Jon Stewart benefited by 829% ‘overvalue’ of his NYC home even as he labels Trump’s civil case ‘not victimless’

[American]

Yep, but what is your point?

He never has one. He's been wrong since at least Bush 43.

 

[American]

Deflection.

 

[ttwtt78640]

You're missing the point. A deed restricted property is valued on the basis of cash flows generated.... It's in the link you presented to me. I guarantee the proper would fetch more than $18 - $28 million. That's not the point. Trump valued it at $700+ million when it was valued by professionals at $500+ million.

Do you understand how this is entirely different from the Stewart situation?

That’s it’s value for property tax purposes, nothing more.

 

[Airyaman]

Source?

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• Lying about your income
• Failing to report outstanding debt
• Falsifying employment status
• Making false residency claims
• Exaggerating the value of your assets
• Lying about the purpose of the claim

 

[American]

Show me where it states that Stewart misrepresented the value of his property? It was tax assessed for X and he sold it for Y. Where did he purfusully misrepresent the attributes and value of his for lone purposes?

The realtor overvalued, and Stewart didn't turn them into the authorities.

 

[Airyaman]

That wasn’t what Trump was convicted of.

He wasn't convicted at all. In any case, he was found liable for several things related to bank fraud so not sure why you might want to quibble over that detail.

Here's a look inside Donald Trump's $355 million civil fraud verdict

On the witness stand last year, Donald Trump proclaimed: “I have a lot of cash.” After Friday’s eye-popping penalty, he’s going to need it — and maybe more.

apnews.com

Engoron, who ruled before the trial that Trump and his co-defendants committed fraud with his financial statements, found Trump liable on five of the six remaining claims in James’ lawsuit: falsifying business records, issuing false financial statements, conspiracy to commit insurance fraud and conspiracy to falsify business records.

 

[CaughtInThe]

It's a shame you don't like it.

this post is a lie.

 

[CaughtInThe]

Deflection.

no. just truth.

you should start a new group. maybe call it "Republicans Against Capitalism By Liberals"

 

[Kushinator]

That’s it’s value for property tax purposes, nothing more.

You didn't read your own source. Typical for partisans who are only interested in playing gotcha. Try again. Otherwise, we don't have anything more to discuss. The cult's ignorance has been out on full blast.

 

[jmotivator]

But who did that? Please show your work.

That was the conclusion of the court case. At issue was Trump's estimated property values on his bank application, and the State's evidence of fraud was the Palm Beach tax assessments which they argued were the real value, so Trump's estimate was fraud.



Source

 

[Kushinator]

Yep, but what is your point?

In the very own article you cited:


Mar-a-Lago’s county appraisal takes into account the deed restriction
Mar-a-Lago is not valued by the county as if it were a luxury home because it is a private club. Trump in 1995 signed a deed of conservation and preservation easement, which means he ceded the right to use the property for anything other than a social club.

That means the property appraiser uses an income-based valuation for the property, Becky Robinson, a spokesperson for the property appraiser, told PolitiFact.

"Mar-a-Lago is one of nine deed-restricted clubs in Palm Beach County, and all are valued in the same manner," Robinson said. "The income approach to valuation capitalizes the net operating income that private clubs could generate. This means that the value of the property is determined based on the amount of income that it generates as a club."

That’s different from determining the value of a house, when appraisers consider recent sales of nearby homes, and determine a comparable value.

He never has one. He's been wrong since at least Bush 43.

Why are you here, other than to make single sentence troll posts that add zero value to any discussion?

 

[Airyaman]

That was the conclusion of the court case. At issue was Trump's estimated property values on his bank application, and the State's evidence of fraud was the Palm Beach tax assessments which they argued were the real value, so Trump's estimate was fraud.

View attachment 67501485

Source

Did Trump have a value based on a 3rd party appraisal, or did he just use a number he came up with?

 

[Redress]

Jon Stewart benefited by 829% ‘overvalue’ of his NYC home even as he labels Trump’s civil case ‘not victimless’

Jon Stewart is facing online backlash after saying Donald Trump’s case overvaluing his properties was “not victimless,” and sleuths found his own records.

nypost.com

LOL the usual lib hypocrisy. If Trump got taken to court then so should Jon Stewart, but since he's a lib we know thats not gonna happen. Rules for thee but not for me.

Srsly dude, these are not even remotely the same thing. That you try and portray this as hypocrisy shows a desperation on your part.

 

[Kushinator]

That was the conclusion of the court case.

The ruling cited tax appraisal for 2011... It's not like the damages were based on the valuation differences.

In reality, the club is to be valued on a net income basis, which would put it closer to $75 million in today's terms.

 

[Taylor]

View attachment 67501480

In Florida, Commerical properties are often not taxed on what they'd sell for, but for how much income they generate. The "market value" here is not the same as what you could sell the property for on the open market - it's an estimate of how much income the property would generate if it were rented for a single year.

 

[ttwtt78640]

In the very own article you cited:


Mar-a-Lago’s county appraisal takes into account the deed restriction
Mar-a-Lago is not valued by the county as if it were a luxury home because it is a private club. Trump in 1995 signed a deed of conservation and preservation easement, which means he ceded the right to use the property for anything other than a social club.

That means the property appraiser uses an income-based valuation for the property, Becky Robinson, a spokesperson for the property appraiser, told PolitiFact.

"Mar-a-Lago is one of nine deed-restricted clubs in Palm Beach County, and all are valued in the same manner," Robinson said. "The income approach to valuation capitalizes the net operating income that private clubs could generate. This means that the value of the property is determined based on the amount of income that it generates as a club."

