Posted on 03/27/2024 11:02:53 AM PDT by TigerClaws
Jon Stewart is facing online backlash after the comedian opined on air this week that Donald Trump’s civil real estate case for overvaluing his properties was “not victimless” — when it turns out the price of a previous home sale finds Stewart doing the exact same thing, The Post has learned.
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This has never been prosecuted,” O’Leary replied. In response, Stewart asked: “How is he not this mad about overvaluations in the real world?” “Because they are not victimless crimes,” he said. To further his point, Stewart argued that “money isn’t infinite. A loan that goes to the liar doesn’t go to someone who’s giving a more honest evaluation. So the system becomes incentivized for corruption.”
Stewart also contended that failing to declare a higher market value on a property, while paying taxes based on a lower assessed value, constitutes fraudulent behavior. “The attorney general of New York knew that Trump’s property values were inflated because when it came time to pay taxes, Trump undervalued the very same properties,” Stewart added. “It was all part of a very specific real estate practice known as lying.” But it didn’t take long for internet sleuths to look into Stewart’s own property history, which shows an overvaluation of his New York City penthouse by a staggering 829%, records confirmed by The Post show. 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 was market-valued at only $1.882 million. The actual assessor valuation was even lower, at $847,174. .
(Excerpt) Read more at nypost.com ...
I work in mortgage lending.
A customers estimate of value is meaningless.
It’s an OPINION.
The lender will do their due diligence and verify.
I’m not a fan of everything Trump says; but this case is ludicrous harassment of him.
“When I get a statement from a billionaire owner, I ignore and do my own due diligence.”
I’ve been told that all legitimate lending institutions absolutely do their own due diligence. They never rely on ESTIMATES of their clients.
I hate this kind of double standard.
How so?
Show your work.
Your wording is misleading. Both of you.
Tax assessments aren’t done on full value. Depends on the county law.
In my TN county, they do the appraisal and then the assessment is something like a certain percentage of that and then taxed.
Stewart is a moron.
JSM_Liberty wrote: “How is selling a property for a certain price the same as over valuing it?”
Some think that if you list the property for $1M and sell it for only $250k, the listing price was overvalued.
Jon Stewart = Two Faced Liberal
He’s always been full of BS it’s a party requirement.
My favorite idiot remark of his was “money isn’t infinite”. Tell that to the treasury department.
He acts like lenders have only so much to lend. What a fool.
Assessments are never at full value.
He’s not a comedian, he’s a joke teller since his staff writes his material.
Because counties have property tax codes. They are never the same values.
If property taxes were a oercentage of full market value no one could afford them.
The governor already said that law would only be used against the President’s political opponents
“How so?
Show your work.”
Trump’s valuation was based on his Calc.
The OP valuation was based on the property sale price.
I am surprised you can’t see the difference!
Did Engoron actually use the fact that tax appraisals are lower than any sane owner would sell for? Tax appraisals are meant to encourage business. For example, if a wealthy dentist claims depreciation on his office equipment for taxes, that is normal, but if his wife sues for divorce, he can’t claim that “depreciated” number in the divorce settlement. But I don’t believe that is not what Trump did. Only in NY would they try to argue that the selling price is comparable to the tax assessment.
That’s exactly what he did. The “fraud” led to the nearly half a billion dollar fine. The bond was lowered to $175 million. Essentially put your political opponents out of business and jail them. Banana republic Dems in action.
Stewart needs to be fined $120 million by Letitia James.
https://www.celebritynetworth.com/richest-celebrities/richest-comedians/jon-stewart-net-worth/
I agree, thanks. Hitler made a speech that Germany was invading Poland because their will was “so strong,” that made it right. Similarly, Athens was bigger than Melos, so Thucydides claimed that destroying Melos was justice.
Trump's final valuation was determined by the free market.
The borrower and the lender agreed to a valuation.
The same principle applies in the Stewart case.
The final valuation was determined in the free market.
The buyer and the seller agreed to a valuation.
I'm surprised I have to explain it to you.
Except the loan is based upon the bank's appraisal, not the so-call liar's representation and therefore, the "lie" has no impact upon a loan applicant who gives an "honest evaluation."
Also from the article: “The attorney general of New York knew that Trump’s property values were inflated because when it came time to pay taxes, Trump undervalued the very same properties,” Stewart added. “It was all part of a very specific real estate practice known as lying.”
Trump did not undervalue the properties when it came time to pay taxes because the tax assessor -- a public servant -- determines the assessed value for purposes of taxation. In NY (and many other states), assessed value for taxation is rarely the same as a market value market appraisal for loan purposes. (Depending upon a the type or use of the real property, the appraised value for loan purposes may also be based upon the cost to reconstruction less depreciation or capitalization of income.)
Tax assessors simply do not have the time or resources to appraise each and every property on an annual basis and often, the tax assessment is based upon the most recent sale, which could have been years ago. In some municipalities, properties are lumped together based upon use and location, and assigned a value that is a composite of similarly situated properties - but not specific to any particularly property - based upon comparative sales over the previous three years. Many municipalities, assess at less than full market value, which is fine as long as all properties in that class are assessed at the same percentage of full market value. In NYC, for example, properties are assessed for tax purpose at 6% to 45% of market value depending upon the property classification. A single family home with a market value of $1,000,000 would have a taxable value of $60,000, and a multi-unit residential property with a market value of $10,000,000 would have a taxable value of $4,500,000. In addition, some municipalities limit the year-over-year increase in taxable assessed value, and as a result, when market values are rapidly rising the difference between taxable value and market value will grow larger. Using the above example, NYC limits the increase in assessed value for single family residences to 6% per year, not to exceed 20% over five years. Assume that market values increase 50% over five years. In year one, the $1,000,000 single family residence has an assessed value of $60,000. Five years later, the property has a market value of $1,500,000, but the assessed value is capped at $72,000, instead of $90,000 (6% of $1.5 million).
The point of this lesson is that determining assessed values can be complicated and rarely does the assessed value equal anything close to market value, which is why dumb-ass liberal judges and late night talk show hosts should not be opining on things they no nothing about.
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