sounds like they "projected" the tax revenue based on what they needed to balance the budget. It would be interesting to find the tax revenue history. (I looked for a few minutes but could not find it) Was the 55 million projection realistic based on previous 4th quarter revenues?

[SMARTY]

Turning the US into just another third world sh&^hole ... one city at a time.

Detroit is THE shinning example of what decades of Liberal leadership will get you !

How much clearer does it have to be?

[RC one]

shouldn’t be a surprise to anyone. that’s what happens when your property values plummet. They’ll probably raise income taxes as a solution.

[IronJack]

$6.7 million for a city of 688,000? That’s $10 a head! My daughter’s Girl Scout troop made more than that on their last bake sale!

[Ditter]

How depressing it must be to have lived there and watched your city die.

I wonder if they have a clue as to the reason why?

[Cowboy Bob]

Must be the “new math.”

[Ghost of SVR4]

And let me guess, they already “spent” the 55 million because they were so sure of their book keeping.

[cuban leaf]

Imagine getting paid once a year. Now imagine you worked all year thinking you were making $55 an hour, but when you got your annual pay check it reflected $6.70 an hour.

This is gonna leave a mark.

[twister881]

Detroit once was the most prosperous city in America and the centerpiece of the USA’s industrial might. Now it’s an international embarrassment, thanks to decades of corrupt DemocRAT rule and union thuggery. It’s how Obama and his fellow travelers want to “transform” the entire country.

[servo1969]

I wonder if they have the nerve to sit around and look shocked?

[Individual Rights in NJ]

Those bastard Republicans!

[gr8eman]

It will be years before Detroit is stable enough for anyone to make realistic projections

WRONG! Notice that all of these geniouses who talk about Detroit never address how Detroit became a "non-third world" city to begin with? Instead they try to reinvent what I call the "Port-au Prince" model! Very sad!

[gr8eman]

If they had a clue it would have never happened.

[skinkinthegrass]

6.9m from expected 55m. 😐
a 55m to 6.9m..87.45% loss???..is that right??? 😠
talk about, an overoptimistic forecast?
in private financing,is that prison time?

[scooby321]

The Democrats and Unions really built a Utopia