Detroit, currently under post-bankruptcy state oversight, is planning to sue mostly banks and for-profit companies for some $12.2 million dollars in unpaid taxes from investment properties they purchased, Reuters reported yesterday. Nearly 600 lawsuits will be filed later this month mainly in Michigan District Court in Detroit to recover tax money owed from 2010 to 2012 on 1,543 properties if demand letters the city sent this week to property owners do not result in payment. Detroit said that it plans to go after delinquent taxes for other years with a subsequent effort. Detroit exited the biggest-ever U.S. municipal bankruptcy in December 2014, shedding about $7 billion of its $18 billion of debt and obligations. The city aims to be released from post-bankruptcy state oversight by January 2018, according to Mayor Mike Duggan.
