Wednesday, May 31, 2006

Loft in Detroit and property tax breaks

I am very close to putting down a deposit on a loft in Detroit. I really dig a development I saw over the weekend. The site is not complete and for that reason I think the price's are still relatively low. I will have to put a deposit down in the next two weeks if I am going to do it. The area is titled as a New Enterprise Zone (NEZ) and therefore the property taxes are next to nothing. For the next twelve years I will be receiving a discount of 95%. Not bad. The one thing that is holding me back a little is the income tax in Detroit. Presently the income tax in Detroit is at 2.55% which blows because you get nothing for it. It's almost like the City Council of Clowns decided to penalize the people who chose to stay in Detroit. Regardless, I think I still might do it.

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