Trump’s Mar-a-Lago, Valued at $18m by NY Judge, Sold for $20m in 1981.

a reply to: RazorV66

Do you really think the Liberal hack judge did that when he valued it at only $18 or $20 million?

Yes. He literally got his valuation from the Palm Beach Assessor.

originally posted by: JadedGhost

originally posted by: Bluntone22

originally posted by: strongfp
a reply to: RazorV66

Since when is it a judges job to appraise real estate?

I was also wondering what qualifies the judge to make an appraisal.

The judge didn’t. It’s not just a dreamed up number, it’s the assessment Trump uses for tax benefits.

The question is can Trump claim the property as a social club to save himself millions of dollars in taxes, then have it assessed as a residential property when it suits him?

Those questions are better suited for whoever is in the local tax offices.
There is a big difference between fraud and different interpretations of the rules.
I’ve had auditors kick back on my filings. My accountant and the tax people bounce around the numbers and definitions then resolve the issue. No trials or prosecution from angry DA’s.

I will say though that being in business myself, the home I live in is a residential property that also has many business related activities so it’s not really a yes or no answer.

originally posted by: BedevereTheWise

originally posted by: watchitburn
a reply to: CarlLaFong

Value of $1 from 1980 to 2024

$1 in 1980 is equivalent in purchasing power to about $3.61 today, an increase of $2.61 over 44 years.
The dollar had an average inflation rate of 2.96% per year between 1980 and today, producing a cumulative price increase of 260.64%.
S ource

So discounting any improvements to the property and the real estate market.

Just based on inflation alone the property is worth $5.2 billion

But math is racist now so...

Your maths gets 5.2 billion from 20 million x 3.6?

Yeah, I caught it right after I posted but decided to let it ride so everyone can laugh at me.

But regardless, 52 million is still almost 3 x what the commie judge is trying say it's worth.

Tax representatives at Marvin F. Poer & Co., acting on behalf of Trump’s property ownership entities, filed petitions this year to the state-authorized Value Adjustment Board challenging the valuations assigned to Mar-a-Lago and the Trump National Golf Club in Jupiter, according to a spokeswoman for the county appraiser’s office.

The petition for the Jupiter property was subsequently withdrawn, said agency spokeswoman Becky Robinson. A virtual hearing has been scheduled Dec. 3 to consider Mar-a-Lago’s valuation, which at $26.6 million is unchanged from last year. Under state law, values are assigned as of Jan. 1 each year.

Source

originally posted by: Threadbarer
a reply to: RazorV66

Do you really think the Liberal hack judge did that when he valued it at only $18 or $20 million?

Yes. He literally got his valuation from the Palm Beach Assessor.

Really?

The county gives Mar-a-Lago its current value for taxation of $37 million based on its annual net operating income as a club and not on its resale value as a home or its reconstruction cost. It is one of nine private clubs in the county taxed that way.

But Palm Beach real estate agents who specialize in high-end properties scoffed at the idea that the estate could be worth that little, in the unlikely event Trump ever sold.

“Ludicrous,” agent Liza Pulitzer said about the judge citing the county’s tax appraisal as a benchmark. Homes a tenth the size of Mar-a-Lago on tiny inland lots sell for that in the Town of Palm Beach, a wealthy island enclave.

“The entire real estate community felt it was a joke when they saw that figure,” said Pulitzer, who works for the firm Brown Harris Stevens.

“That thing would get snapped up for hundreds and hundreds of millions of dollars,” said Rob Thomson, owner of Waterfront Properties and a Mar-a-Lago member. “There is zero chance that it’s going to sell for $40 million or $50 million.”

Pulitzer said the rock-bottom price for Mar-a-Lago would be $300 million. Thomson said at least $600 million. If uber-billionaires got into a bidding war, they said, a sale of a billion dollars or more would be possible.

The much smaller Palm Beach compound once owned by the Kennedy political dynasty sold for $70 million three years ago.

ny1.com...

a reply to: RazorV66

You may want to go back and review the case. It covers certain years of the Trump Org's activities. During that time period the property was valued between $18 million and $20 million. During that same time period Trump valued it at over $1 billion on his financial statements to the banks.

