What is it with lefties and their love of hypocrisy?
Did you read the article? It does not support the idea that "Jon Stewart overvalued NYC home."
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JS's duplex was assessed by city tax assessors and he paid the taxes they demanded of him. Then a buyer agreed to pay some higher amount. The article does not know what JS's listing price was. The article does not say how many people were bidding on the property or in a bidding war, driving the price up. (Many foreign nationals have been known to overpay for condos and other properties from Trump. That has led to money laundering suspicions.)
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Compare that to Trump. In at least three cases reported in the news (NYC antenna licenses; Jupiter Golf Club; Mar-a-Lago Club) -- and there are probably more -- that ***Trump asked to have the assessors' valuations LOWERED*** in order to lower his taxes. He reported vastly higher valuations -- based on fraudulent claims, such as ignoring RESTRICTIVE DEEDS, BINDING CONSERVATION EASEMENTS, RENT CONTROLLED APARTMENTS, ACTUAL AREA (sq ft) MEASUREMENTS, FALSIFIED OCCUPANCY FIGURES, and so on -- when applying for loans or trying to gain recognition on the Forbes billionaires list. JS did none of that.
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Trump was given ample opportunity to justify or even just explain his inflated valuations and he presented ZERO evidence. JS didn't CLAIM his duplex was worth $17.5M, someone BOUGHT IT and ESTABLISHED ITS VALUE at $17.5M. Did Trump bring an offer letter or even a letter of inquiry about the price for M-a-L? NO. Nothing. Zilch. Trump's only defense was, 'Because I say it's worth $1.8B, that's why.'
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TOTALLY DIFFERENT:
Trump = criminal fraudster and civil fraudster
Stewart = taxpaying citizen
would the AG and the DOJ just assume this was an “arms length transaction” and the buyer just happened to be willing to pay 17.5 million for a 1.8 million property as one clueless poster opined?
Or would the AG open an investigation aka witch hunt into whether Trump made fraudulent statements to the buyer (the penthouse is 15,000 square feet!) or fraudulently concealed material defects known to Trump ( the building may collapse like that Miami condo and the HOA fees are going to be tripled!). Or would the DOJ investigate this foreign hedge fund manager soon to be fired from Blackstone after suffering double digit losses to see if he and Trump were doing some money laundering, spending client funds, or payback for political favors?
That is the real difference here that all the liberal talking heads are missing. A real estate transaction by Stewart with the bells and whistles of fraud goes uninvestigated while Trump would be put under the microscope. We don’t know what Stewart told the buyer ,or why the buyer was willing to pay the ridiculous price. Buyer sophistification works both ways. But aren’t all the badges of fraud present to at least open an investigation aka witch hunt?
Will that happen? You know the answer.
…”badges of fraud.” Are those legal terms? Can you specify how Jon Stewart “overvalued” his property?
Not one conservative talking head has stated how Stewart “overvalued” his property. That’s what this thread is about. All the conservative talking heads swallowed what right wing troll Tim Pool posted on X and regurgitated it in this thread. Not one of them, and not YOU, have explained exactly HOW Stewart “overvalued” his property. Why don’t you take a shot at it?
BigP just got his azz handed to him on a platter (2 platters) for the 20th time in a week. Now trying to play TV layer again. Take the L bigP.... take the L. 🤣
For years, even going back to pre-2016, Trump has sold properties (condos, etc.) and rented space to foreign oligarchs or well connected foreign businessmen at above market rates. (He leases expensive office space to Chinese gov agencies in Trump Tower, NYC.) Some of those transactions have been in cash, paid in full. (Trump Tower in NYC, Trump Hotel / Condos in LV, etc.). Even before 2016, reporters have questioned the selling prices (compared to contemporary comparables) and speculated about money laundering facilitated by Trump Org. As POTUS, Trump was still selling to foreigners at above market prices and observers raised the possibility of violations of the Emoluments Clause. (High priced memberships sold to foreigners at MaL Country Club is not "real estate" but it is ACCESS.)
