City Living Detroit isn’t the only organization that wants to make it more enticing for people to live in Detroit. Several tax credits and incentives are available to prospective residents.
Public Act 147 of 1992, as amended, created the Neighborhood Enterprise Zone (NEZ) Exemption Certificate. Homeowners in most of Detroit’s new developments and many of the historic neighborhoods qualify for the NEZ property tax abatement. Original owners of NEZ approved properties will receive a significant reduction in property taxes for up to 15 years. In the event you sell your home within the 15-year period, the remaining years of the NEZ property tax abatement will be transferred to the new owner.
To qualify for this certificate, the subject property may be located within an established NEZ neighborhood or development. Applications for a certificate of exemption is filed, reviewed, and approved by the local governmental unit, but also are subject to review by the State Tax Commission, which would either approve or deny request.
Contact us for additional information about the NEZ or to find out which developments and neighborhoods qualify for the abatement.