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.
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