Did Jon Stewart over-value his property?

[George K]

https://nypost.com/2024/03/27/real-estate/jon-stewart-found-to-have-overvalued-his-nyc-home-by-829/

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In 2014, Stewart sold his 6,280-square-foot Tribeca duplex to financier Parag Pande for $17.5 million. The property’s asking price at that time is not available in listing records.

But according to 2013-2014 assessor records obtained by The Post, the property had the estimated market-value at only $1.882 million. The actual assessor valuation was even lower, at $847,174.

Records also show that Stewart paid significantly lower property taxes, which were calculated based on that assessor valuation price — precisely what he called Trump out for doing in his Monday monologue.

Pande, who purchased the penthouse from Stewart, then resold the property at a nearly 26% loss, according to the Real Deal — at just over $13 million — in 2021.

[89th]

Haha this is so dumb. Stewart didn’t “overvalue” his penthouse, he literally sold it for that amount to someone who wanted to buy it. The market value.

[George K]

@89th said in Did Jon Stewart over-value his property?:

Haha this is so dumb. Stewart didn’t “overvalue” his penthouse, he literally sold it for that amount to someone who wanted to buy it. The market value.

And that's the point. Something's value is exactly what someone is willing to pay for it.

Now, tell me in what universe Mar-a-Lago is worth $18MM (as the judge and DA alleged) while vacant lots adjacent to it are selling for twice that.

[89th]

If Stewart took out a loan at a better rate by overvaluing his property as compared to the value referenced on his taxes, then there would be smoke here. But he didn’t. So there’s not.

[George K]

So, Lucy, 'splain me this: How is it that someone wants to pay 20.65 times what the assessor says the property is worth?

[89th]

Talk to the assessor? At a glance, it is idiotic to think a 6,000 square foot penthouse in tribeca is 1.8 million. Seems like they left off a zero.

[Doctor Phibes]

@George-K said in Did Jon Stewart over-value his property?:

So, Lucy, 'splain me this: How is it that someone wants to pay 20.65 times what the assessor says the property is worth?

Maybe his garage was filled, not with top secret documents, but with copies of The All American Bible

[89th]

@89th said in Did Jon Stewart over-value his property?:

Talk to the assessor? At a glance, it is idiotic to think a 6,000 square foot penthouse in tribeca is 1.8 million. Seems like they left off a zero.

He also bought the property for $5 million like 20 years ago. Pretty sure it’s gone up in value since then.

[Horace]

Maybe there are special rules for assessments for property tax purposes. There were such rules in CA. Though this is an order of magnitude better for the tax payer than Prop 13 is.

[George K]

@89th said in Did Jon Stewart over-value his property?:

@89th said in Did Jon Stewart over-value his property?:

Talk to the assessor? At a glance, it is idiotic to think a 6,000 square foot penthouse in tribeca is 1.8 million. Seems like they left off a zero.

He also bought the property for $5 million like 20 years ago. Pretty sure it’s gone up in value since then.

So why was it assessed at 25% of that?

[89th]

Is there any evidence Stewart was involved in the assessment? This whole article is a waste of oxygen unless I’m missing something.

[George K]

@89th said in Did Jon Stewart over-value his property?:

Is there any evidence Stewart was involved in the assessment? This whole article is a waste of oxygen unless I’m missing something.

Nope there isn't AFAIK.

But, all in all, it's like something you'd see in Chicago, and I'm looking at you Governor Pritzker odd.

[jon-nyc]

The assessed values are totally divorced from reality in many jurisdictions in NY. I think they do it on purpose to prevent you from challenging them.

[LuFins Dad]

It’s kinda funny that Trump is getting in trouble for one of the few times that he actually paid his bills.