Claimed value of sleepy NY estate could come to haunt Trump

EvilEyeFleegle

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More shenanigans...


Trump opted for a strategy that would allow him to keep the property but reduce his taxes. He granted an easement to a conservation land trust to preserve 158 acres (60 hectares) of meadows and mature forest.
Trump received a $21 million income tax deduction, equal to the value of the conserved land, according to property and court records. The amount was based on a professional appraisal that valued the full Seven Springs property at $56.5 million as of Dec. 1, 2015.
That was a much higher amount that the evaluation by local government assessors, who said the entire estate was worth $20 million.
Michael Colangelo, a lawyer in the New York attorney general's office, outlined the central question involving the Seven Springs easement at a hearing last year regarding a dispute over evidence.
“If the value of the easement was improperly inflated, who obtained the benefit from that improper inflation and in what amounts?” Colangelo said. “It goes without saying that the attorney general needs to see the records that would reflect the value of that deduction, as it flowed up to intermediate entities, and ultimately to Mr. Trump, personally.”
A message seeking comment was left with Trump’s spokesperson. In the past, the Republican ex-president has decried the investigations as part of a “witch hunt.”
Seven Springs caught investigators’ attention after Trump’s longtime personal lawyer and fixer Michael Cohen told a congressional committee in 2019 that Trump had a habit of manipulating property values — inflating them in some cases and minimizing them in others to gain favorable loan terms and tax benefits.
Cohen testified that Trump had financial statements saying Seven Springs was worth $291 million as of 2012. He gave copies of three of Trump's financial statements to the House Committee on Oversight and Reform during his testimony.
Cohen said the statements, from 2011, 2012 and 2013, were ones Trump gave to his main lender, Deutsche Bank, to inquire about a loan to buy the NFL's Buffalo Bills and to Forbes magazine to substantiate his claim to a place on its list of the world's wealthiest people.

Trump, on his annual financial disclosure forms while president, said the property was worth between $25 million and $50 million.
 

Blues Man

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Trump opted for a strategy that would allow him to keep the property but reduce his taxes. He granted an easement to a conservation land trust to preserve 158 acres (60 hectares) of meadows and mature forest.
Trump received a $21 million income tax deduction, equal to the value of the conserved land, according to property and court records. The amount was based on a professional appraisal that valued the full Seven Springs property at $56.5 million as of Dec. 1, 2015.
That was a much higher amount that the evaluation by local government assessors, who said the entire estate was worth $20 million.
Michael Colangelo, a lawyer in the New York attorney general's office, outlined the central question involving the Seven Springs easement at a hearing last year regarding a dispute over evidence.
“If the value of the easement was improperly inflated, who obtained the benefit from that improper inflation and in what amounts?” Colangelo said. “It goes without saying that the attorney general needs to see the records that would reflect the value of that deduction, as it flowed up to intermediate entities, and ultimately to Mr. Trump, personally.”
A message seeking comment was left with Trump’s spokesperson. In the past, the Republican ex-president has decried the investigations as part of a “witch hunt.”
Seven Springs caught investigators’ attention after Trump’s longtime personal lawyer and fixer Michael Cohen told a congressional committee in 2019 that Trump had a habit of manipulating property values — inflating them in some cases and minimizing them in others to gain favorable loan terms and tax benefits.
Cohen testified that Trump had financial statements saying Seven Springs was worth $291 million as of 2012. He gave copies of three of Trump's financial statements to the House Committee on Oversight and Reform during his testimony.
Cohen said the statements, from 2011, 2012 and 2013, were ones Trump gave to his main lender, Deutsche Bank, to inquire about a loan to buy the NFL's Buffalo Bills and to Forbes magazine to substantiate his claim to a place on its list of the world's wealthiest people.

Trump, on his annual financial disclosure forms while president, said the property was worth between $25 million and $50 million.
Property is always assessed by local government as less than what the sale price would be.

