citing an appraisal report from the city of Palm Beach that pegged the value of Mar-A-Lago between $18 million and $27.6 million between 2011 and 2021.
It's literally in the sentence you quoted.
Tax assessed value and market value are different things used in different use cases.
"The fatal flaw of all revolutionaries is that they know how to tear things down but don't have a f**king clue about how to build anything."
citing an appraisal report from the city of Palm Beach that pegged the value of Mar-A-Lago between $18 million and $27.6 million between 2011 and 2021.
It's literally in the sentence you quoted.
Tax assessed value and market value are different things used in different use cases.
That’s great. Who cares? I’m just clarifying where the number was sourced from.
citing an appraisal report from the city of Palm Beach that pegged the value of Mar-A-Lago between $18 million and $27.6 million between 2011 and 2021.
It's literally in the sentence you quoted.
Tax assessed value and market value are different things used in different use cases.
That’s great. Who cares? I’m just clarifying where the number was sourced from.
The prosecuting attorney cares:
"The fatal flaw of all revolutionaries is that they know how to tear things down but don't have a f**king clue about how to build anything."
"Tax Assessed value" is ultimately based off market value. County assessor runs market comps and adjusts the same as fee appraisers. Its just done at a mass valuation level. Then come tax time, one considers local gov't mill levys and assessment rates etc.
citing an appraisal report from the city of Palm Beach that pegged the value of Mar-A-Lago between $18 million and $27.6 million between 2011 and 2021.
It's literally in the sentence you quoted.
Tax assessed value and market value are different things used in different use cases.
what am i missing? why did you all of a sudden bring assessed value for taxing entities into the equation? which one is it? assessed value or appraised value? those are different animals altogether.
citing an appraisal report from the city of Palm Beach that pegged the value of Mar-A-Lago between $18 million and $27.6 million between 2011 and 2021.
It's literally in the sentence you quoted.
Tax assessed value and market value are different things used in different use cases.
what am i missing? why did you all of a sudden bring assessed value for taxing entities into the equation? which one is it? assessed value or appraised value? those are different animals altogether.
It appears Trump borrowed against the market value and the government is claiming that was fraud and he should have claimed the property value off the tax assessed value. That is what is shown in the AG's tweet.
"The fatal flaw of all revolutionaries is that they know how to tear things down but don't have a f**king clue about how to build anything."
citing an appraisal report from the city of Palm Beach that pegged the value of Mar-A-Lago between $18 million and $27.6 million between 2011 and 2021.
It's literally in the sentence you quoted.
Tax assessed value and market value are different things used in different use cases.
what am i missing? why did you all of a sudden bring assessed value for taxing entities into the equation? which one is it? assessed value or appraised value? those are different animals altogether.
It appears Trump borrowed against the market value and the government is claiming that was fraud and he should have claimed the property value off the tax assessed value. That is what is shown in the AG's tweet.
But the tweet refers to the appraised value, not tax-assessed value
citing an appraisal report from the city of Palm Beach that pegged the value of Mar-A-Lago between $18 million and $27.6 million between 2011 and 2021.
It's literally in the sentence you quoted.
Tax assessed value and market value are different things used in different use cases.
what am i missing? why did you all of a sudden bring assessed value for taxing entities into the equation? which one is it? assessed value or appraised value? those are different animals altogether.
It appears Trump borrowed against the market value and the government is claiming that was fraud and he should have claimed the property value off the tax assessed value. That is what is shown in the AG's tweet.
But the tweet refers to the appraised value, not tax-assessed value
Media reporting is using the terms interchangeably, as it appears the judge did:
A New York judge ruled last week that former President Donald Trump inflated the value of his Mar-a-Lago estate by an eye-popping 2,300%.
That finding, part of shocking ruling that found Trump and his adult sons liable for fraud, was just one of multiple examples in which Judge Arthur Engoron found the Trump real estate empire to have been grossly inflated in value.
But the Mar-a-Lago finding in particular is raising eyebrows among real estate and legal experts because of the metric Judge Engoron relied on: the county tax assessor’s appraisal value.
“From 2011-2021, the Palm Beach County Assessor appraised the market value of Mar-a-Lago at between $18 million and $27.6 million,” Engoron wrote in his ruling.
The judge noted Trump valued Mar-a-Lago at between $426.5 million and $612 million, “an overvaluation of at least 2,300%, compared to the assessor’s appraisal.”
But it’s widely known that the tax assessor valuation is typically, though not always, less than what a property would command on the open market.
In other words, it’s not an apples-to-apples comparison.
