Posted on 10/26/2009 3:08:48 AM PDT by Westlander
DETROIT (Reuters) - In a crowded ballroom next to a bankrupt casino, what remains of the Detroit property market was being picked over by speculators and mostly discarded.
Taken together, the properties seized by tax collectors for arrears and put up for sale last week represented an area the size of New York's Central Park. Total vacant land in Detroit now occupies an area almost the size of Boston, according to a Detroit Free Press estimate.
(Excerpt) Read more at thefreelibrary.com ...
Detroit sounds like a great place for a new “Museum of Liberalism” - plenty of exhibits
No Problem , just increase taxes, that`ll bring em back in droves .
Brought to you by taxes, regulations, unions, liberal and democrats. Made possible by an ignorant populace too willing to believe the left-wing propaganda served up by a corrupt media.
Coming soon to a city near you.
Enjoy your hope and change Michigan!
Their governor wants to turn the state green. Soon they can bulldoze the city, except the Tigers ballpark, and plant grass. That will fix Detroit.
Main problem is that the homes are not worth anywhere near the amount of the annual property taxes.
With high property taxes you don’t actually own the home, you RENT it. Who wants to pay 500 bucks for the privilege of paying endless rent on a dilapidated home in a Mad Maxian blighted urban area!?
Detroit’s west coast branch Los Angeles soon to follow.
You buy one of these properties and you become immediately responsible for whatever taxes the City of Detroit decides to make you pay from that day forward. Unless there is an immediate potential for a money-making rehab, you would have to be crazy to pick up one of these properties.
You buy something for $500, and wind up paying ten times that much in taxes (or more!) in the first year alone. Detroit is not going to turn around on a dime. These properties are going to be worthless for a long, long time.
Bobalu has it right. You aren’t buying one of these houses. You are paying $500 for the priviledge of renting it from the City of Detroit for whatever they decide to charge you in taxes. And you “rent” can be jacked up any time they want.
actually, with the headlee amendment, property taxes cannot be raised more that the level of inflation. Than being said, detoilet has the highest property taxes around...
Someone is missing the point.
If you would like to be added or dropped from the Michigan ping list, please freepmail me.
The vast worthless tracts of property are a Monument to Liberalism.
“Their governor wants to turn the state green. Soon they can bulldoze the city, except the Tigers ballpark, and plant grass. That will fix Detroit.”
I was thinking the same thing; bull doze those vacant areas of the city and turn it back into farm land. Left as is, these vacant houses and buildings will become (if not already) crack houses and such. Bull doze them down and use the rubble for highway land fill or some such.
Amen.
Anyone not judgment-proof would be an idiot for bidding on anything taxed by liberals/socialists like those in control of Detroit.
If you all have never seen “The Fabulous Ruins of Detroit” click on the link and take the tour. Sad and frightening all at once.
http://detroityes.com/home.htm
looks so much like rochester
You buy something for $500, and wind up paying ten times that much in taxes (or more!) in the first year alone. Detroit is not going to turn around on a dime. These properties are going to be worthless for a long, long time.
This is really an incredible situation, homes with a negative appraised value that still carry a positive property tax value. Where is the city getting their
assessment values from? Aren't they forced by law to
reappraise the whole city's properties every 4-8 years or so based on real market conditions?
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