Who Here Personally Sets Their Real Estate Value for Taxes, Loans and Insurance Value?

[Weatherman2020]

And what State lets you do that if yes.

Asking for a friend. Because I really want to understand this Trump accusation and “my friend” may want to move to your State if you don’t need to involve outside appraisals.

Why Trump’s Alleged Real-Estate Shenanigans Went Too Far

You can get away with a lot when appraising property. But not this much.

slate.com

 

[Polishprince]

And what State lets you do that if yes.

Asking for a friend. Because I really want to understand this Trump accusation and “my friend” may want to move to your State if you don’t need to involve outside appraisals.

Why Trump’s Alleged Real-Estate Shenanigans Went Too Far

You can get away with a lot when appraising property. But not this much.

slate.com

Actually, here in Pennsylvania, the government sets the tax value, mortgage holders set the value of the property for collateral and insurance companies set the value for insurance purposes.

And they all don't agree with each other.

And if you decide to buy or sell the property, you decide what you are willing to go for as far as price, and you don't have to agree with any of those other valuations.

 

[JoeMoma]

I am just a peasant compared to the likes of Trump. Where I live, there is a county assessor who drives around neighborhoods and estimates the value of property for tax purposes. The county sends a letter of the new assessment after it is done, and the owner of the property has and opportunity to contest the assessment. Usually in the county I live, the fair market value of a property is usually more than the value the county assessor puts on the assessment for tax purposes. In other words, if I were to sale my property, I would most likely get more than the value assessed by the county for taxes.

I don't know how it works for rich real estate tycoons like Trump, but I would expect that they hire professional assessors in needed.

 

[JoeMoma]

If I "trade in" my car to buy a new car, the dealer is likely to play around with the trade in value based on the value of the car I'm negotiating to buy. Just saying. He might give me a little more on the trade in of my Tacoma if I'm buying a $100,000 car rather than a $20,000 car.

 

[WEATHER53]

Fair market value rules the roost
Not tax assessments nor other contortions
What similar size and style properties close to your property have sold for is the determinant

 

[Seymour Flops]

And what State lets you do that if yes.

Asking for a friend. Because I really want to understand this Trump accusation and “my friend” may want to move to your State if you don’t need to involve outside appraisals.

Why Trump’s Alleged Real-Estate Shenanigans Went Too Far

You can get away with a lot when appraising property. But not this much.

slate.com

Who here has never heard that people with billions of dollars and property valued at hundreds of millions of dollars do business differently than mom and pop ham and eggers, and is shocked to be just now learning it?

Anyone? Besides Weatherman?

 

[Concerned American]

Actually, here in Pennsylvania, the government sets the tax value, mortgage holders set the value of the property for collateral and insurance companies set the value for insurance purposes.

And they all don't agree with each other.

And if you decide to buy or sell the property, you decide what you are willing to go for as far as price, and you don't have to agree with any of those other valuations.

The lender will send an appraiser. If the buyer wishes to pay more than what the lender's appraiser determines the value to be, the buyer will have to pony up the difference.

 

[Concerned American]

Fair market value rules the roost
Not tax assessments nor other contortions
What similar size and style properties close to your property have sold for is the determinant

In CA, the tax assessments change with every sale. The purchase price determines the value. Under Prop 13, two identical homes could have vastly different values. One home, owned for 30 years by the same owner may have a value of $100K while the identical house, right next door, that was purchased last month for $300K would have a "for tax purposes" valuation three times larger.

 

[Concerned American]

If I "trade in" my car to buy a new car, the dealer is likely to play around with the trade in value based on the value of the car I'm negotiating to buy. Just saying. He might give me a little more on the trade in of my Tacoma if I'm buying a $100,000 car rather than a $20,000 car.

That is why you should always determine the trade-in value before letting them know what or if you are going to buy.

 

[Seymour Flops]

The lender will send an appraiser. If the buyer wishes to pay more than what the lender's appraiser determines the value to be, the buyer will have to pony up the difference.

If the lenders will do that for a $300K home, How did Trump prevent the banks from doing that when he borrowed the millions from them?

 

[Polishprince]

In CA, the tax assessments change with every sale. The purchase price determines the value. Under Prop 13, two identical homes could have vastly different values. One home, owned for 30 years by the same owner may have a value of $100K while the identical house, right next door, that was purchased last month for $300K would have a "for tax purposes" valuation three times larger.