An appraiser will state the worth of a property as what it would potentially bring when sold.

Just look at your own property taxes to see proof of this.

My house is assessed for taxes as being worth 280K but I could sell it tomorrow for 425K
 

Mac-7

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Undervaluing properties for taxes and overvaluing properties for insurance is at the core of one of the investigations.
No one on the left would care about any of this if trump had not run for president

But the message is clear to any future outsider who might want to mess with the washington establishment’s business - dont bother them and they wont bother you
 

struth

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If the property was appraised by the local govt, why didn't they use that as the bases for tax? That's hardly the President's fault

moreover, I see nothing wrong with range of the value of the property the President gave the bank....based on a professional appraised value.

also, I love the adjectives used in bias pieces....1 million is "much" higher? ah not when we are talking about 50 million

oh and kudos to the President and the Trump Organization for the help in land conservation.
 

rightwinger

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Trump will not go to jail over this.
As usual, he will deny any knowledge, blame others, blame a witch hunt

He will be fined, he will tie it up in appeals and ultimately not pay.

Rinse/Repeat
 

CrusaderFrank

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Michael Colangelo?? Holy fuck! That's where he went.
 

beautress

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More shenanigans...


Trump opted for a strategy that would allow him to keep the property but reduce his taxes. He granted an easement to a conservation land trust to preserve 158 acres (60 hectares) of meadows and mature forest.
Trump received a $21 million income tax deduction, equal to the value of the conserved land, according to property and court records. The amount was based on a professional appraisal that valued the full Seven Springs property at $56.5 million as of Dec. 1, 2015.
That was a much higher amount that the evaluation by local government assessors, who said the entire estate was worth $20 million.
Michael Colangelo, a lawyer in the New York attorney general's office, outlined the central question involving the Seven Springs easement at a hearing last year regarding a dispute over evidence.
“If the value of the easement was improperly inflated, who obtained the benefit from that improper inflation and in what amounts?” Colangelo said. “It goes without saying that the attorney general needs to see the records that would reflect the value of that deduction, as it flowed up to intermediate entities, and ultimately to Mr. Trump, personally.”
A message seeking comment was left with Trump’s spokesperson. In the past, the Republican ex-president has decried the investigations as part of a “witch hunt.”
Seven Springs caught investigators’ attention after Trump’s longtime personal lawyer and fixer Michael Cohen told a congressional committee in 2019 that Trump had a habit of manipulating property values — inflating them in some cases and minimizing them in others to gain favorable loan terms and tax benefits.
Cohen testified that Trump had financial statements saying Seven Springs was worth $291 million as of 2012. He gave copies of three of Trump's financial statements to the House Committee on Oversight and Reform during his testimony.
Cohen said the statements, from 2011, 2012 and 2013, were ones Trump gave to his main lender, Deutsche Bank, to inquire about a loan to buy the NFL's Buffalo Bills and to Forbes magazine to substantiate his claim to a place on its list of the world's wealthiest people.

Trump, on his annual financial disclosure forms while president, said the property was worth between $25 million and $50 million.
Well, durrrrrrrr. Property taxes are determined by local gummints. Looked at Basement Joe's parsimonies lately? Didn't think so.
 

Cellblock2429

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More shenanigans...