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http://www.theeroticreview.com/discussion-boards/politics-and-religion-39/re-once-again-you-demonstrate-----432374
http://www.theeroticreview.com/discussion-boards/politics-and-religion-39/re-once-they-got-the-classified-----432299
http://www.theeroticreview.com/discussion-boards/politics-and-religion-39/re-the-money-in-trumps-----429631
would the AG and the DOJ just assume this was an “arms length transaction” and the buyer just happened to be willing to pay 17.5 million for a 1.8 million property as one clueless poster opined? ...
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For comparison, does anyone how "hot" or "cold" the real estate market in NYC was at the time of the JS $17.1M sale? What were the prices for comparable units in Manhattan at the time? Was the buyer trying to buy influence from JS and obtain favorable jokes on The Daily Show? Was there any hint of money laundering or kickbacks in the deal?
Imp relies on rumors and then tries to prop them up by citing them as facts. Let’s not forget that Trump was victim of the biggest political smear in history, the Russia Collusion Hoax.
There’s a reason none of the emolument rumors have been investigated by LE. They are bogus allegations ginned up by the DNC and parroted by the MSM.
is comparable to $829% of assessed value? Go over all of those sales and tell me if Trump ever came close to that.
See the difference now?
Did Jon Stewart “overvalue” his home? That’s the gist of this thread - trying to “gotcha” Jon Stewart.
Not one righty has answered that question; they all assumed it was true because someone posted it on X and they were desperate to get some “dirt” on a prominent lefty.
First, I'm a little lost on the 829%. What numbers are being compared? I think everyone is taking the SOLD price of $17.1M as 829% higher than WHAT? Is 829% the mark-up (X + a 100% mark-up = 2X. X + 820% mark-up = 9.29X.) or the multiplier (100% of X is X. 200% of X is 2X. 829% of X is 8.29X.) or WHAT? I'm going to try to keep it simple. 829% of X = $17.1M; X = $2.14M. WHERE DID THE $2.14M NUMBER COME FROM? I absolutely, positively CANNOT believe that Stewart would list his 2005-$5.8M condo for $2.14M in 2014. A 300% increase in value over nine years = 300% of $5.8M = $17.4M . Listing it at $2.14M is 63% loss in value.
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Someone please contact The NY Post and ask where the 829% came from ... and report the numbers and the calculation here.
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Then, the Trump part: Trump has always (since the 1970s) wanted to be in the news and to have the attention of the press. They obliged and followed his businesses closely using public records (i.e., no subpoenas). Stories about Trump's fishy real estate sales were usually well investigated stories by real estate knowledgeable reporters who knew how to find relevant data. When I say "above market rate" that is based on reporters making contemporaneous comparisons and writing things like, "Two similar units in the same building sold for X and 1.1X last year. The Chinese businessman bought the smaller unit on a lower floor from Trump for 2X." "2X" isn't 829% but the reporters provided contemporaneous price comparisons. I do not remember real estate reporters EVER digging out the Assessment Values (AVs) of the real estate being sold. To keep the Trump - Stewart comparison consistent, we need to know WHAT to compare. Tax AV versus Tax AV? Comparable units selling price vs Comparable units selling price? Real estate listing price vs Real estate listing price?
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Then, the Stewart part. He bought the condo in 2005 for $5.8M. He sold it NINE YEARS LATER in 2014 for $17.1M. I have no idea what the appreciation of Tribeca real estate values were in that window. There ARE stories that 2014 was a "hot" year for NYC real estate, with record setting prices paid:
http://www.nytimes.com/2015/01/06/nyregion/real-estate-in-manhattan-set-sales-records-in-2014.html
Real Estate in Manhattan Set Sales Records in 2014
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"It was a banner year for Manhattan real estate. In 2014, buoyed by sales of ultraluxury apartments in new developments, the real estate market rebounded to surpass its previous peak, reached in 2008, when the financial crisis hit, according to Jonathan J. Miller, the president of the appraisal firm Miller Samuel. ..."