That’s different from determining the value of a house, when appraisers consider recent sales of nearby homes, and determine a comparable value.

Why are you here, other than to make single sentence troll posts that add zero value to any discussion?

OK, that tax break (based on intended use) was a result of Trump’s voluntary restrictive agreement concerning his property’s use. That has no bearing on the property’s (potential) fair market value.

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

WHY IT MATTERS

In her lawsuit against Trump, New York Attorney General Letitia James argued that Mar-a-Lago was one of multiple assets Trump overvalued in financial statements given to banks and others.

On those statements, Trump valued Mar-a-Lago as high as $739 million — a figure James said ignored deed restrictions requiring the property to be used as a social club — not a private home. Her lawyers have argued that in his financial statements, Trump should have valued Mar-a-Lago the same way the county does, based on its club status.

Trump's financial statements, the New York lawyers wrote, valued the club “based on the false and misleading premise that it was an unrestricted residential plot of land that could be sold and used as a private home, which was clearly not the case.”

Trump's lawyers have said no trickery was involved, and that banks probably didn't rely on his financial statements anyway when determining whether to lend him money.

https://www.usnews.com/news/politics/articles/2023-10-09/is-mar-a-lago-worth-1-billion-trumps-winter-home-valuations-are-at-the-core-of-his-fraud-trial

 

[jmotivator]

The ruling cited tax appraisal for 2011... It's not like the damages were based on the valuation differences.

The ruling USED the tax appraisal of 2011 and the value of the property, somethin you have already agreed is not the same as the property value.

In reality, the club is to be valued on a net income basis, which would put it closer to $75 million in today's terms.

All you have done is supplement in a new method of valuation that the court didn't use, and your assessment also is not the market value of the property. The value of the business conducted on the property is also not the value of the property itself.

Let's say you want to buy a small home in West Palm Beach to operate as a BnB... does the bank loan you money based on the assumed value of the business you will be running, or on the assessed market value of the property you'll be running it on? (Hint: If you default on the loan will the Bank be taking over the property or the business?)

 

[Airyaman]

In Florida, Commerical properties are often not taxed on what they'd sell for, but for how much income they generate. The "market value" here is not the same as what you could sell the property for on the open market - it's an estimate of how much income the property would generate if it were rented for a single year.

And? If Trump wanted to be accurate with his financial records, he should have obtained a 3rd party appraisal of Mar-a-Lago. If he makes up his own value assessment, then it is unsupported and therefore false.

If I tell a bank my car is worth $15k and Kelly Blue Book says it is worth $7k, then I have given out false (inflated) asset valuation.

 

[Kushinator]

OK, that tax break (based on intended use) was a result of Trump’s voluntary restrictive agreement concerning his property’s use. That has no bearing on the property’s (potential) fair market value.

They (Trump Organization) valued it on a false and misleading basis. That's the point. You didn't get to win the Internet gotcha game today. At least you leaned something.

 

[ttwtt78640]

They (Trump Organization) valued it on a false and misleading basis. That's the point. You didn't get to win the Internet gotcha game today. At least you leaned something.

Nope, they valued it on a different basis.

 

[Kushinator]

The ruling USED the tax appraisal of 2011 and the value of the property, somethin you have already agreed is not the same as the property value.

Cash flow basis for tax assessment.

Again, the Trump organization valued the property on a false and misleading basis, which is why they lost. Getting hung up on $18 million valuations misses the first four the trees.

All you have done is supplement in a new method of valuation that the court didn't use, and your assessment also is not the market value of the property.

You have no idea what you're taking about. I am not shocked. Perhaps you can respond by telling my I'm making your point for you? That's right on schedule.

The value of the business conducted on the property is also not the value of the property itself.

That's how they assess it for tax purposes. All of this would need to be disclosed in the financial documentation presented to potential lenders. They didn't and they lost. Not just in this instance, but literally in dozens of others.

If you don't have anything else to add, you may have the last word. Your ignorance and pettiness has once again been exposed....

 

[Kushinator]

Nope, they valued it based on a different basis.

Which was ruled improper and illegal. Hence the loss. All of this would need to be disclosed.

Take the knee. Of all the folks I'm engaging with, I thought you were better than this.

 

[trixare4kids]

Jon Stewart benefited by 829% ‘overvalue’ of his NYC home even as he labels Trump’s civil case ‘not victimless’

Jon Stewart is facing online backlash after saying Donald Trump’s case overvaluing his properties was “not victimless,” and sleuths found his own records.

nypost.com

LOL the usual lib hypocrisy. If Trump got taken to court then so should Jon Stewart, but since he's a lib we know thats not gonna happen. Rules for thee but not for me.

Now you watch the likeminded never Trumps rush in to defend his hypocrisy.

 

[ttwtt78640]

Which was ruled improper and illegal. Hence the loss. All of this would need to be disclosed.

Take the knee. Of all the folks I'm engaging with, I thought you were better than this.

I’m content to wait for the appeal(s).

 

[trixare4kids]

Unless it was allegedly done by Trump.

Exactly!

It's common for sellers to market their homes that defy recent comps in their neighborhood. Nothing illegal about it because a loan appraiser has the final say for the party who buys the home, (providing the buyer carries a mortgage). If a bank has no problem with the alleged overvaluation and approves of the seller's valuation, a buyer has no problem paying the asking price, neither should a court. When we come down to it, it's none of the AG's business unless actual fraud takes place.