Posted on 02/17/2024 8:53:00 PM PST by grundle
Siding with New York’s attorney general in a lawsuit accusing Trump of grossly overvaluing his assets, Judge Arthur Engoron found that Trump consistently exaggerated Mar-a-Lago’s worth. He noted that one Trump estimate of the club’s value was 2,300% times the Palm Beach County tax appraiser’s valuations, which ranged from $18 million to $37 million.
Pulitzer said the rock-bottom price for Mar-a-Lago would be $300 million. Thomson said at least $600 million. If uber-billionaires got into a bidding war, they said, a sale of a billion dollars or more would be possible.
The much smaller Palm Beach compound once owned by the Kennedy political dynasty sold for $70 million three years ago.
(Excerpt) Read more at apnews.com ...
I had\have too many questions based on my ignorance. I never saw any of these questions addressed.
I noticed a listing for a beachfront home in Naples FL.
It was 9 acres and an 11,000 ft. home listed for $295 million.
So, Trump’s valuation is not over the top.
We had an appraisal of our river cabin done a few years ago.
It is a small house but in a unique location and the appraiser had a hard time coming up with a valuation because there was nothing comparable.
Rick Harrison would be questioning the provenance and inquiring into the sales receipts, pictures of him holding the guitar, etc.
If tax assessors / government valuation were valid, why on earth do banks and real estate company spend a billions of dollars on real estate appraisals?
This sets the president for the government to be able to seize lots of property.
After you’ve paid off your mortgage, the government can simply revalue your property lower than your initial mortgage and claim you committed fraud.
Even though the bank had no issues with any of your payments, and you made all your payments on time and in full.
This is a scary precedent
Stupid Siri
If I’m a Democrat judge, it’s worth 7 dollars.
Any other valuation is fraud.
Yes indeed, relative value.
I spent a lot of time driving through that neighborhood to look at the mansions when I lived in nearby Boca Raton. That was in the ‘80s. As I recall, David Koch had a mansion on that beach paid millions to buy the house nearest to him, then tore it down because it was blocking. his view.
Trump owns Mar a Lago Beach club, Mar a Lago Tennis club and his home, Mar a’Largo all on one huge piece of property. No one could dispute that the value of the three buildings and amenities are worth what Trump said.
Apparently the idiot judge, didn’t have a clue about how much Trump owned and relative values compared with others in that beach today. Other million/billionaires who live near Mar a Lago have far less ground, and smaller houses. Trump’s palatial home is unique.
Why didn’t Trump’s cracker-jack legal team get a certified appraisal?
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It would’ve made no difference. The outcome of this case was decided the moment it was filed.
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Wrong! It was decided long before. It was decided back when “they” were looking for SOMETHING….ANYTHING…. they could charge him with.
I saw an empty lot near Mar-a-Lago selling for $250,000,000. That state Attorney General Letitia James, thinks the typical American will believe their lies and let Judge Engoron’s ruling go without a thought.
Simply because the only entity with actual "skin in the game", other than Trump, Inc. was the bank he borrowed money from ... and both THOSE parties agreed to the original, high, valuation.
Case closed.
Unless you're a pedo-faced fascist.
Why is the Palm Beach County tax appraiser’s valuation a range from $18 million to $37 million if the property is so much more?
“Only a jackass would use a tax assessor’s valuation as gospel for a fair market valuation.”
Indeed. In a lot of places, properties are only reassessed when they change hands. In the San Francisco and L.A. areas, for example, there are mansions that have had the same owners for 60 years that are assessed at say $400,000 that would sell for $25 million on the open market.
Truck can say whatever he wants about what his property is worth. It’s up to the banks to verify that number since they are lending the money this is what I don’t understand if the banks lend the money then they must think it’s worth it.
I can tell you my 1965 Chevy is worth $1 million and if you give me $1 million then it’s worth $1 million.
My home has a tax valuation equal to about 1/8th of its actual market value as estimated by Zillow. Such artificial valuations are the norm around here.
If the tax assessors used real market value, no one could pay the property taxes.
Rush Limbaugh property sold for $140,000,000 and it’s small compared to Mara largo
“If the tax assessors used real market value, no one could pay the property taxes.”
Not sure how things are in your area. But in California, fair market value *is* the basis for property tax when you buy the home. So it’s not quite accurate to say that “no one could pay.” New owners *do* pay based on fair market value. In CA, the assessors are limited under Prop 13 to maximum increases of 2% per year. So, in most cases, for the first few years of ownership, property taxes are pretty much in line with fair market value. Over time, though, appreciation tends to exceed that 2% annual cap, and after several decades of ownership there’s usually a big gap between market value and assessed value.
Occasionally, though, there’s a real estate market crash, and some poor saps who bought at the top find themselves paying property tax on an assessed valuation that’s actually higher than fair market value. In those cases, there’s an appeals process in which such owners can try to get the assessor to lower the valuation.
AP = America’s Pravda
Towns also have a real budget. So they divide the grandlist valuation by the budget to get a mil or tax rate.
Valuations dont matter in aggregate to property taxe, what matters is how much your town spends.
Now if you live in the smallest house in a town with million dollar homes and your towns budget is modest, your tax will be very low.
Valuation is what people will pay. Local comparable recent sales are the only way to get a good current value.
Unique properties with no comps are difficult to value.
If you have never seen the property, you would think maybe $300 Million, but the property is HUGE and between the Atlantic Ocean and the Intercoastal Waterway!! It’s FABULOUS!! PLUS HISTORICAL VALUE ADDED!
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