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In 1933 during the Great Depression, the Burroughs Adding Machine Co. lent Cobo, an accountant, to the city for six months to help it fix its troubled books. [1] He subsequently ran for and was elected Detroit City Treasurer in 1935. [1] As treasurer he helped keep tax-delinquent Detroiters in their homes through a seven-year tax payment plan.
(CBS DETROIT) - Beginning in 2025, Detroiters will have the option to pay their taxes and other city fees with cryptocurrency, the city announced Thursday, making Detroit the largest city in the U ...
Starting in mid-2025, those that live in the city can pay expenses owed to Detroit with currencies like bitcoin as part of the government's push to become more compatible with blockchain technology.
Reading was appointed City Assessor in 1921, moved to City Controller in 1924, and was elected City Clerk in 1926. [93] He stayed in the office of clerk until 1939, when he ran for mayor, ultimately defeating Patrick H. O'Brien by nearly two-to-one. [94]
Details from the Detroit bankruptcy filing. The city of Detroit, Michigan, filed for Chapter 9 bankruptcy on July 18, 2013. It is the largest municipal bankruptcy filing in U.S. history by debt, estimated at $18–20 billion, exceeding Jefferson County, Alabama's $4-billion filing in 2011. [1]
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In addition to property tax, the city levies an income tax of 2.4% on residents, 1.2% on non-residents, and 2.0% on corporations since 2013. [17] Revenue is also obtained from utility taxes, hotel excises and from the Detroit-owned Water and Sewer system that provides most of the fresh water and sewage treatment facilities within the ...
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