Stories like Eva Wood's, as told in the Detroit News, seem all too common in Detroit. She paid just $15,000 for her 990 square foot house back in 2009, but the city wanted nearly five grand a year in property taxes. So, in an effort to find out what the city's real estate is really worth, Detroit will reassess all properties across the city.
Detroit News: The state recommends communities review 20 percent of their properties every year. In Detroit, homes have gone 30 years on average without a visit by assessors, according to a 2012 city audit that sampled residential properties.
Instead of following state guidelines, Detroit has adjusted values either after taxpayers complained or based on studies of comparable home sales, [city employee Alvin] Horhn said.
For the new review, the city will use aerial photography, mapping programs and exterior inspections by staffers to gauge neighborhood conditions and better reflect property values.
The reassessment process is expected to take three to five years.
