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Wayne County Expands Back Tax Assistance Program
/in Detroit, SE Michigan /by Tracy WillisThe Wayne County Treasurer’s Office has expanded its tax assistance program to now assist commercial property owners and landlords who have up to five occupied rental properties. The program gives eligible landlords and businesses time to pay off the back tax debt but doesn’t lower the 18% yearly interest rate. It allows them to pay 25% down and then pay off the rest of their balance through March of the next year.
One incentive to participate in the plan: The tax foreclosure process will move forward this year for all property classifications; the Wayne County Treasurer does not anticipate extending the foreclosure moratorium through this year, even for residential properties.
Detroit’s Rental Market Shows Decline
/in Detroit /by Tracy WillisThe vacancy rate for apartments rose 16% in the fourth quarter, double what it was in the first quarter of 2020. Pre-pandemic occupancy rates were at 92%. They currently hover in the mid-80s. Landlords are offering move-in deals and lower rental rates to moderate the decline. Anecdotal data suggests that renters left when their jobs pivoted to virtual work or with the closures of area businesses like restaurants, bars, and sports and music venues. Developers predict the downward trend is temporary.
Detroit Transit Center’s Placement Upsets Preservationists
/in Detroit /by Tracy WillisPlans for a new $7 million Detroit transit center are moving forward despite an outcry from preservationist groups. The new bus hub would require the demolition of two historic state fairground structures: The State Fair Riding Coliseum and the Dairy Cattle Building. The city agreed to conduct a three month study on the feasibility of saving them, but preservationist argue that the process hasn’t been prioritized and reuse hasn’t seriously been considered.