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?”
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/
Ours have been above and below in Texas but that is a whole other issue.
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.