Claimed value of sleepy NY estate could come to haunt Trump

[Blues Man]

More shenanigans...

Claimed value of sleepy NY estate could come to haunt Trump

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

A fair point. But if you CLAIM your house is worth 2 million when trying to get a loan using it for collateral?

Oops

It doesn't matter what you claim your house is worth when applying for a loan on that property.

The bank will send out its own appraiser to set the value for the bank.

Haven't you people ever bought a house or applied for a mortgage?

It doesn't matter?

Hmmm

Mortgage Fraud - FindLaw

What we collectively refer to as mortgage fraud includes various illegal schemes involving some type of misrepresentation or misstatement on mortgage documents. Learn about mortgage fraud and more at FindLaw's Criminal Charges section.

www.findlaw.com

.

Read the damn law

I did.

Why don't you read the link in the OP and realize that this is not about a loan.'

It's about a tax deduction Trump got for giving a 150 acre easement to a conservation trust.

The amount of the tax deduction was based on the value of the 150 acres as assessed by the town, 21 million.

A separate appraisal was done by a private party and the value of the property based on the market at the time was 56 million.

The tax deduction was based on the LOWER value.

There was no inflation of the value so as to get a bigger tax deduction. If anything the land could have been assessed at a higher value and the tax deduction would have been bigger.

So tell me where was the fraud?

 

[Blues Man]

The tax man has never asked me what I think my home is worth for tax purposes.

They do stuff weird in NY.

And no bank ever used your estimate of your home value to issue a loan

 

[Blues Man]

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

LOL Blame the appraiser. You really are stupid.

Oh yes
Doesnt take much to get a fake appraisal for the good or bad.
Trump did it his whole life

You do realize that the tax deduction he got was based on the lower state assessed value don't you?

 

[rightwinger]

NY State prosecutors just got Trumps tax returns. They are pouring over them with a fine toothed comb.

This is just the beginning of what is to come
Trump will claim ignorance and avoid jail. But the TRUMP empire is in jeopardy. The TRUMP House of Cards is ready to tumble

 

[LordBrownTrout]

Lol, trump still occupying liberal minds.

 

[Blues Man]

NY State prosecutors just got Trumps tax returns. They are pouring over them with a fine toothed comb.

This is just the beginning of what is to come
Trump will claim ignorance and avoid jail. But the TRUMP empire is in jeopardy. The TRUMP House of Cards is ready to tumble

Can you tell me exactly what fraud was committed regarding the topic of the article linked to in the OP?

It seems to me that Trump actually got the smallest possible tax deduction for his easement on 156 acres that he gave to a land trust to preserve.

 

[Nostra]

NY State prosecutors just got Trumps tax returns. They are pouring over them with a fine toothed comb.

This is just the beginning of what is to come
Trump will claim ignorance and avoid jail. But the TRUMP empire is in jeopardy. The TRUMP House of Cards is ready to tumble

Can you tell me exactly what fraud was committed regarding the topic of the article linked to in the OP?

It seems to me that Trump actually got the smallest possible tax deduction for his easement on 156 acres that he gave to a land trust to preserve.

Wrongwinger read a headline and said AHA! WE GOT HIM NOW!!!!!!!!!!!!!!!!

 

[Nostra]

The tax man has never asked me what I think my home is worth for tax purposes.

They do stuff weird in NY.

And no bank ever used your estimate of your home value to issue a loan

I have had 5 mortgages................not once has any bank asked me what the property is worth.

NY is odd.

 

[Blues Man]

NY State prosecutors just got Trumps tax returns. They are pouring over them with a fine toothed comb.

This is just the beginning of what is to come
Trump will claim ignorance and avoid jail. But the TRUMP empire is in jeopardy. The TRUMP House of Cards is ready to tumble

Can you tell me exactly what fraud was committed regarding the topic of the article linked to in the OP?

It seems to me that Trump actually got the smallest possible tax deduction for his easement on 156 acres that he gave to a land trust to preserve.

Wrongwinger read a headline and said AHA! WE GOT HIM NOW!!!!!!!!!!!!!!!!

I am seriously trying to figure out where the fraud was on the property referenced in the OP.

The town assessor valued the property far below the market value as determined by a third party appraiser.

Trump got a tax deduction that was equal to the much lower assessed value.

What am I missing here?