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Stewart bought for $5.8M, held the property for 9 years and MAYBE he even added improvements (a golden toilet?) to increase its value. None of THAT is in the story. The final value of $17.1M is a REAL value placed on the REAL ESTATE by the REAL purchaser who agreed to and did pay that much with REAL money. $17.1M is not some wishful thinking value that was never offered or ridiculed by others. IT WAS THE AMOUNT PAID.
is comparable to $829% of assessed value? Go over all of those sales and tell me if Trump ever came close to that.
See the difference now?
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We see big differences between the Trump and Stewart situations. We just don't see the SAME differences or see them the same way.
Two more good articles on the John Stewart vs Trump debate. Too many articles provide different values for Stewart's purchase price in 2005 ($4.1M to $5.8M to $7.5M) and different values for the 2014 sale price ($17.1M to $17.5M). The NY government authorities (City or State? Not clear to me.) provide OFFICIAL ASSESSED VALUES for taxation and other purposes. The Stewart condo is a "Tax Class 2" property. EVERY Tax Class 2 property is given an Estimated Market Value by the government equal to 45% of the government assessed Full Market Value (unless limited to a lesser amount by law). The closest I can come to "829%" is to assume the sale price of $17.5M and that Pool picked a market value somewhere between the "full" NY government market value ($4.1M) and the NY gov "Estimated Market Value" = 45% of $4.1M = $1.88M. $2.11M x 8.29 = $17.5M. I have not yet found STEWART's asking price / listing price in 2014 but I addressed it in the previous post (above).
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http://www.mediaite.com/opinion/ny-post-promotes-laughably-wrong-claim-from-online-troll-accusing-jon-stewart-of-fraudulently-overvaluing-his-apartment/
NY Post Promotes Laughably Wrong Claim From Online Troll Accusing Jon Stewart of Fraudulently Overvaluing His Apartment. (Dateline: Mar 27th, 2024)
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[The 829% claim was originated by a right wing troll named Pool.] "... “Did [Stewart] commit fraud when he sold his penthouse for $17.5M? NY listed its market value at $1.8M [and assessed value] at around 800k,” wrote Pool, before adding some apparent concern trolling asking whom did Stewart “defraud?? ...”
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"... What’s happening here is Pool, Jacob, and other critics attacking Stewart are conflating ***three different types of real estate values.*** Whether that’s being done through an innocent mistake or a deliberate effort to spread misinformation, we’ll leave it to the reader to decide, but they’re confusing *****1) the actual market value of a property, or what someone would be willing to pay for it, 2) the property’s taxable value as assessed by a governmental agency property appraiser, and 3) documentation about a property’s value submitted to a lender for the purposes of securing a loan.***** Trump got in trouble for committing fraud regarding that third category, the information the Trump Org submitted to lenders to secure loans. Among the misrepresentations, perhaps the most egregious was the “tripling of the size of the Trump Tower Penthouse.” ..."
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My previous post, just above, cited an article about Real Estate prices peaking in NYC in 2014. There are also several
articles about the real estate market starting to tank in NYC in 2017 when the $17.5M buyer was trying sell the condo. He originally listed the condo at $20M but it eventually sold for $13M (a 26% loss) ... ALONG WITH MANY OTHER NYC condos selling at far below their asking prices. E.g.,
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http://therealdeal.com/new-york/2021/04/27/jon-stewarts-old-penthouse-trades-for-26-less/
Jon Stewart’s old penthouse trades for 26% less.
Two condo sales above $10M show deep discounts are still available in NYC.
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"An uptick in demand isn’t enough to upset Manhattan’s take-no-prisoners buyers’ market. ... [Other luxury condos described. ...] But both apartments sat on the market for years with much higher asking prices. ..."
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"... "The market for super-luxe apartments has shifted,” said Steinberg. “[Buyers] want the latest and the greatest and the best. ..."
