People Are Making Big Money Kicking Detroit Residents Out Of Their Homes (HBO)
Video Statistics and Information
Channel: VICE News
Views: 1,909,452
Rating: 4.638051 out of 5
Keywords: VICE News, VNT, VICE News Tonight, Vice, HBO, VICE on HBO, Detroit, detroit foreclosures, detroit properties, mortgage, proterty tax, struggle, low income, housing crisis, housing, West Bloomfield, Great Recession, bankruptcy, bankrupt, property assessments, detroit homes, auction, tax foreclosed, inflation, tax bills, annual auction, interest rates, homeowners, overassessed, munipal bankrupty, state constitution, unconstitutional, tax money, residents, displacement, news, interview, michigan
Id: gHLaWw_PnQY
Channel Id: undefined
Length: 10min 56sec (656 seconds)
Published: Thu Dec 07 2017
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God damn, 85% over assessed and no plans to pay back people who paid too much.
Someone needs to be in jail.
ehh, I really dont see this as being such a huge issue. That first lady, she bought her house in a recession, for less than 4,000 dollars, of course her taxes are going to be way higher than what she paid for it. But she only makes 2,000 dollars a month, of course she cant afford the taxes on it, thats barely enough to afford basic living needs.
Heres the real deal, Detroit needs money, money comes from taxes. Detroit is the largest city in the US per sq mile and has massive blight problems. That means if you want city services on your block that has a high percentage of abandoned houses not paying taxes, you will have to pay more to make up for the empty houses.
This situation is like when people win small lotteries of 5 million or less and done understand finance management. They buy a massive house and expensive car and then within 5 years they are broke because they dont understand how much it cost to maintain the expensive house and car. You got a house in Detroit for 4,000 dollars, at some point in time that lady bought the house from someone else who was kicked out as well. Even if her house was assessed at like 300,000, her taxes would still only be a few thousand dollars a year. If she cant afford that, she cant afford to live in the house.
Now i agree that a lot of people are probably paying taxes on way over valued houses, however I also believe that without paying high taxes, Detroit will never get the funds or money to fill/fix/tear down the other broken down homes.
Business as usual in Detroit...
How is it possible that a house being sold at auction for ~4,000 would be assessed as worth more than that? Does the sale of these homes at auction reset the assessed value for the new owner? Or is there anything the existing owner can do to contest the assessed value of their home?