 

[Blues Man]

The tax man has never asked me what I think my home is worth for tax purposes.

They do stuff weird in NY.

And no bank ever used your estimate of your home value to issue a loan

I have had 5 mortgages................not once has any bank asked me what the property is worth.

NY is odd.

I don't think lenders in NY base mortgages on what the borrower says the property is worth either.

and besides this article isn't about a loan at all

 

[postman]

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

In New York that's called S.7000.A where "assessed value" is a certain fixed percentage of "market" value. Because of the fixed percentage, property in New York is based on market value. The "assessment" for tax purposes doesn't change the actual value.

 

[Missouri_Mike]

More shenanigans...

Claimed value of sleepy NY estate could come to haunt Trump

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.

How is this Trumps problem? This is New York’s doing. If I offer you some property for 21 million in tax deductions and you take it you don’t get to come back later and bitch about the deal. Go talk to whoever signed off on the deal for New York

 

[postman]

There was no inflation of the value so as to get a bigger tax deduction. If anything the land could have been assessed at a higher value and the tax deduction would have been bigger.

So tell me where was the fraud?

Trump paid property taxes based on the "lower" figure, while seeking bank loans based on a much "higher" value.

You can argue what the true value of a property is, but you can't represent it at one value to the bank, and a different value to the property tax office.

 

[Blues Man]

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

In New York that's called S.7000.A where "assessed value" is a certain fixed percentage of "market" value. Because of the fixed percentage, property in New York is based on market value. The "assessment" for tax purposes doesn't change the actual value.

OK so where is the fraud?

Who hired the appraiser that valued the property at 56 million? It had to have been the town correct?

And in my experience no assessor has ever allowed me or an appraiser I hired to tell them what a property's market value was.

And my point was exactly that the assessed value and market value are two entirely different things and have no relationship to each other.

 

[postman]

Wrongwinger read a headline and said AHA! WE GOT HIM NOW!!!!!!!!!!!!!!!!

You skipped the part that Trump valued the $56 million property at $250 million to Deutchebank, when seeking a loan secured by real property.

 

[Blues Man]

There was no inflation of the value so as to get a bigger tax deduction. If anything the land could have been assessed at a higher value and the tax deduction would have been bigger.

So tell me where was the fraud?

Trump paid property taxes based on the "lower" figure, while seeking bank loans based on a much "higher" value.

You can argue what the true value of a property is, but you can't represent it at one value to the bank, and a different value to the property tax office.

It doesn't matter that the tax assessment was lower.

And the bank not the borrower will determine the value of the property when deciding whether to issue a loan that will use that property as collateral.

In the article Trump said the land was worth between 25 and 50 million which was a little higher than the assessed value to a little lower than the appraised value.

So again where is the fraud here?

 

[Blues Man]

Wrongwinger read a headline and said AHA! WE GOT HIM NOW!!!!!!!!!!!!!!!!

You skipped the part that Trump valued the $56 million property at $250 million to Deutchebank, when seeking a loan secured by real property.

and that's irrelevant because the bank will always appraise a property before determining the amount of a loan.

 

[Missouri_Mike]

Once again real life is stumping the lefties on this board. They are absolutely shocked someone could estimate different values on something depending on if they’re buying or selling.

 

[Claudette]

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

LOL Blame the appraiser. You really are stupid.

Oh yes
Doesnt take much to get a fake appraisal for the good or bad.
Trump did it his whole life

LOL You wish. I wonder how much money China paid Biden?? Now that would be a good investigation.

 

[postman]

OK so where is the fraud?

Who hired the appraiser that valued the property at 56 million? It had to have been the town correct?

Let's go through it step by step (from the OP)

The amount was based on a professional appraisal that valued the full Seven Springs property at $56.5 million as of Dec. 1, 2015.

Trump then gave an easement to a portion of the $56.5 million property

Trump received a $21 million income tax deduction, equal to the value of the conserved land, according to property and court records.

Trump had financial statements saying Seven Springs was worth $291 million as of 2012.

Trump gave to his main lender, Deutsche Bank, to inquire about a loan to buy the NFL's Buffalo Bills

Since when does a $291 million property become worth $56.5 million? Or alternately, when does a $56.5 million property become worth $291 million?

The difference between those two amounts, is a fraud against either the tax office, or the bank.