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Detroit discusses Land Value Tax Plan to lower property tax
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A new Land Value Tax Plan is being discussed by the Detroit City Council. The city is considering implementing it to lower the property tax. Detroit doubles the national average regarding property tax rate. The property tax rate for a median-valued home in Detroit is about 3.21% in 2023. Detroit’s Land Value Tax Plan will lower property taxes by 17%; instead, increase the taxes on the vacant land in Detroit.
This will supposedly lighten the load and relieve homeowners who have had to pay high property taxes.