DETROIT (WXYZ) - Detroit Mayor Mike Duggan announced changes to the city's residential 2014 property assessments.
According to Duggan, homeowners will see a tax cut ranging from 5-20% when the 2014 Notices of Property Assessments are mailed out in the coming weeks. These cuts result from major reforms in the assessments.
The Chief assessor and his staff conducted a review of current assessments from October 1, 2011 and September 30, 2013, and found that nearly the entire northwest side of the city was over-assessed at least 20%.
The city already anticipated a reduction in property tax revenue of 13% for next year, and those anticipations were in line with the assessments.
One major change includes the city conducting individual assessments of single family homes over the next three to five years.
By the end of the month, homeowners should get notices from the city informing them of the new assessment.