“Appraisal values and market values are just not the same thing. It’s a well-known fact,” said Eli Beracha, chair of the school of real estate at Florida International University. “That’s especially true for properties that are unique. And it’s very easy to argue this is a unique property.”
Dina Goldentayer, executive director of sales at Douglas Elliman in South Florida, said in her experience in the ultra-luxury marketplace the tax assessor’s valuation isn’t considered when trying to value a property.
“He wouldn’t make a very good realtor,” Goldentayer said of the judge. “It’s so widely known that it’s not an accurate determination of market value.”
Goldentayer added, “If there is a ranking as to what would have the lowest valuation, it’s the tax assessor’s office, followed by Zillow and then the realtor’s valuation is the highest.”
It’s not correct to assume that a tax assessment and market value are the same thing, according to Jonathan Miller, president and CEO of Miller Samuel Inc., a real estate appraisal company in New York City.
“They can be, in some markets they are the same thing, but in most others they are not,” Miller said.
Melissa Cintron, partner in the insurance defense and corporate and real estate practice groups at Harrington Ocko & Monk, said it’s “not contestable” that Mar-a-Lago is worth more than $28 million based on improvements and a market analysis.
Of course, just because the tax assessment value used by the judge may have lowballed the value of Mar-a-Lago, doesn’t necessarily mean Trump used a fair valuation for Mar-a-Lago. That point is up for debate.
“It is certainly not clear what the value is,” said Miller. “The test is what the market would suss out for the property. The challenge is that isn’t a single-family house.”
"The fatal flaw of all revolutionaries is that they know how to tear things down but don't have a f**king clue about how to build anything."
citing an appraisal report from the city of Palm Beach that pegged the value of Mar-A-Lago between $18 million and $27.6 million between 2011 and 2021.
It's literally in the sentence you quoted.
Tax assessed value and market value are different things used in different use cases.
what am i missing? why did you all of a sudden bring assessed value for taxing entities into the equation? which one is it? assessed value or appraised value? those are different animals altogether.
It appears Trump borrowed against the market value and the government is claiming that was fraud and he should have claimed the property value off the tax assessed value. That is what is shown in the AG's tweet.
But the tweet refers to the appraised value, not tax-assessed value
Media reporting is using the terms interchangeably, as it appears the judge did:
A New York judge ruled last week that former President Donald Trump inflated the value of his Mar-a-Lago estate by an eye-popping 2,300%.
That finding, part of shocking ruling that found Trump and his adult sons liable for fraud, was just one of multiple examples in which Judge Arthur Engoron found the Trump real estate empire to have been grossly inflated in value.
But the Mar-a-Lago finding in particular is raising eyebrows among real estate and legal experts because of the metric Judge Engoron relied on: the county tax assessor’s appraisal value.
“From 2011-2021, the Palm Beach County Assessor appraised the market value of Mar-a-Lago at between $18 million and $27.6 million,” Engoron wrote in his ruling.
The judge noted Trump valued Mar-a-Lago at between $426.5 million and $612 million, “an overvaluation of at least 2,300%, compared to the assessor’s appraisal.”
But it’s widely known that the tax assessor valuation is typically, though not always, less than what a property would command on the open market.
In other words, it’s not an apples-to-apples comparison.
“Appraisal values and market values are just not the same thing. It’s a well-known fact,” said Eli Beracha, chair of the school of real estate at Florida International University. “That’s especially true for properties that are unique. And it’s very easy to argue this is a unique property.”
Dina Goldentayer, executive director of sales at Douglas Elliman in South Florida, said in her experience in the ultra-luxury marketplace the tax assessor’s valuation isn’t considered when trying to value a property.
“He wouldn’t make a very good realtor,” Goldentayer said of the judge. “It’s so widely known that it’s not an accurate determination of market value.”
Goldentayer added, “If there is a ranking as to what would have the lowest valuation, it’s the tax assessor’s office, followed by Zillow and then the realtor’s valuation is the highest.”
It’s not correct to assume that a tax assessment and market value are the same thing, according to Jonathan Miller, president and CEO of Miller Samuel Inc., a real estate appraisal company in New York City.
“They can be, in some markets they are the same thing, but in most others they are not,” Miller said.
Melissa Cintron, partner in the insurance defense and corporate and real estate practice groups at Harrington Ocko & Monk, said it’s “not contestable” that Mar-a-Lago is worth more than $28 million based on improvements and a market analysis.