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I will add that the 1983 Trump Tower lacks many amenities and the structure is below current safety codes and building codes. A new owner would have to spend multi-millions in order to upgrade wiring, plumbing, HVAC and other elements. It is not uncommon for large NYC buildings to undergo major renovations periodically. E.g., the Empire State Building got $670M in renovation in 2009 and many other lesser multi-million dollar projects completed before and since.
is comparable to $829% of assessed value? Go over all of those sales and tell me if Trump ever came close to that.
See the difference now?
Stewart over-valued his property and the victim later resold the property at a 4 million dollar loss. So not only did Steward rip off the taxpayers by vastly underpaying real-estate taxes, he harmed a specific individual to the tune of $4,000,000. Lots of victims to his crime.
Did Stewart twist his arm and force him to buy the property? Of course not, you idiot. It was an arms-length transaction - the buyer was willing to pay $17.5 million so Stewart sold it to him. The property was not publicly listed.
The buyer lost $4 million when he sold the property seven years later because that was the market at the time he sold. It was his decision to sell. Stewart had absolutely nothing to do with the buyer's decision to sell the property at a loss seven years later.
Seriously Lesser, I can't believe how stupid you are.
Interesting counter point but I fully support anyone doing what ever they can to pay less in taxes. Bully for Mr. Stewert and bully for any one else who does whatever they can do to reduce their tax burden. Taxation is theft.
The point is his hypocrisy.
I would add to your post: "I fully support anyone doing what ever they can to pay less in taxes" WITHIN THE LAW. That includes submitting requests for exemptions, abatements, adjustments, re-assessments, whatever is allowed. But once the taxing authorities give an answer, you have to pay and continue your challenges in the same (IRS, D of Revenue) or other (Court system) venues.
Interesting counter point but I fully support anyone doing what ever they can to pay less in taxes. Bully for Mr. Stewert and bully for any one else who does whatever they can do to reduce their tax burden. Taxation is theft.
Stewart said their were Trump victims. But Stewart getting a break on taxes pushed the burden off on people paying taxes on a more accurate assessment of their property value. In other words, working folks who don't have a trove of lawyers and financial advisors to work the angles for rich man Stewart carried his burden on their much lower wages.
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You can dance around it all day, but Stewart had victims, the poorest among us, paying for his lavish living style.
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aka hypocrisy.
1. There is NO evidence that Stewart asked for any adjustment to the tax assessment of his condo. Assessed values (AVs) are commonly set below market value in NY and all over the US, in urban and suburban areas. JS paid the tax that was demanded of him.
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2. In every year, Trump requested that the assessed value of MaL and his other properties be reduced in order to lower his taxes. Trump's Palm Beach NEIGHBORS were paying much higher RESIDENTIAL real estate tax rates while Trump was paying much lower BUSINESS real estate tax rates. Trump's Palm Beach NEIGHBORS felt CHEATED by Trump (paying less than his fair share) and that is one of the reasons they filed a lawsuit to prevent him from using MaL as his residence in violation of the business-only, not-a-residence RESTRICTIVE DEED that Trump agreed to in order to cut his taxes. (The current legal status is that a MaL EMPLOYEE can reside at MaL so Trump became, technically, a MaL employee. I think it is still being litigated because Trump's cheated neighbors want him out.)
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Trump requested a tax abatement on his NYC properties, as well. That is how it was discovered that he had reported "income from antenna leases" on his LOAN APPLICATIONS but had NOT reported income from the same rooftop antenna leases on his taxes for 10 years. That amounted to over $1M of unreported income. (Tax abatement requests are available for public review in NY so that citizens and investigative reporters can see who is asking for what. If Trump had not requested that his taxes be lowered, the reporters might not have ever discovered the unreported taxable income.)
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I am trying to attach an image of the Palm Beach request for a LOWER AV on MaL. It might not work. You can see it as an image in this article:
http://www.msn.com/en-us/news/politics/trump-disputed-26m-mar-a-lago-valuation-as-too-high-in-2020/ar-AA1hm3TZ
Trump Disputed $26M Mar-A-Lago Valuation as Too High in 2020.
