> the city’s property tax will be reduced from 2% for every $1 of assessed value (which is less than market value) to 0.6%. To make up for the revenues lost, land will be taxed at a new rate of 11.8%
This sounds like it's revenue neutral, so it doesn't seem like they're squeezing more. Also, they didn't eliminate all taxes on improvements, but cutting them by two thirds is still pretty good.
If the city is to be believed, most of Detroit's residents and business will actually be unsqueezed.[0]
> The city estimates that the LVT plan would reduce property taxes for 97 percent of Detroit homeowners and 70 percent of small businesses
This sounds like it's revenue neutral, so it doesn't seem like they're squeezing more. Also, they didn't eliminate all taxes on improvements, but cutting them by two thirds is still pretty good.
If the city is to be believed, most of Detroit's residents and business will actually be unsqueezed.[0]
> The city estimates that the LVT plan would reduce property taxes for 97 percent of Detroit homeowners and 70 percent of small businesses
[0]https://www.taxpolicycenter.org/taxvox/detroit-considers-shi...