Banana Republic
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@taiwan_girl said in Banana Republic:
A House Democrat asked Palm Beach County, Florida, to tax Donald Trump's Mar-a-Lago resort property at a rate in accordance with the valuation the former president claims it has amid his ongoing New York civil fraud trial. Rep. Jared Moskowitz, D-Fla., made the request of Palm Beach County appraiser Dorothy Jacks in a letter exclusively provided to NBC News, noting New York Supreme Court Justice Arthur Engoron's decision last week holding Trump liable for committing fraud for years by inflating and undervaluing his assets to banks and insurers.
Trump has since railed against the ruling, claiming that his Florida beach club is worth "50 to 100 times" what New York prosecutors in the lawsuit have said, or "closer to $1.5 billion" in value. "Between 2011 and 2021, you value the Mar-a-Lago property between $18 million and $28 million," Moskowitz wrote in the letter to the Palm Beach County appraiser. "Mar-a-Lago was listed as worth $490 million in financial documents given to banks," he added. "If the property value of Mar-a-Lago is so much higher than it was appraised, will you be amending the property value in line with the Trump family's belief that the property is worth well over a billion dollars?"
https://www.yahoo.com/news/democrat-calls-trumps-bluff-mar-190621016.html
The problem with that is that the property tax is only based on the value of the property (which likely is worth several hundred million) but the value of the business is worth more than just the property. They currently have collected approximately $40,000,000 memberships and about $4,000,000 in annual dues. 50-60 weddings per year at $500K-$600K each and who knows how many other events? Of course, I have no idea what the overhead is… but a typical value for a business is 3x revenue + physical assets. There is also value to the name… So unless he’s mortgaged out his ass, I can see Mar A Lago at $300M-$400M
@LuFins-Dad said in Banana Republic:
a typical value for a business is 3x revenue + physical assets. There is also value to the name… So unless he’s mortgaged out his ass, I can see Mar A Lago at $300M-$400M
Fascinating.
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But the tax assessor has to work within the limits of the property value only as determined by that district’s formulas and regulations. IF you were to increase the assessed value for Trump’s property, the same would have to be done for all of the other properties in that district.
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But the tax assessor has to work within the limits of the property value only as determined by that district’s formulas and regulations. IF you were to increase the assessed value for Trump’s property, the same would have to be done for all of the other properties in that district.
@LuFins-Dad said in Banana Republic:
IF you were to increase the assessed value for Trump’s property, the same would have to be done for all of the other properties in that district.
I can't comment on other parts of the country, but in C(r )look County, the triennial assessment is a game one plays. The assessor overvalues the property and the owner appeals (usually through a lawyer, of course, who takes 10-30% of the savings), and gets a lower assessment.
The basis for the appeal is always comparable properties in the neighborhood.
The maps you posted are great evidence for an appeal by Mar-a-Lago's neighbors.
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@LuFins-Dad said in Banana Republic:
IF you were to increase the assessed value for Trump’s property, the same would have to be done for all of the other properties in that district.
I can't comment on other parts of the country, but in C(r )look County, the triennial assessment is a game one plays. The assessor overvalues the property and the owner appeals (usually through a lawyer, of course, who takes 10-30% of the savings), and gets a lower assessment.
The basis for the appeal is always comparable properties in the neighborhood.
The maps you posted are great evidence for an appeal by Mar-a-Lago's neighbors.
@George-K said in Banana Republic:
@LuFins-Dad said in Banana Republic:
IF you were to increase the assessed value for Trump’s property, the same would have to be done for all of the other properties in that district.
I can't comment on other parts of the country, but in C(r )look County, the triennial assessment is a game one plays. The assessor overvalues the property and the owner appeals (usually through a lawyer, of course, who takes 10-30% of the savings), and gets a lower assessment.
The basis for the appeal is always comparable properties in the neighborhood.
The maps you posted are great evidence for an appeal by Mar-a-Lago's neighbors.
Remember, those maps are just the “Zestimates”. Assessed values were likely much different.
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There are assessed values for property taxes and there are assessed values for real estate sales.
They're different. The Demonrat is just grandstanding. OTOH, let's do a bit of talking to residents in the area about the matter and see if they wish to see their taxes skyrocket. Better yet, let's redo the assessment on the Moscowitz's property.
What's good for the goose...
