24-09 - Tax Foreclosure Properties - Sale and Redevelopment

Each year the City of Madison Heights receives a list of the properties that were tax foreclosed by the Oakland County Circuit Court and the County Treasurer. This list is provided to the City under State Law and provides the City with the opportunity to purchase the properties under first right of refusal at fair market values determined as twice the current year’s State Equalized Value unless the State Equalized Value exceeds $100,000 or a material change was made from its last assessment as determined by the Oakland County Treasurer’s Office.