

The Effects of the Financial Crisis in Detroit, Seen in One Property - olmucky
http://www.goobingdetroit.com/post/107225801376/the-yellow-house-at-left-has-lost-96-of-its-value

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rmason
People outside of Michigan don't have any idea how brutal the 2008 recession
was on Detroit. This story could be told thousands of times over.

A contributor to the problem was that property taxes didn't drop. A recent
case about a house eviction revealed a $75,000 dollar house was bought for
$25,000 in 2009. Good deal, right? The property taxes on that house stayed at
$8000 a year and the buyer lost it. This tax policy just accelerated the
decline of the city.