Trump opted for a strategy that would allow him to keep the property but reduce his taxes. He granted an easement to a conservation land trust to preserve 158 acres (60 hectares) of meadows and mature forest.
Trump received a $21 million income tax deduction, equal to the value of the conserved land, according to property and court records. The amount was based on a professional appraisal that valued the full Seven Springs property at $56.5 million as of Dec. 1, 2015.
That was a much higher amount that the evaluation by local government assessors, who said the entire estate was worth $20 million.
Michael Colangelo, a lawyer in the New York attorney general's office, outlined the central question involving the Seven Springs easement at a hearing last year regarding a dispute over evidence.
“If the value of the easement was improperly inflated, who obtained the benefit from that improper inflation and in what amounts?” Colangelo said. “It goes without saying that the attorney general needs to see the records that would reflect the value of that deduction, as it flowed up to intermediate entities, and ultimately to Mr. Trump, personally.”
A message seeking comment was left with Trump’s spokesperson. In the past, the Republican ex-president has decried the investigations as part of a “witch hunt.”
Seven Springs caught investigators’ attention after Trump’s longtime personal lawyer and fixer Michael Cohen told a congressional committee in 2019 that Trump had a habit of manipulating property values — inflating them in some cases and minimizing them in others to gain favorable loan terms and tax benefits.
Cohen testified that Trump had financial statements saying Seven Springs was worth $291 million as of 2012. He gave copies of three of Trump's financial statements to the House Committee on Oversight and Reform during his testimony.
Cohen said the statements, from 2011, 2012 and 2013, were ones Trump gave to his main lender, Deutsche Bank, to inquire about a loan to buy the NFL's Buffalo Bills and to Forbes magazine to substantiate his claim to a place on its list of the world's wealthiest people.

Trump, on his annual financial disclosure forms while president, said the property was worth between $25 million and $50 million.
/——-/ Any chance the Trump hating NY assessors undervalued the property just to put the screws to Trump? This is between the two groups of assessors.
 

struth

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Trump will not go to jail over this.
As usual, he will deny any knowledge, blame others, blame a witch hunt

He will be fined, he will tie it up in appeals and ultimately not pay.

Rinse/Repeat
Why should he go to jail over this accusation? I mean if this is all the left wing's investigation has turned up.....it's a big zero
 

Cellblock2429

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More shenanigans...


Trump opted for a strategy that would allow him to keep the property but reduce his taxes. He granted an easement to a conservation land trust to preserve 158 acres (60 hectares) of meadows and mature forest.
Trump received a $21 million income tax deduction, equal to the value of the conserved land, according to property and court records. The amount was based on a professional appraisal that valued the full Seven Springs property at $56.5 million as of Dec. 1, 2015.
That was a much higher amount that the evaluation by local government assessors, who said the entire estate was worth $20 million.
Michael Colangelo, a lawyer in the New York attorney general's office, outlined the central question involving the Seven Springs easement at a hearing last year regarding a dispute over evidence.
“If the value of the easement was improperly inflated, who obtained the benefit from that improper inflation and in what amounts?” Colangelo said. “It goes without saying that the attorney general needs to see the records that would reflect the value of that deduction, as it flowed up to intermediate entities, and ultimately to Mr. Trump, personally.”
A message seeking comment was left with Trump’s spokesperson. In the past, the Republican ex-president has decried the investigations as part of a “witch hunt.”
Seven Springs caught investigators’ attention after Trump’s longtime personal lawyer and fixer Michael Cohen told a congressional committee in 2019 that Trump had a habit of manipulating property values — inflating them in some cases and minimizing them in others to gain favorable loan terms and tax benefits.
Cohen testified that Trump had financial statements saying Seven Springs was worth $291 million as of 2012. He gave copies of three of Trump's financial statements to the House Committee on Oversight and Reform during his testimony.
Cohen said the statements, from 2011, 2012 and 2013, were ones Trump gave to his main lender, Deutsche Bank, to inquire about a loan to buy the NFL's Buffalo Bills and to Forbes magazine to substantiate his claim to a place on its list of the world's wealthiest people.

Trump, on his annual financial disclosure forms while president, said the property was worth between $25 million and $50 million.
Property is always assessed by local government as less than what the sale price would be.

An appraiser will state the worth of a property as what it would potentially bring when sold.

Just look at your own property taxes to see proof of this.

