Buying a new home in Wyandotte is cheaper now after the City Council has approved four Neighborhood Enterprise Zones that will cut taxes by 65 percent.
City officials hope the NEZs will jump start the market for new housing in the downriver suburb. The city has been successful in helping spur a number of new housing developments that are constructing new homes on former vacant or brownfield parcels. However, of the 29 new homes built, only one has sold so far.
The NEZs would save new home buyers thousands of dollars in taxes, lowering the tax rate to 16.86 mills from the normal city millage of 47.8 mills. The City Council will determine whether the new homes receive the abatement for 12 years or the maximum 15 years. Before Monday's vote the City Council planned to leave it at 12 years.
The four zones would encompass five new developments, including Labadie Park, Vinewood Village, City Garden, The Oaks and The Orchards.
Wyandotte's state legislators are working to tweak a state law that says the homes already built can't be included in the new NEZs because they were already finished when the zones were approved. This means the 29 homes already built can't be included in the NEZ, however, tweaking the law would change that. Local officials hope the issue will be resolve the issue by the end of the year.
Source: Wyandotte Clerk's Office
Writer: Jon Zemke
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