Posted on 10/12/2023 1:31:03 PM PDT by thegagline
Putting fraudulent information on financial disclosures is illegal.
He’s had about 3MM of debt forgiven, which means he didn’t repay it
Wow. So everyone you know in real estate is a cheater? That’s sad.
“Putting fraudulent information on financial disclosures is illegal.”
That is beside the point. Trump did not put fraudulent information on the financial disclosure. Evaluation of what your property is worth is a subjective procedure. Trump’s estimation is just as good as anyone else’s.
Have you ever been to or seen an auction?
Have you ever seen a used car dealer give an honest appraisal of one of his cars? No, because everyone know buyer beware.
Your must be stupid or a DeSantis supporter.
Sure, but that is rather different from just valuing your own property and having the tax office even bother to take that into account.
You mis-state the situation with the Condo.
He reported the condo as 20M, but *she had an option* for 8M. The AG was arguing that the difference was a deceit, rather than simply a locked-in buy-out price for a long-term tenant.
The argument is that he overstated the value of properties he owned to get lower interest rates. My point is that his income and holdings were high enough that the difference in opinion didn’t come into play.
Over-stating your income for a loan is fraudulent.
Mis-stating or omitting your liabilities for a loan is fraudulent.
Saying that you own a property which you do not and offering it for collateral is fraudulent.
Saying you think you can get a different price than someone else thinks that you can get is not fraudulent. Not remotely.
Claiming that a tax assessment after class deductions represents a market value is pretty close to fraud, and is at the least stupidity. The same with suggesting that a years-old buy-out option on a property represents current market price.
I never said they get what they wanted. I should have said not all people inflate prices. Market value usually rules and may try to keep to that. It just too many folks have inflated prices to get more, assumed that property amenities are better than they are, sold properties that look good but sucked (hidden money pits) etc.
my brother could not sell his house for 5 years due to too high for the market. Tried to say that certain amenities were way more than they should and would not drop the price.
The appraisal district values a parcel of land differently based on its designated use.
A residential parcel worth $375,000 on the open market may be valed at $300,000 by the appraisal district for property tax purposes.
If the owner designates the exact same parcel for agricultural use, the valuation drops to a fraction of that.
If the owner designates that parcel for club use, even less.
If the owner designates it as common area, in some jurisdictions the valuation drops to $1 for tax purposes.
A quick hearing with the tax assessor’s office or a zoning commission hearing can redesignate the land back to residential use. The valuation jumps back up to $300,000.
What is that parcel worth, regardless of the designation? $375K.
People in real estate know that this case is a steaming pile of crap.
Anyone that has ever owned a home should know it too.
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