My house is assessed for taxes as being worth 280K but I could sell it tomorrow for 425K
/—-/ My Long Island house is appraised at $400,000 for taxes but when I put it on the market the Real Estate agent valued it at $800,000 and would most likely trigger a bidding war. Nassau county inventory is near nonexistent.
My friend has a run down house outside NY, tax value is $120,000 but it’s in such sad shape he was offered only $80,000.
 

rightwinger

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Trump will not go to jail over this.
As usual, he will deny any knowledge, blame others, blame a witch hunt

He will be fined, he will tie it up in appeals and ultimately not pay.

Rinse/Repeat
Why should he go to jail over this accusation? I mean if this is all the left wing's investigation has turned up.....it's a big zero
It is just the tip of the iceberg

The TRUMP empire is a House of Cards built on the TRUMP name and false valuations of assets

This is just the first card
 

Johnlaw

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Trump will not go to jail over this.
As usual, he will deny any knowledge, blame others, blame a witch hunt

He will be fined, he will tie it up in appeals and ultimately not pay.

Rinse/Repeat
Why should he go to jail over this accusation? I mean if this is all the left wing's investigation has turned up.....it's a big zero
It is just the tip of the iceberg

The TRUMP empire is a House of Cards built on the TRUMP name and false valuations of assets

This is just the first card
Trump overestimates or underestimates his assets when it suits him. Not that most people won’t do the same when it suits them also. However, with Trump, given the size of his real estate portfolio and the fact that he has admitted constantly being under “audit”, you would think he would not be so brazen in his tax fraud or manipulation. Some people just think the law does not apply to them.
 

Blues Man

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Trump will not go to jail over this.
As usual, he will deny any knowledge, blame others, blame a witch hunt

He will be fined, he will tie it up in appeals and ultimately not pay.

Rinse/Repeat
There will be no fine because the town assessor's value is never the same as an appraiser's value.

There is no there there
 

struth

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Trump will not go to jail over this.
As usual, he will deny any knowledge, blame others, blame a witch hunt

He will be fined, he will tie it up in appeals and ultimately not pay.

Rinse/Repeat
Why should he go to jail over this accusation? I mean if this is all the left wing's investigation has turned up.....it's a big zero
It is just the tip of the iceberg

The TRUMP empire is a House of Cards built on the TRUMP name and false valuations of assets

This is just the first card
wow...five years and we are just at the "tip of the iceberg" - and this is it? nothing? hahaha

I've heard your line before over and over again the past five years,,,with a big zero in the end
 

Blues Man

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Trump will not go to jail over this.
As usual, he will deny any knowledge, blame others, blame a witch hunt

He will be fined, he will tie it up in appeals and ultimately not pay.

Rinse/Repeat
Why should he go to jail over this accusation? I mean if this is all the left wing's investigation has turned up.....it's a big zero
It is just the tip of the iceberg

The TRUMP empire is a House of Cards built on the TRUMP name and false valuations of assets

This is just the first card
Trump overestimates or underestimates his assets when it suits him. Not that most people won’t do the same when it suits them. However, with Trump, given the size of his real estate portfolio and the fact that he has admitted constantly being under “audit”, you would think he would not be so brazen in his tax fraud or manipulation. Some people just think the law does not apply to them.
There's nothing to this.

The town assessor's and a commercial appraiser's estimated values of a property never match.
 

rightwinger

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Trump will not go to jail over this.
As usual, he will deny any knowledge, blame others, blame a witch hunt

He will be fined, he will tie it up in appeals and ultimately not pay.

Rinse/Repeat
Why should he go to jail over this accusation? I mean if this is all the left wing's investigation has turned up.....it's a big zero
It is just the tip of the iceberg

The TRUMP empire is a House of Cards built on the TRUMP name and false valuations of assets

This is just the first card
wow...five years and we are just at the "tip of the iceberg" - and this is it? nothing? hahaha

I've heard your line before over and over again the past five years,,,with a big zero in the end
Trump has been hiding for five years.
You can’t investigate ME.....I am the PRESIDENT

Well, he ain’t the President anymore
Private Citizen Trump now has to pay the piper
 

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