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I finally looked up the actual tax abatement numbers for Detroit-Shoreway
Found out last week from the Cuyahoga County fiscal office that only 12% of approved abatements actually get claimed because most homeowners sell before the 12-year term is up, has anyone else seen that kind of drop-off in their neighborhood?
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brian_smith629d ago
Right?! Same thing happened on my block. Guys flip em before the tax break even kicks in.
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josephmartin29d ago
Oh man, I gotta push back a little on that. I mean, if you look at it from the city's perspective, the fact that people only claim 12% of the abatements means they're not losing nearly as much tax revenue as they thought they would. Maybe it's just me but that sounds like a win for the budget. Plus, the whole point of these abatements is to get people to buy and fix up properties in the first place, and if they're selling before the term is up, they're still putting money into the neighborhood and passing it on to someone else. Idk, I feel like the drop off is kind of baked into the system and not necessarily a bad thing.
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