Unraveled

[Jolly]

https://news.yahoo.com/manhattan-das-investigation-donald-trump-152547072.html

1. A lot of Manhattan real estate values are inflated. You rain on Trump about inflated values, should you not rain on a lot of other people who have claimed inflated values on their property?
2. The value of a property is not truly known until it is sold.
3. If Trump had paid taxes on inflated property values, was he due money back for overpayment, when the properties were reassessed?

[taiwan_girl]

@Jolly said in Unraveled:

https://news.yahoo.com/manhattan-das-investigation-donald-trump-152547072.html

1. A lot of Manhattan real estate values are inflated. You rain on Trump about inflated values, should you not rain on a lot of other people who have claimed inflated values on their property?
2. The value of a property is not truly known until it is sold.
3. If Trump had paid taxes on inflated property values, was he due money back for overpayment, when the properties were reassessed?

For #3, my understanding is that the allegement is that value of the properties were inflated in order to get loans and other monies. And then they were reduced when it came time to pay taxes, etc.

(Again, dont know much about this case, just heard only a little bit about it)

[George K]

@taiwan_girl said in Unraveled:

For #3, my understanding is that the allegement is that value of the properties were inflated in order to get loans and other monies. And then they were reduced when it came time to pay taxes, etc.

Who determines the value of the property, for tax purposes?

Here in C(r )ook County, it's the county assessor. Once the value of the property is assessed, the tax rate is determined based on a % of that number.

When the property is sold, the gain in value is taxed by the IRS, once deductions (home improvement, etc) are applied, and taxed as capital gains.

I have no understanding of the intricacies of the complaints against Trump et al., so that could be something different.

[jon-nyc]

Answer to #3 is no, you don’t pay property taxes on your own assessment of value, the city assessed it for you.