Of course, just because the tax assessment value used by the judge may have lowballed the value of Mar-a-Lago, doesn’t necessarily mean Trump used a fair valuation for Mar-a-Lago. That point is up for debate.
“It is certainly not clear what the value is,” said Miller. “The test is what the market would suss out for the property. The challenge is that isn’t a single-family house.”
so you'll admit that this is not what is shown in the AG's tweet, correct?
I will admit that it appears the AG and judge either apparently do not understand the difference between market and assessed and appraised value (and when each is appropriate to use) or are intentionally misusing them. and the tweet reflects that.
"The fatal flaw of all revolutionaries is that they know how to tear things down but don't have a f**king clue about how to build anything."
Bi_3 wrote:I will admit that it appears the AG and judge either apparently do not understand the difference between market and assessed and appraised value (and when each is appropriate to use) or are intentionally misusing them. and the tweet reflects that.
did the judge rely on the assessor's appraised value, like the article that you posted mentions, or the assessed value, like you seem to imply that he did?
Bi_3 wrote:I will admit that it appears the AG and judge either apparently do not understand the difference between market and assessed and appraised value (and when each is appropriate to use) or are intentionally misusing them. and the tweet reflects that.
did the judge rely on the assessor's appraised value, like the article that you posted mentions, or the assessed value, like you seem to imply that he did?
Is your point that I posted "tax assessed" instead or "tax appraised" and that makes a difference to what the judge and AG did?
"The fatal flaw of all revolutionaries is that they know how to tear things down but don't have a f**king clue about how to build anything."
Bi_3 wrote:I will admit that it appears the AG and judge either apparently do not understand the difference between market and assessed and appraised value (and when each is appropriate to use) or are intentionally misusing them. and the tweet reflects that.
did the judge rely on the assessor's appraised value, like the article that you posted mentions, or the assessed value, like you seem to imply that he did?
Is your point that I posted "tax assessed" instead or "tax appraised" and that makes a difference to what the judge and AG did?
Bi_3 wrote:I will admit that it appears the AG and judge either apparently do not understand the difference between market and assessed and appraised value (and when each is appropriate to use) or are intentionally misusing them. and the tweet reflects that.
did the judge rely on the assessor's appraised value, like the article that you posted mentions, or the assessed value, like you seem to imply that he did?
Is your point that I posted "tax assessed" instead or "tax appraised" and that makes a difference to what the judge and AG did?
answer my question please
assessor's appraised value
"The fatal flaw of all revolutionaries is that they know how to tear things down but don't have a f**king clue about how to build anything."
Bi_3 wrote:I will admit that it appears the AG and judge either apparently do not understand the difference between market and assessed and appraised value (and when each is appropriate to use) or are intentionally misusing them. and the tweet reflects that.
did the judge rely on the assessor's appraised value, like the article that you posted mentions, or the assessed value, like you seem to imply that he did?
Is your point that I posted "tax assessed" instead or "tax appraised" and that makes a difference to what the judge and AG did?
Bi_3 wrote:I will admit that it appears the AG and judge either apparently do not understand the difference between market and assessed and appraised value (and when each is appropriate to use) or are intentionally misusing them. and the tweet reflects that.
did the judge rely on the assessor's appraised value, like the article that you posted mentions, or the assessed value, like you seem to imply that he did?
Is your point that I posted "tax assessed" instead or "tax appraised" and that makes a difference to what the judge and AG did?
answer my question please
assessor's appraised value
which is/supposed to be - market value
Even when the government does it for tax purposes? In my state there is cap (homestead act) that causes these numbers to diverge significantly.
"The fatal flaw of all revolutionaries is that they know how to tear things down but don't have a f**king clue about how to build anything."
Bi_3 wrote:I will admit that it appears the AG and judge either apparently do not understand the difference between market and assessed and appraised value (and when each is appropriate to use) or are intentionally misusing them. and the tweet reflects that.
did the judge rely on the assessor's appraised value, like the article that you posted mentions, or the assessed value, like you seem to imply that he did?
Is your point that I posted "tax assessed" instead or "tax appraised" and that makes a difference to what the judge and AG did?
answer my question please
assessor's appraised value
so the judge did not rely on assessed value, which in almost every county in the us is LOWER than appraised value because it incorporates equalizing factors.
so yes, it does make a difference. it makes a huge difference. and the AG's tweet is consistent with the judge.
it's funny how people can read "assessor's" and conflate it with "assessed value." it's an appraisal. period. and as strat confirms, it's the closest the industry comes to determining market value in lieu, or in anticipation, of an actual bona fide sale.
