House OKs bill to cut Detroit homestead millage rate
The state House on Thursday unanimously approved three bills amending the Neighborhood Enterprise Zone Act to allow Detroit and other Michigan communities to cut taxes for qualifying residents.
Excerpts from the article:
The three bills would allow Detroit to cut its homestead millage rate for qualifying residents from 67 mills to 52 mills, and lock in that rate for up to 12 years.
The millage rate would gradually return to 67 mills over the last three years of the tax-relief program. The plan would save a Detroiter whose home has a taxable value of $100,000 about $1,500 in the first year alone.
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