Doc Holliday said:
FLBear5630 said:
Doc Holliday said:
This case is warrants everyone paying taxes on the fair market value of their home instead of the tax assessed value.
It's only fair if businesses and homeowners in NY are all subject to the same as Trump.
Let's bankrupt democrats using their own standards!!!
Property Taxes is based on sale price. If you buy a home, the sales price will be the new property tax level, minus Homestead and other State programs.
Trump could not sell any of those properties for the amounts he listed, nor did he have appraisals based on comps. He didn't even use the real square footage on some. So how is his valuations market value? You think that is fine to use for lending applications?
Property taxes are based on whatever the CAD sets it at. They never set it at the value one could actually get.
Trump could sell the property for the value he listed easily. A home in Florida 3x smaller than his listed for $295M…
CAD is just the geographic district, CADs are Texas specific. In Florida here is the information per statute
TRUTH IN MILLAGE (TRIM) NOTICES
Annual Notice of Property Assessment (TRIM Notices) should be received by every property owner no later than the end of August. It shows the estimated "just value" of your property as of January 1.
Just value (market value) as defined by Florida Statute shall take into consideration the following factors:
[ol]
The present cash value.The highest and best use of the property.The location of the property.The quantity or size of said property.The cost of said property.The condition of said property.The income of said property.The net proceeds of the sale of said property.[/ol]Our primary mission at the Property Appraiser's Office is to estimate fair and just values for all real and tangible properties in the county.
Many factors influence value, and an important one is the amount that similar properties sell for on the open market.All residences with a homestead exemption are limited to a 3% per year cap on assessment increases. When you purchase a home from someone who has had a "capped" value, the "capped" value will remain in effect only for the year of purchase.
Do not be misled that the current property taxes will remain the same in subsequent years. Under Florida law, a residence must be reassessed at market value when it sells.
While you may pay a pro-rated portion of the seller's taxes at closing, the next year's assessment will be at market value. This TRIM notice reflects our estimate of your new market value as of January 1.It all depends on how diligent the Appraiser is to how recent sales are incorporated in the system. In today not enough funding world it is usually damn quick. In Tampa, when I purchased the next year it was updated and if I didn't get the Homestead Exemption in on time, it would have been higher. But that is Florida.
As for Trump's court case, would Trump agree to using his valuations for his Property Tax? NY State allows for not just Market Price (Price at sale) but Highest and Best use. Usually this is used for the State to generate more taxes, think paying Taxes on Farmland that now is a Shopping Center. I would bet the valuation of his Property Value for those properties will be adjusted closer to his documented value that he used to borrow money. Trump is going to get slammed again, he over valued by so much that they can just use half and rake in a fortune.
So the question for you is do you think it is all right for the State to use the valuations he used to borrow money for Property Value for real property taxes?