Detroit Follows Through On Threat To Seek Back Taxes

DETROIT (WWJ/AP) - Detroit has followed through on its threat to sue hundreds of financial institutions and other companies in an attempt to recoup $12.2 million in unpaid property taxes.

The city last month announced its plans to sue to get the money it says is owed from 2010-12 on more than 1,500 parcels of land. On Wednesday, the deadline for Detroit to sue, officials filed the lawsuits, The Detroit News reported.

Detroit Treasurer and Deputy Chief Financial Officer David Szymanski says a handful of businesses agreed to try to negotiate a settlement but more than 550 lawsuits are moving forward.

The city has said it only was going after companies that own property for profit and not individuals with fewer than three properties. Those named in lawsuits include First National Bank of America, Bank of New York Mellon, Citibank NA, and Freddie Mac, according to the newspaper.

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