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"... In 2020, Donald Trump appealed a ***$26.6 million valuation*** of Mar-A-Lago by the Palm Beach County Tax Assessor as being ***too high***. Trump repeatedly sought the lowest possible valuations of Mar-A-Lago in appraisals since the day he acquired it. ..."
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"... The Mar-A-Lago property is encumbered with a “trust for historical preservation” in a 2002 deed where ***Trump agreed “to forever extinguish his right to develop or use the Property for any purpose other than club use.”***
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That's pretty funny considering Junior's claim here:
http://nypost.com/2023/09/27/donald-trump-slams-ny-judges-fraud-ruling-as-un-american/
Trump slams NY judge’s fraud ruling, says appeals court ‘must reverse un-American decision’.
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"... ************ “If my father tried claiming the property was worth $18 million, he would probably then get charged with trying to underpay his real estate taxes!” ************ Donald Trump Jr. wrote in another tweet. ..."
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Junior is a fucking MORON. (Like father, like sons.) His father DID try to claim that MaL was always worth less than the AV!! (I think the $18M AV is from ~2011 and Trump APPEALED IT!)
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http://www.palmbeachdailynews.com/story/news/2020/11/13/palm-beach-county-bills-trump-1-48-million-property-taxes/6276817002/
Property-tax bill down slightly for Mar-a-Lago; Trump’s Palm Beach County taxes hold steady at $1.48M, analysis shows. "Mar-a-Lago’s property-tax bill is slightly lower than last year at $511,673, while Trump’s total bills in Palm Beach County scrape $1.5 million."
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(NOTE: Trump owns 9 properties in Palm Beach:
http://eu.palmbeachdailynews.com/story/business/real-estate/2023/08/18/trumps-estimated-palm-beach-county-property-taxes-could-be-nearly-2-million/70613168007/
"...Trump's nine properties in Palm Beach County include his Mar-a-Lago Club and three adjacent houses in Palm Beach, along with two golf facilities near West Palm Beach and in Jupiter. ..." $1.5M is the TOTAL tax on all 9 properties.)
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"... Appeals filed: The initial notice mailed in August was part of the annual countywide effort to let owners know the official values assigned to their properties, which are used to figure tax bills. Owners or their representatives then have 25 days to appeal those values if they disagree with them.
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"*****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.*****
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"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. ..."
Stewart said their were Trump victims. But Stewart getting a break on taxes pushed the burden off on people paying taxes on a more accurate assessment of their property value. In other words, working folks who don't have a trove of lawyers and financial advisors to work the angles for rich man Stewart carried his burden on their much lower wages.
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You can dance around it all day, but Stewart had victims, the poorest among us, paying for his lavish living style.
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aka hypocrisy.
His title is “Stewart’s Victim” but he doesn’t mention Stewart’s tax situation once in his reply. Then gives us a book report on MAL Florida taxes when the issue at hand are NY property taxes paid by Trump and Stewart.
Bottom line. If Trump gained an advantage over other tax payers due to under valuation, so did Stewart.
1. There was NO Stewart hypocrisy. Hence, there were NO victims of Stewart's hypocrisy. Any unfairness or imbalance in the NY tax system is built in to the system and Stewart has nothing to do with it.
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2. Trump's financial lies = hypocrisy are universal (and now well known). Trump's neighbor's in Palm Beach are stuck with MUCH higher taxes on their real estate because Trump keeps asking to have his AVs reduced on his already "it's a business, not a residence" AV and the authorities often complied. Trump wants lenders to think MaL is a residence worth more than $1B but he pays biz rate taxes on only $26.6M (in 2020). Palm Beach residents are the victims of THAT deception. Other people who apply for loans at rates based on TRUE valuations pay higher interest rates, if they even get a loan, to make up for Trump's FRAUDULENTLY lowered interest rates.
