Detroit Foreclosure Investors » tax free property http://detroitforeclosureinvestors.com Investing in Detroit and building a business. Mon, 02 Nov 2009 12:21:00 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 Renaissance Zones -tax free areas of Detroit http://detroitforeclosureinvestors.com/renaissance-zones-tax-free-areas-of-detroit/.php http://detroitforeclosureinvestors.com/renaissance-zones-tax-free-areas-of-detroit/.php#comments Wed, 28 Oct 2009 15:53:01 +0000 Anne http://detroitforeclosureinvestors.com/?p=69 The Renaissance Zone program is a collaborative effort between the City of Detroit, the County of Wayne, and the State of Michigan to give tax incentives to residents and businesses. The City of Detroit has designated sixteen areas as Renaissance Zones. This program works to encourage economic stability and development within the eight designated areas of the City. The resident or business must be physically located within one of the sixteen sub-zones and must be qualified.

These tax incentives include a waiver of city income and utility users taxes, most city property taxes, county property taxes, and state income tax or single business tax. The program applies to participants who live, own property, or businesses conducting business within the area and are not delinquent in any local, county, or state taxes.

Since this program involves the exemption of tax and applies to businesses and residents alike, it is crucial for participants to apply and qualify, through the Renaissance Zone Processing Center, for these tax benefits.

Once qualified, the resident, business, or property owner will enjoy the exemption throughout the duration of the program without reapplying. However, if the resident, business, or property owner changes his/her status in any way, they must notify the Renaissance Zone Processing Center.

The sixteen sub-zones and their expiration dates in the City of Detroit are:

Sub-zone Expiration Date
I-75
American Axle Building Only 		12/31/2013
Atwater 12/31/2017
Campus Martius 12/31/2017
Central City 12/31/2008
Harridon Terminal 12/31/2012
I-94 Industrial Park 12/31/2017
Jefferson Ave. 12/31/2017
Livernois/Intervale 12/31/2008
Lynch Road 12/31/2008
Marathon-Ashland
Oil Company Property Only 		12/31/2017
Michigan Avenue 12/31/2017
Next Energy
Only for those who are creating alternative energy. Not for Residential Property. 		12/31/2023
Old Packard 12/31/2008
SW/Delray 12/31/2011
Tiger Stadium 12/31/2012
Woodward Ave. 12/31/2017

For a

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