With Detroit's revenue from property taxes expected to come in at only $118.4 million in the current fiscal year, Detroit Mayor Mike Duggan announced a plan yesterday to lower property assessments and taxes this summer, with an eye toward boosting home ownership and, ultimately, tax collections, Reuters reported yesterday. Property taxes for city homeowners would drop by 5 percent to 20 percent following a realignment of the assessment system, according to a statement from Duggan's office. A review of current assessments and actual home sales between Oct. 1, 2011 and Sept. 30, 2013 found some areas of the city were over assessed by at least 20 percent, according to the mayor's statement.
