- Associated Press - Monday, January 27, 2014

DETROIT (AP) - The city of Detroit is pledging to lower property tax bills by reassessing the value of homes.

Mayor Mike Duggan says home values are being reduced from 5 percent to 20 percent, resulting in lower tax bills by summer. He says a multimillion-dollar hit to Detroit’s budget has already been taken into consideration by emergency manager Kevyn Orr.

Duggan says high, unrealistic property assessments have been a “source of great anger” for Detroiters and forced many out of their homes. He says new assessments were in the works before he was elected mayor in November.

City Council President Brenda Jones appeared with Duggan on Monday. She says she hopes the announcement will keep residents in the city.

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