No. The way taxes work is first you work out how much taxes need to collect, then you work out how much weight everyone has afterwards and split it all up according to that weight. This plan plans to reduce the weight of property and more than double the weight for land.
The city forecasts[0] that the average Detroit homeowner will get a 17% permanent property tax cut in 2025. 97% of all Detroit homeowners will get a tax cut.
Ok, this is rebalancing. Thanks for the explanation. This shift in 'weight' may potentially deter large developers or businesses from investing in land within the city, especially if they're looking at larger parcels for development.
Discouraging "investing in land" is the point. Detroit struggles with stasis imposed by property speculation. Encouraging speculators to sell their assets to those who wish to develop is the goal.
The city forecasts[0] that the average Detroit homeowner will get a 17% permanent property tax cut in 2025. 97% of all Detroit homeowners will get a tax cut.
[0]: https://detroitmi.gov/departments/office-chief-financial-off...