The City of Detroit is considering a revamp of how it taxes property to encourage development of more vacant lots.
The land-value tax has rarely been tried in the U.S., but versions of it have been adopted in many other countries. The concept taxes land at a higher rate than any buildings or amenities on the property.
This is a departure from the typical way real estate is taxed in the U.S.—totaling the assessed value of land, buildings, and any other improvements on a property and taxing the total at a uniform rate. The alternative that Detroit may adopt is intended to incentivize development on blighted lots and offer tax relief to homeowners, who are subject to some of the highest rates in the country.
Detroit’s mayor hopes to implement the land-value tax in 2025. Voters will ultimately decide the matter as soon as this November.
Related Stories
Urban Planning | Oct 12, 2023
Top 10 'future-ready' cities
With rising climate dilemmas, breakthroughs in technology, and aging infrastructure, the needs of our cities cannot be solved with a single silver bullet. This Point2 report compared the country's top cities over a variety of metrics.
Modular Building | Oct 11, 2023
Development startup brings modular solution to hospitality industry
The company's approach extends to various types of accommodations, from landscape hotels and cozy bed and breakfasts to compact micro hotels and food and wine-themed properties.
MFPRO+ News | Oct 6, 2023
Announcing MultifamilyPro+
BD+C has served the multifamily design and construction sector for more than 60 years, and now we're introducing a central hub within BDCnetwork.com for all things multifamily.
Multifamily Housing | Mar 24, 2023
Average size of new apartments dropped sharply in 2022
The average size of new apartments in 2022 dropped sharply in 2022, as tracked by RentCafe. Across the U.S., the average new apartment size was 887 sf, down 30 sf from 2021, which was the largest year-over-year decrease.
Self-Storage Facilities | Dec 16, 2022
Self-storage development booms in high multifamily construction areas
A 2022 RentCafe analysis finds that self-storage units swelled in conjunction with metros’ growth in apartment complexes.
Multifamily Housing | Jun 30, 2021
A post-pandemic ‘new normal’ for apartment buildings
Grimm + Parker’s vision foresees buildings with rentable offices and refrigerated package storage.
