Yeshua HaDerekh
Men dream of truth, find it then cant live with it
- May 9, 2013
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No it does not demonstrate that. The tax assessor values it the same as they do everywhere else, by comparing to other similar properties. Trump can do anything regarding tax, only the local county and State regulate taxes. Bank loans are based on value THE BANK deems, not Trump. Come on guys!It's a demonstration that items subject to property tax are often self reported. How do you think the NY County Tax Assessor values a penthouse apartment that has never been on the market in its entire 40 year existence? Do you think maybe Trump argues for a lower value per square foot than he used in the loan application and the proper rather than inflated square footage?
Since the case is largely about bank fraud we should talk about that, but there are tax related issues. For example, Trump has an "estate" in the NY suburbs -- a big house with a lot of land. He valued it as if the land could be subdivided for development and sold off as individual lots, but he can't as he took a tax break for a conservation easement that prohibits development. Likewise, Trump signed covenants for tax breaks on the "Mar-a-Lago" property that prohibit subdivision and development, yet valued the property as collateral as if it could be redeveloped. Falsifying those facts in loan applications is a crime.
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