Quote:
Originally Posted by will068
Keep in mind that annual residential property taxes are high. I was in Detroit at a client site last month. My co-workers (all from YVR) were talking about how it is cheap to buy houses in Detroit. We were joking about this with our Detroit clients and we did some house hunting online (zillow) at lunch. From what I saw, for a $1m house, the annual property tax is $50k a year. This is is in the Greater Detroit Area. a $250,000 house in the market that we saw has a property tax of $15k a year. Overall, that property tax is a killer.
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I don't believe Detroit's property tax situation is representative of American cities due to a large exodus of population. As a result, the cost to maintain city services have been allocated over a smaller pool of property owners.
Kev