Rep. Jared Moskowitz (D-FL) is asking Palm Beach County to tax Donald Trump’s Mar-a-Lago property at the rate the former president claims it is worth amid his ongoing civil fraud trial in New York, NBC News reports.
Wrote Moskowitz: “Between 2011 and 2021, you value the Mar-a-Lago property between $18 million and $28 million. Mar-a-Lago was listed as worth $490 million in financial documents given to banks. 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?”
This general kinda shit drives me nuts.
Some local millionaire with the most valuable estate in my county had it evaluated at like 10 mil. They cried foul, and haggled it down to like 8.4 mil to ease their tax burden. 😢
It’s now in sale for fucking 30 million. Tax that bitch at the rate for 30 million, immediately. You can’t argue it down and for taxes and sell it up for profit.
Tax assessments never equal market prices. This may be an extreme example though.
They usually lag fmv by a few years in my experience. But I’ve never seen a case where they are 2500+% less than the value of the property.
Wait until you learn about ag exemptions.
There’s a 5-acre undeveloped property at a major interstate crossing in the city I work for that’s taxed at a $12,000 valuation, but is under contract for a $22,000,000 sale.
Fun fact: tax assessments on expensive properties tend to lag market prices much more than they do on lower-class ones. It’s yet another way the system is structurally set up to subsidize the rich.
https://www.nytimes.com/2021/04/03/opinion/sunday/property-taxes-housing-assessment-inequality.html
https://propertytaxproject.uchicago.edu/
The market and assessed price is same or higher than market around Boston for a few years now. I noticed since ~2015 most towns seem to have given 20-30% bumps to assessed value on most properties once or twice.
Ours have been above and below in Texas but that is a whole other issue.