Even if we go at the top end realtors say it could sell for in the current market, he still overvalued it by 100%. And it's even more than that if we go with they think the property is actually worth.

originally posted by: Threadbarer
a reply to: RazorV66

Do you really think the Liberal hack judge did that when he valued it at only $18 or $20 million?

Yes. He literally got his valuation from the Palm Beach Assessor.

Again, the bottom line is you guys know the property is valued at a significantly higher price than what the judge has ruled but you’ll never admit it because you hate Trump with the fiber of your being for whatever reason.

It all goes back to the question many of us have asked about what Trump policy has hurt you.
Nobody has ever answered coherently.

Trump is an asshole, you guys have had your feelings hurt many times by him, we know it and we get it.
But don’t be so F’ing dishonest to our faces and not admit the property is worth way more.

a reply to: RazorV66

I'm not sure you even know what you're arguing, it's a tax evaluation:

The county gives Mar-a-Lago its current value for taxation of $37 million based on its annual net operating income as a club and not on its resale value as a home or its reconstruction cost. It is one of nine private clubs in the county taxed that way.

Becky Robinson, the tax assessor's spokesperson, said that method is used because private clubs are so rarely sold or built, making it impossible to set their tax rates by comparing them to similar properties. Mar-a-Lago's property tax bill will be $602,000 this year, county records show.

U.S. Rep. Jared Moskowitz, a South Florida Democrat, wrote the county saying if Trump claims Mar-a-Lago is worth $1 billion, he should be taxed accordingly. If Mar-a-Lago had a $1 billion assessed value, it’s property tax bill would be approximately $18 million.

Robinson said the county bases its assessments on the law and its formulas, not the value owners claim

The actual value of the property is priceless, but it has a lot of angles to it.

originally posted by: Threadbarer

Once again, the judge didn't value the house. He was using the valuation done by the Palm Beach assessor.

Can we assume that the assessor is an idiot and should be fired?

originally posted by: strongfp
a reply to: RazorV66

I'm not sure you even know what you're arguing, it's a tax evaluation:

The county gives Mar-a-Lago its current value for taxation of $37 million based on its annual net operating income as a club and not on its resale value as a home or its reconstruction cost. It is one of nine private clubs in the county taxed that way.

Becky Robinson, the tax assessor's spokesperson, said that method is used because private clubs are so rarely sold or built, making it impossible to set their tax rates by comparing them to similar properties. Mar-a-Lago's property tax bill will be $602,000 this year, county records show.

U.S. Rep. Jared Moskowitz, a South Florida Democrat, wrote the county saying if Trump claims Mar-a-Lago is worth $1 billion, he should be taxed accordingly. If Mar-a-Lago had a $1 billion assessed value, it’s property tax bill would be approximately $18 million.

Robinson said the county bases its assessments on the law and its formulas, not the value owners claim

The actual value of the property is priceless, but it has a lot of angles to it.

Yes, that's what I'm reading. Trump for property tax purposes claimed Mar-a-Lago could be sold as a residence and the private club part didn't matter, well it did and does, so he devalued it that way (by deceit) to pay less tax. If it is now worth $1 billion, is he paying property taxes accordingly?

originally posted by: Threadbarer
a reply to: RazorV66

You may want to go back and review the case. It covers certain years of the Trump Org's activities. During that time period the property was valued between $18 million and $20 million. During that same time period Trump valued it at over $1 billion on his financial statements to the banks.

Even if we go at the top end realtors say it could sell for in the current market, he still overvalued it by 100%. And it's even more than that if we go with they think the property is actually worth.

And? This point has been addressed right here in more threads than I can count, as well as testimony from those Trump did business with, and would do business with him again.

I don't believe you are this obtuse, so that makes me think it's intentional, and just like another one in this thread, you're parroting. Here's a scratch on the head for a job well done...

a reply to: Xtrozero

By all means throw out the old appraisal. Price it at 3 billion. And then let Trump pay the taxes accordingly.

a reply to: quintessentone

Yea I'm not even sure what this thread is about anymore.

originally posted by: strongfp
a reply to: quintessentone

Yea I'm not even sure what this thread is about anymore.

