A commercial realestate appraisal is broken into 3 parts... land value, improvement value and financial value, and then its all added up and you get the "total value".
Its all combined in the end when you do a commercial appraisal. I know this because i used to be a commercial realestate appraiser.
Trump has no say over who is hired to do the appraisal and he isnt even allowed to talk to the appraisers during the appraisal. Its all done by the bank and its kept secret from the person trying to get the loan.
I will say that Mar a Lago is probably the weakest of all the arguments in the decision. Trump valued it at like $300 million on his forms, which doesn't seem all that ridiculous if you consider his operating income is probably in the ballpark of $10 million a year and other people have valued it somewhat similar. Part of the problem is that Trump's argument in court was laughable and put the value at $1.5 billion, which the judge did not take seriously.
That goes for small appraisals, where they can use the similar property rules to determine a likely value. But on unique properties, and high value properties, they defer to the owners expert valuations.
Trump may have a say.
In most circumstances, on the level..........Correct.
There arent any unique properties. You always have other golf courses to base your "comparison appraisal" off of. Even if there wasnt another club quite like Mara Lago (which happens sometimes in appraisals), you can still base it off of other high end clubs (like a yacht club).
So? I paid taxes on my home at one rate and sold it for a much higher rate. That is normal, Canuck! That is the difference in assessment and appraisal.
I dont know the details of this case enough to give you a good answer. I dont know who hired the appraisers both times, but i assure you that the banks appraisal was not tainted by Trump. Banks arent stupid with their money, so they make sure that they are getting accurate numbers.
Tax appraisers are usually spot on when it comes to land values, but they are always WAAAY under when it comes to the improvement value. Tax assessors arent trained to do improvement values, nor do they have time to do an effective impovement appraisal of every structure in the US, but land values are simple as hell to determine.
www.zillow.com
That's what I would have thought too.
trump claiming that it was only worth that $18 mil in a financial disclosure document sent to the appraiser in writing is the fraud.How can it only be worth 20 million when the membership fee is $200,000 and an annual fee of $20,000? That kind of annual income will make any appraisal skyrocket.
It's really not about tax appraisals and more about Statements of Financial Condition which he submitted to banks when he asks for loans. Someone showing higher asset value and higher liquidity would get more favorable terms.
what other Resorts like and equal to Mara Lago are on his street or in his neighborhood?Exactly. Example given, is this home in the tremendous city of Hermitage.
The assessed value given by the Mercer Assessment Office is $22,050. The price asked for the property is $220,000. But that doesn't mean that its grossly undertaxed, because the question is how the assessment lines up with other properties on the street and in the neighborhood which would determine if its underassessed , on target or even overassessed.
2225 Homewood Dr, Hermitage, PA 16148 | Zillow
2225 Homewood Dr, Hermitage PA, is a Single Family home that was built in 1972.It contains 3 bedrooms and 2 bathrooms.This home last sold for $190,000 in November 2023. The Zestimate for this Single Family is $196,900, which has decreased by $1,677 in the last 30 days.The Rent Zestimate for...
There shouldnt be massive discrepencies between appraisals. If there is, one of the appraisals is obviously wrong.
Correct.
Do you have a link for this? Im not doubting your claim, but i cant give you a good answer without seeing some more details about it.
