DETROIT – With the economy still struggling, the Quicken Loans Foundation is working to give Detroit homeowners one less problem to worry about.
Over the past year, the Quicken Loans Community Fund teamed up with the city of Detroit to visit 60,000 homeowners who were behind on their property taxes. After further review, they found some of the homes were eligible for property tax assistance.
Detroit offers generous tax exemptions to many homeowners, but not everyone knows when they qualify.
“What we found was that 87% of homeowners living in the property behind on the property taxes really should have qualified for a partial or complete property tax exemption,” said Laura Grannemann, the vice president of the Quicken Loans Community Fund.
The exemption is based on how many people are living in a household and how much money they make.
Residents could go from paying thousands of dollars in property taxes to paying nothing.
The Quicken Loans Community Fund announced that through its partnership with the Detroit Board of Review, it will send out 25,000 applications to homeowners who qualify for tax assistance. It’s called the Neighbor-To-Neighbor Campaign.
In addition to helping people become aware of possible tax exemptions, Quicken Loans is investing $1 million into the 0% Home Loan Repair Fund.
The fund allows people to access much more capital to help them, at low interest rates, repair their homes and not have to decide between making repairs or making property tax payments.