Here in Mercer County PA, tax assessments are only a fraction of the fair value of the property. But since that's the case with all properties, it is still fair.

 

[MarathonMike]

Trump said he would be honored to pay the victim in his fraud case, but no one can tell him who the victim is. Can you?

 

[Concerned American]

If the lenders will do that for a $300K home, How did Trump prevent the banks from doing that when he borrowed the millions from them?

Every real estate listing I have ever seen has had disclaimers that the values are provided by the seller and the buyer should exercise due diligence. Lenders usually will send appraisers before lending. However, sometimes, in hot RE markets, the value is determined by what the market will bear and remote determinations may be determined by recent comparable sales. Trump didn't prevent the banks from doing anything as evidenced by the banks support of Trump's position and their statement that they would gladly do business with him again.

 

[Concerned American]

Here in Mercer County PA, tax assessments are only a fraction of the fair value of the property. But since that's the case with all properties, it is still fair.

The same is true in WA. I was surprised when I found that my tax assessment when I purchased was less than 1/3 of what my purchase price was.

 

[JoeMoma]

That is why you should always determine the trade-in value before letting them know what or if you are going to buy.

Perhaps, but they have lots of ways with playing with the numbers. That trade in value that you determine before letting them know what what you are going to buy may be less than the trade in value after they are willing to use after you start negotiating for that 100K car.

 

[Concerned American]

Perhaps, but they have lots of ways with playing with the numbers. That trade in value that you determine before letting them know what what you are going to buy may be less than the trade in value after they are willing to use after you start negotiating for that 100K car.

Then you have the option of walking away. There are accepted values for every vehicle. If you allow them to lowball that value, you are setting yourself up.

 

[JoeMoma]

Then you have the option of walking away. There are accepted values for every vehicle. If you allow them to lowball that value, you are setting yourself up.

The so called "accepted value" may be lowball compared to the accepted value when negotiating for the 100K car. Point is they have ways of playing with the numbers.

 

[Seymour Flops]

Every real estate listing I have ever seen has had disclaimers that the values are provided by the seller and the buyer should exercise due diligence. Lenders usually will send appraisers before lending. However, sometimes, in hot RE markets, the value is determined by what the market will bear and remote determinations may be determined by recent comparable sales. Trump didn't prevent the banks from doing anything as evidenced by the banks support of Trump's position and their statement that they would gladly do business with him again.

Correct.

If anyone was doing anything underhanded, it was the banks for accepting Trump's valuations without vetting them. If the banks' stockholders knew of it at the time, they might have questioned the banks' being responsible, but if they are hearing about it now, they are thinking 'the borrow repaid the loan with the agreed upon interest. What's the issue?'

The truth is that this kind of thing happens all the time with big borrowers for whose business the banks compete. Only because it is Trump, and only because he is almost sure to beat Biden in the election are Democrat prosecutors and judges suddenly calling it "fraud."

 

[Polishprince]

Correct.

If anyone was doing anything underhanded, it was the banks for accepting Trump's valuations without vetting them. If the banks' stockholders knew of it at the time, they might have questioned the banks' being responsible, but if they are hearing about it now, they are thinking 'the borrow repaid the loan with the agreed upon interest. What's the issue?'

The truth is that this kind of thing happens all the time with big borrowers for whose business the banks compete. Only because it is Trump, and only because he is almost sure to beat Biden in the election are Democrat prosecutors and judges suddenly calling it "fraud."

The banks didn't accept Trump's valuations without vetting them.

The officers of the bank would be in prison if they just took a customers word for it to the detriment of the shareholders.

 

[Doc7505]

Who here has never heard that people with billions of dollars and property valued at hundreds of millions of dollars do business differently than mom and pop ham and eggers, and is shocked to be just now learning it?

Anyone? Besides Weatherman?

~~~~~~
So what is the difference in John Stewart NY Home than Mar a Largo?

Why Jon Stewart's Home Overvaluation is Different from Donald Trump's

Experts say there are differences between the two situations.

www.newsweek.com

**********​

Jon Stewart overvalued home by 829% days after criticising Trump for doing the same

‘Daily Show’ host had argued that overvaluing assets amounted to ‘lying’

www.independent.co.uk