Yes, it's a mud pit for sure, but hey as Trump says he won't pay tax like all the other suckers.

a reply to: strongfp

The actual value of the property is priceless, but it has a lot of angles to it.

I know what I am arguing about.

I am arguing about the intellectual dishonesty exhibited every day by the anti-Trump Liberals here.

Edit - Not one of them here has the honesty to say what I just quoted you saying.

There are a couple of them going so far as to say Mar-A-Lago is a dump and isn’t worth anything close to what the judge says.
I am pointing out the Liberals hatred of Trump will not allow them to even say something positive at all about him.

originally posted by: Threadbarer
a reply to: RazorV66

You may want to go back and review the case. It covers certain years of the Trump Org's activities. During that time period the property was valued between $18 million and $20 million. During that same time period Trump valued it at over $1 billion on his financial statements to the banks.

Even if we go at the top end realtors say it could sell for in the current market, he still overvalued it by 100%. And it's even more than that if we go with they think the property is actually worth.

They seem to be valuing the property with the idea in mind that there will be a billionaire's bidding war for it.

a reply to: Xtrozero

Look at the article I posted above. Trump tried to argue that $26 million was too high a valuation.

Tax assessed value is generally proportional to real (real estate) value, but it is NOT generally equivalent and is almost without exception considerably less. When you get an appraisal, there are several types and the valuation is very different for each.

This is for several reasons, but most often to prevent continual lawsuits from wealthy people about tax assessors overvaluing during boom times, or to conform with local laws. etc.

Many locations have strict laws about how much the tax assessed value can increases per year and the tax assessed value is sometimes many-fold less.

Real estate sellable value is what is used for collateralized loans etc. tax assessed value is what is used for taxes. I'm pretty sure everyone knows this, but by some of the responses on here, it seems they either lack education, or are being purposefully obtuse -- other than complete ignorance of the subject matter, there aren't many other excuses.

A quick glance at nearby comps shows that the property was severely undervalued in the trial for its intended use. Even real estate experts on both sides of this issue agreed with that sentiment, but some people will cling to these things like their very life depends on it. It's almost as rabid as people get when you take away their access to grooming children.

It was undervalued, period. The banks involved did their own assessments and agreed. It's ok to be objective...seriously.

originally posted by: Threadbarer
a reply to: Xtrozero

Look at the article I posted above. Trump tried to argue that $26 million was too high a valuation.

For tax purposes. Again, if you don't know the difference between tax assessed value and real value, you don't belong in this thread. Go talk to your local tax assessor and your favorite and most trusted realtor and get educated.

Better yet, check the tax assessed value of your home, then go get a real estate appraisal and make sure you tell the tax assessor to adjust accordingly.

originally posted by: Halfswede
Tax assessed value is generally proportional to real (real estate) value, but it is NOT generally equivalent and is almost without exception considerably less. When you get an appraisal, there are several types and the valuation is very different for each.

This is for several reasons, but most often to prevent continual lawsuits from wealthy people about tax assessors overvaluing during boom times, or to conform with local laws. etc.

Many locations have strict laws about how much the tax assessed value can increases per year and the tax assessed value is sometimes many-fold less.

Real estate sellable value is what is used for collateralized loans etc. tax assessed value is what is used for taxes. I'm pretty sure everyone knows this, but by some of the responses on here, it seems they either lack education, or are being purposefully obtuse -- other than complete ignorance of the subject matter, there aren't many other excuses.

A quick glance at nearby comps shows that the property was severely undervalued in the trial for its intended use. Even real estate experts on both sides of this issue agreed with that sentiment, but some people will cling to these things like their very life depends on it. It's almost as rabid as people get when you take away their access to grooming children.

It was undervalued, period. The banks involved did their own assessments and agreed. It's ok to be objective...seriously.

Thank you for spelling it out for them.

My biggest bitch is these guys hate Trump so bad, which is their choice but they cannot even admit the property value is much higher because to say something positive about Trump will cause them to be ostracized from the anti-Trump cult.
Can’t have that.