the republic logo

Bills approved to help Detroit residents avoid foreclosure by cutting interest on back taxes

bug
Share/Save/Bookmark

LANSING, Michigan — Detroit Mayor Mike Duggan says bills approved overwhelmingly by the Legislature would give 20,000 Detroit homeowners the ability to restructure their property tax debts to avoid foreclosure and stay in their homes.

The legislation would cut interest on back taxes from 18 percent to 6 percent and let homeowners enter into a payment plan for up to five years to pay down their delinquency.

A debt forgiveness component also would be established to ensure a homeowner's tax bill is no more than 25 percent of the house's market value.

The legislation the House passed Thursday heads to Gov. Rick Snyder for his expected signature.

Duggan says he's also happy about passage of an insurance-related bill that would help the city more quickly address fire-damaged buildings in need of demolition.

Think your friends should see this? Share it with them!

Story copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow The Republic:

All content copyright ©2014 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.