81–90 of 105 posts
The one thing they're not making any more of in this world is land. $3.2M isn't much money for a very large number of people in this world.
I wonder what the property taxes, per year, will be on the 6000 parcels. And, since many cities allow you to challenge the stated value, it could be very expensive, in time, to challenge 6000 parcel values.
"The assessed value should represent 50% of the current true cash value of your property. IT IS NOT BASED UPON THE PURCHASE PRICE OF YOUR INDIVIDUAL SALE. IT IS BASED UPON A SALES STUDY OVER A PERIOD OF TIME."
http://www.detroitmi.gov/Portals/0/docs/finance/assessment/I...
(Clearly the municipality is trying to fight the clear erosion of their tax base by averaging in historical values.)
So even if you bought a house for $500, it may be assessed much higher. You could end up with a tax liability higher than the purchase price. I've looked at buying a cheapo house (or lot) in Detroit, because why not? But the tax assessment situation makes that a poor idea.
OCP gathering property for "New Detroit"
>Everything is sold as is: The homes may lack furnaces or wiring and they may come with mold, tenants, or both. mold or tenants, they don't make distinction between them... Interesting that Detroit government still burdens these properties with extremely high taxes (thanks God and voters for prop 13 in CA :) even though the only service the Detroit government provides there is "foreclosure service". What are the chan…
Thank god for Prop 13? Oh jeez. You mean the fact that businesses can sit on commercial properties for more than either of our life times and not pay much more in taxes? Or the part where a family with a bunch of kids pays less in local property taxes, yet uses public resources more than a single individual who bought their house 5-10 years later? The idea of Prop 13 has merit, but the disparity it has raised and the…
one can see how a minor adjustment made be made here :) Though as things work as it is, why risk breaking a working machine...
>Or the part where a family with a bunch of kids pays less in local property taxes, yet uses public resources more than a single individual who bought their house 5-10 years later?
if they bought at the same time, the family would still be using more public resources, wouldn't it?
there are some minor flaws, yet anytime i see property taxes in other states i always grateful for that relict of direct democracy, ie. Prop system of CA, which allows voters to control at least the most important things, like real estate taxes.
>the hole this state has been dug into, not so much.
what hole? We're booming. Again.
Earlier quoted context omitted.
Thank god for Prop 13? Oh jeez. You mean the fact that businesses can sit on commercial properties for more than either of our life times and not pay much more in taxes? Or the part where a family with a bunch of kids pays less in local property taxes, yet uses public resources more than a single individual who bought their house 5-10 years later? The idea of Prop 13 has merit, but the disparity it has raised and the…
>Oh jeez. You mean the fact that businesses can sit on commercial properties for more than either of our life times and not pay much more in taxes? one can see how a minor adjustment made be made here :) Though as things work as it is, why risk breaking a working machine... >Or the part where a family with a bunch of kids pays less in local property taxes, yet uses public resources more than a single individual who b…
Not all municipalities are booming, I think some form of revised prop 13 coupled with a consideration for impact of household count would be a bit better.
The one thing they're not making any more of in this world is land. $3.2M isn't much money for a very large number of people in this world.
Yup. There are plenty of people who can sit on an illiquid 3.2M investment for an indefinite period of time. Barring a dirty bomb, nuclear war or government collapse, I can't see 6000 lots in Detroit for $3.2M not being worth 10x that in 30 years.
Earlier quoted context omitted.
Where in the country are you that you're realizing those kinds of profits?
I think this is plausible, since return is based on your investment. EG: You buy a $300k property, maybe have $40k in rent, $6k in maintenance costs, but only put down $30k on the property, your total investment is $36k. On rent alone you're returning $4k (spread between mortgage+maintenance and rent income.) $4k on a $36k investment is %11. But on top of that you have added ~%50 of your mortgage payments (which are…
They have a farming culture. They are very good at building their own communities and Detroit is located next to some of the largest fresh water lakes in the world. In farming fresh water is everything.
Earlier quoted context omitted.
>Oh jeez. You mean the fact that businesses can sit on commercial properties for more than either of our life times and not pay much more in taxes? one can see how a minor adjustment made be made here :) Though as things work as it is, why risk breaking a working machine... >Or the part where a family with a bunch of kids pays less in local property taxes, yet uses public resources more than a single individual who b…
Whole vs hole, but nice typo on my part. Not all municipalities are booming, I think some form of revised prop 13 coupled with a consideration for impact of household count would be a bit better.
yep. I'm already paying a tax for having a dog (and some municipalities are now taxing cats too), so i definitely wouldn't mind if others had to pay for their family members too as, obviously, a child is a bigger drain of public resources than a dog or a cat.