Near-Bankrupt Detroit Has Forgotten To Tax This Giant Derelict Factory For The Past 4 Years

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The City of Detroit, which is suffering an unprecedented collapse in revenue, has failed to tax the owners of a 3.5 million square foot derelict factory, according to the Free Press.The century-old factory had been listed on tax rolls as state-owned, even though it is actually owned by an corporation called Bioresource, which is listing the property at $13 million.

Soon after an investigation by the Free Press started, the city updated the factory’s status with a $1.6 million assessable value.

Whoops! There goes four years of tax revenue.

And guess what, the Detroit real estate market is getting worse...

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