General Discussion
In reply to the discussion: Some words from Post re: Hunter Biden's alleged crimes . . . [View all]SunSeeker
(51,816 posts)Trump doesn't hold title to his properties as an individual like you and I. They're commercial properties, and commercial properties are assessed quite differently from the homes of individuals. For example, in New York City, the government assesses commercial properties based on their income, which is different from how single-family homes are assessed based on potential sale values. New York State requires the city value properties in Tax Class 4 according to their current use, rather than their highest and best use. While this method of calculation is intended to avoid speculative valuation, it also can lead to lower assessed values than what the market implies, and relies on information the owner/entity of the property submits.
I don't submit anything to my local county assessor's office, they assess based on my address and recent home sales in my area. Trump came up with much of the numbers and info New York used to assess his property. Big difference.
For example, on Oct. 16, 2019, ProPublica published a story that revealed a series of stark inconsistencies between what the Trump Organization had reported to property tax authorities about the financial health of his landmark skyscraper at 40 Wall St. and what the company told lenders. The discrepancies made the building appear more profitable to the lenders, and less so to city tax officials. A real estate and finance professor told ProPublica at the time that the discrepancies were versions of fraud. https://www.propublica.org/article/trump-inc-podcast-never-before-seen-trump-tax-documents-show-major-inconsistencies
Interesting how, of all the thousands of posts on DU, you found my reply to another poster's reply (which he subsequently deleted) in this days old subthread, and then jumped in to attack me and defend Trump with misleading assertions, suggesting "the government" assessed Trump's properties and Trump's fraud played no part.