Posted on 02/17/2024 8:53:00 PM PST by grundle
Cuomo once said that if you are a Republican, you should MOVE OUT OF NEW YORK!! YOU AREN’T WANTED!
That judge is NOT such a MORON as he is PURE EVIL and needs an EXORCISM by his RABBI!!
“Only a jackass would use a tax assessor’s valuation as gospel for a fair market valuation.”
Not just that... When you value a business there are two parts to it that are combined as the total value. The physical property assets including equipment in or on the property, and the value of the “business” it’s self aside from physical assets such as loyal clientele, customer accounts, potential annual revenue, Etc.
When you value a business it is not just the real estate, it is also a total with all clientele, potential revenue, and equipment.
Everybody keeps comparing Mar A Lago with residential property. It’s not. It’s a profit center country club. You have to consider the income potential, not just the real estate value. It’s comparing apple to oranges, with the country club much more valuable than a residence.
“The agreement limits the club to 500 members — the initiation fee is $500,000 with annual dues of $20,000.”
you can claim your property is worth whatever you want.
that doesn’t mean the bank will go along with it.
these headlines require the reader to be ignorant of the basics surrounding real estate
Plus Maralago is also a business as well as a residence.
There was probably added value to the property because Rush lived there. The price would probably be lower if he hadn’t owned it.
TRUMP paid $10M in 1985 and its value has only appreciated $8M in 40 years?
Was this judge trying to get back at him because his family was hoodwinked into buying the Brooklyn Bridge when they got off the boat?
Two bare lots near there sold for $200 million each. Trump’s property is 23 acres while the lots sold were two acres each.
Thus if Trump subdivided His 23 acres, he could get 11 lots, at least one with buildings.
11 x $200 million = $2.2 billion.
I have owned 4 houses since 1966.
I HAVE paid alot of property taxes.
I have those bills.
I HAVE NEVER SEEN an ASSESSED valuation come close to real value for selling.
MAYBE that idiot judge has always lived/rented apartment in NYC.
HE HAS NEVER seen a tax bill.
RECONSTRUCTION VALUATION LONG AFTER THE DATES IN QUESTION WOULD BE DIFFICULT.
THE APPRAISALS DONE AT THE TIME OF ANY LOAN WOULD BE DONE BY THE BANKS MAKING THE LOAN-—
ANY OUTSIDE OPINION IS JUST THAT-—
AN OPINION-—
NEITHER JAMES OR ENGORON HAVE ANY EXPERIENCE AS REAL ESTATE APPRAISERS.
LOOK at your own tax bill——ANY OF YOU
Would you sell your property today for the ASSESSED VALUE shown on your tax bill???
The ASSESSED value shown on my most current tax bill == about 15% of what I would agree to sell it for.
5+++ acres—house/well/septic/garage/perimeter fenced & cross fenced
THIS WAS A LOAN DEAL..
BANKS DO THEIR OWN APPRAISALS.
Trump borrowed money
Trump pain the money back WITH INTEREST.
END OF DISCUSSION.
JAMES & ENGORON ARE FLAT OUT WRONG
Jonathan Turley
@JonathanTurley
After this type of corporate public execution, it is hard to imagine many businesses rushing to the Big Apple. Drawing new businesses to the city is going to be about as easy as selling country estates during the French Revolution.
12:00 PM · Feb 17, 2024 1.5M Views
What’s Zillow say?
The tax “value” is effectively meaningless when considering a potential sale price.
First off, they are set at a certain point in time and don’t fluctuate like real values do.
Second, they are set to merely be used as a base for property tax assessments.
Third, there is no reason to make them exactly match the actual value as the intent is to find relevance between one property vs another.
Fourth, it’s much easier to set the assessed values much lower than the actuals. The bureaucracy doesn’t want to fight everyone about their assessment, so using a formula that sets assessed substantially lower than actual keeps people from complaining. If you’re assessed at $500k and it’s been for sale for a long period of time at $500k there will be lawsuits. If you assess that same property at $250k they can’t complain as much.
Property tax BILLS are calculated by taking the assessed value times the mill rate. If you double the assessed value and halve the mill rate (and vice-versa), the tax bill would be the same.
It's actually not that hard. You just use comps from around that time.
You’re not telling me anything I don’t already know, but good summary
There’s no need for any of us to recalculate the value of Mar-a-Lago ourselves. Turns out Forbes estimated the value at $350 million in 2022, based on a range of estimates from realtors that ranged from $200 million to $750 million. Trump’s estimates were slightly on the high side, but definitely within the range of estimates given by professional realtors and brokers who know how to value properties, as opposed to dishonest criminal judges who make up the rules as they go. As far as I’m concerned, case closed.
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