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[Another math example. The bank has $1B to lend. They want to earn 15% or $150M on that. (a) EVERY borrower gets their loan at 15% and the average result is 15% or $150M (assuming perfect performance, etc.). (b) Trump lies about his assets and wealth and the bank lends him $400M at only 5% = $20M interest. 20M down, 130M to go. Now, the remaining $600M has to be loaned at 21% to provide the bank with that $130M to keep their earnings at $150M. EVERY OTHER BORROWER IS A VICTIM OF TRUMP'S FRAUDULENT GREED PLAY.]
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NY taxpayers were victimized for at least 10 years when Trump KNEW about antenna income of over $1M and reported it to LENDERS but did NOT report it on his tax returns.
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We know that Trump told lenders that his Trump Tower condo in NY was 30,000 sf and worth ~$350M. It has not yet come out what he claimed on his tax returns. (I would venture a guess that it was valued at less than $50M for tax purposes.) 30,000 sf was a FRAUDULENT claim. $350M was a fraudulent claim. Borrowers and NY taxpayers are the victims of those lies.
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NY taxpayers and borrowers were victims of Trump's real estate fraud when he asked for and was granted a Conservation Easement on Seven Springs in NYS. That vastly lowered the value of SS for tax purposes. But he got preferred interest rates on loans by claiming a value that could NEVER be realized because the easement he asked for and was granted.
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As the recent court case and investigative reporters have shown, Trump has lied to and manipulated the system to HIS financial advantage and victimized the banks, the banks' clients, investors, and taxpayers ALL OVER THE GLOBE: NYS real estate, NJ Casinos (millions of dollars of Trump's casino loans were written off by the banks = LOSSES that other bank customers were victimized to cover by paying higher fees and loan rates.) Trump's failed projects in Baku, Baja and throughout the world left investors victimized and holding the bag.)
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The civil action was against Trump Org and other entities as well as individuals -- Trump, Junior, Eric, Ivanka (later removed), see list below -- based in NYS. Their UNJUST ENRICHMENTS were based on frauds committed all over the US and the world. Only SOME of those fraudulent transactions were allowed in as evidence at trial. Based solely on the permitted evidence for the allowed (statute of limitations) time period, Engoron determined that Trump earned $355M of unjustly enriched profits and called for its disgorgement.
His title is “Stewart’s Victim” but he doesn’t mention Stewart’s tax situation once in his reply. Then gives us a book report on MAL Florida taxes when the issue at hand are NY property taxes paid by Trump and Stewart.
Bottom line. If Trump gained an advantage over other tax payers due to under valuation, so did Stewart.
PEOPLE OF THE STATE OF NEW YORK, by LETITIA JAMES,
Attorney General of the State of New York,
-against DONALD J. TRUMP, DONALD TRUMP, JR., ERIC TRUMP, IVANKA TRUMP, ALLEN WEISSELBERG, JEFFREY MCCONNEY, THE DONALD J. TRUMP REVOCABLE TRUST, THE TRUMP ORGANIZATION, INC., TRUMP ORGANIZATION LLC, DJT HOLDINGS LLC, DJT HOLDINGS MANAGING MEMBER, TRUMP ENDEAVOR 12 LLC, 401 NORTH WABASH VENTURE LLC, TRUMP OLD POST OFFICE LLC, 40 WALL STREET LLC, and SEVEN SPRINGS LLC
What is it with righties and their love of being stupid?
Jon Stewart did not overvalue his property; he merely sold it for what he could get for it, i.e., "market value."
The person who overvalued the property was the purchaser who agreed to pay $17.5 million in 2014 and sold it for $13 million in 2021.
Did Jon Stewart overvalue his property in order to obtain a loan? NO! But that is exactly what Trump did. That's why judgment was entered for the state of New York in the amount of $454 million.
willy swallows whatever Rupert Murdoch and some twit on X writes without any critical thinking and then regurgitates it on P&R. Sad!
In 1978, California voters passed Proposition 13 which froze property values at 1976 levels, with only a slight increase each year. Only when a property is sold is it reassessed at the sale price. Many people are living in $5 million homes but paying property tax on an assessed valuation of $100,000.
