01/03/2012 09:00 am ET

Homeowners Buy Back Own Property, Dodge Taxes

Paying property taxes has become optional for a growing number of Detroit landowners using a legal loophole to wipe away debt by buying back their properties in foreclosure.

As the city nears financial collapse, owners erased at least $4.7 million in property taxes and liens this fall on more than 400 properties Wayne County appeared to sell back to them for pennies on the dollar, according to a Detroit News analysis.

Read more on Detroit News