Calling me a life long renter?!? 😂😂😂 Wasn’t he pissed at me when back in 2009 I told him I waited for the housing market to crash to buy a home and he was stuck with paying a mortgage on a home that lost half it’s value?
If they weren’t hypocrites, they wouldn’t be lefties.
and we were on the same team? I'm sure you know your post is bullshit.
In 2009 I had already inherited a house in Beverly Hills that was bought in 1966 for $180,000. It's currently worth over $5,000,000. And thanks to Proposition 13 I'm paying very little in property taxes commensurate to its worth.
If they weren’t liars, they wouldn’t be righties.
I thought you said you were an illegal at some point. I had the impression you came here illegally in your 30's.
Well he lives in Maxine Waters district so.......... bigP has been known to lie just a tad bit. Not to mention he may be a little "off" if you know what I'm mean. What was with all the "Down goes" posts in the middle of the night?? Yeah.... that was perfectly normal. 😳
...the most famous call in boxing history:
http://www.youtube.com/watch?v=JZEIMQ42-oU
......That wasn't even CLOSE to the point I was making 🤣🤣
-- Modified on 4/3/2024 7:14:39 AM
Mark Levin had no take; he merely linked an article from the New York Post which contained the stupid take of some rando idiot on X. But you, like all the other righty lemmings, saw an opportunity to try to embarrass a major lefty. Never mind that the "overvaluation" claim was bullshit - you all ran off the cliff with it.
What is YOUR take, CKS? Let's hear how YOU think Stewart "overvalued" his property. You can even consult with your in-house counsel, marikod.
We apparently have more than one Lefty here with a severe reading comprehension problem.
Mark Levin’s take:
"According to NY Post, Johnny Stewart overvalued his NYC home by 829%!"
Levin's "take" is based on a NY Post article which in turn is based on an X post by some rando righty retard.
The rando righty retard was WRONG. The NY Post was WRONG and Mark Levin was WRONG for relying on the rando righty retard.
CKS175 - do you always have to be a lemming? Can't you think for yourself? Did Johnny Stewart overvalue his NYC home by 829%? If so, how did he do it? Feel free to PM marikod for some legal advice.
Watching BigP try to walk back his original assertion is really entertaining.
Another fact that BigP tried to ignore is that Stewart was critical of such undervaluations. Easy enough to prove otherwise, as all the Post had to do was quote Stewart directly:
Icing on the cake? BigPapaFlop takes a swipe at his legal rival here, Marikod. What we have here is the forum failed paralegal attempting to impugn the forum law professor. BigP’s petulant personal jealousy rears its ugly head.
And he conveniently disappears…
Did Jon Stewart overvalue his property in order to obtain a loan? NO!
So your fine with taking advantage of people?
...he is not someone who can be taken advantage of. He's not some dummy off the street. He's a sophisticated buyer who has a real estate agent advising him. If the property was "overvalued," he didn't have to buy it or he could have made a counter-offer. The property was not publicly listed so for all we know Stewart could have been asking $20 mil and the buyer negotiated it down to 1.71.
Let's say LostSon has an old beater for sale (pictured below). He's asking $5000. for it. BigPapasan sees the car and says:
"Hells yeah, I gotta have that car!" He gives LostSon $5000. Did LostSon "overvalue" the car? Of course not! BigPapasan agreed to pay the asking price. IOW, there was a "meeting of the minds." Same with Stewart's apt. - there was a meeting of the minds as to the price of the apt. Regardless of the price Stewart was asking for the apartment, the buyer freely and willingly paid the price. If the buyer paid more than he should have, that's on him.
That Trump has to actually sell his property in order to prove he's right, even if a subsequent buyer later proves he was wrong. Something fishy about this approach. Since Trump doesn't want to sell, under your theory, he's screwed.
Stewart originally bought the property for $5 million, but paid real estate taxes on it as if it was worth $700,000. He was ripping off the other taxpayers. He knew that. He was fine ripping off other taxpayers.
The NYC tax authorities assessed the JS property and billed JS based on an Assessed Value of $748,452 (see image).
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All over the US, urban and suburban, tax assessors generally assess real estate at values below market value. For one thing, local governments don't want to get slammed for raising the tax rates. If they want to increase revenue, they increase the assessed values a little bit at a time and defend themselves with "We didn't raise your taxes!!" referring to the RATE.
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BP pointed out that CA passed Prop 13 that keeps the AV of a property at its actual sale price at the time of purchase. If the locals want to raise more revenue, they need to change the tax rate ... and risk getting voted out of office.
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And before you suffer a stroke about M-a-L, that was NOT an example of assessing a residential property below its market value. The taxes on MaL as a residential property was costing Trump a lot of money each year. The cheapskate asked for and was granted re-classification of MaL as a COUNTRY CLUB BUSINESS subject to taxation AS A BUSINESS, NOT A RESIDENCE. The conditions of the RESTRICTIVE DEED required Trump's agreement to operate MaL as a country club, not a residence, in perpetuity. (There are other restrictions related to the historic nature of MaL.) The Palm Beach County tax assessors most recent assessments went from $18M to $27M ... and Trump asked to have the assessment lowered every year! I.e., "The M-a-L country club isn't worth $18M!! It's worth LESS than that!" (Others complained that the MaL country club BUSINESS was low-balled at those values and was bringing in revenue closer to $50M to $80M and that Trump should have been paying more tax on the higher BUSINESS assessment.) If Trump tries to sell MaL, its market value is as a BUSINESS, not a residence. (The courts are still deciding whether Trump can legally reside there. It was determined that an EMPLOYEE can reside on the property so Trump was hired as ... something; manager? pool boy? custodian? However, it is not clear that any other future owner will be allowed to RESIDE there.)
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The Trump FRAUD and the Stewart duplex sale are not alike.
Stewart originally bought the property for $5 million, but paid real estate taxes on it as if it was worth $700,000. He was ripping off the other taxpayers. He knew that. He was fine ripping off other taxpayers.
That impy ( if in the same position) would not do what Trump did and re-classifying a property if granted by the local government in order to pay less tax.
Yes I’m sure impy would do it as would I and no doubt everyone here.
2024 = GOP
If I signed a contract (or deed) agreeing to the terms, I would abide by the contract (or deed) and not claim that I could change it simply by thinking it so. Thus far, Trump is guilty of fraud. If he tears down or modifies buildings at MaL without approval of the Palm Beach gov, he could also be charged with breach of contract.
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Trump tore down the historic Bonwit Teller department store to make way for Trump Tower. He promised the museums and historic preservation societies that he would let them have the Art Deco facings and grillwork. Instead, he ordered them jackhammered into bits and then lied about it. This is one many reasons why NYers hate the fucking liar Trump.
http://www.motherjones.com/2020-elections/2020/09/trump-files-when-donald-destroyed-priceless-art-build-trump-tower/
http://www.forbes.com/sites/michaellisicky/2020/10/03/how-donald-trump-took-down-bonwit-teller-a-fifth-avenue-landmark/?sh=34cc93075f69
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I am confident that Palm Beach knew about Trump making verbal promises about preserving historic items and made sure that the contract (deed) was very tightly worded to keep Trump from doing what he had previously announced that he wanted to do: tear down the MaL buildings, divide the property into smaller parcels, and build mini-mansions.
That impy ( if in the same position) would not do what Trump did and re-classifying a property if granted by the local government in order to pay less tax.
Yes I’m sure impy would do it as would I and no doubt everyone here.
...from the government, he pays it. Only an idiot like Lesser would go to the govt. and say:
"Hey, I paid $5.8 million for the property. Please send me a new bill so I can pay A LOT MORE IN PROPERTY TAXES."
If Trump did the same thing you’d call it fraud and demand he be put in prison for it.
If lefties weren’t hypocrites, they’d be Republicans.
I note that no one has been able to deny that the taxpayers were the victims of Stewart's undervaluation. All they can do is a lot of arm waving. People paid for Stewart's "discount." Ain't no two ways about it.