( truth (lol) | raw text )
The real L is reading and trying to understand any of this shit. It’ll never make sense - nor does it have to. It’s for morons, by morons.
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How does this work in NY? Like in California there’s a limit on how much the assessed value can go up each year so it’s super common for people who have been in their home for decades to be paying property taxes on a fraction of the real value of their home.
Right, like, if right wingers want to reassess property to market value to increase property taxes let’s go!
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I’ve actually thought there’s a great political campaign for mayor to be run somewhere on this exact platform. In many locations, the biggest beneficiaries of under-assessed properties are landlords and large commercial owners, not single family homeowners.
There’s a ton of commercial property out there leveraged based on crazy inflated values. I feel like an easy law to fix all of this is to make the assessed value have to be consistent with fair market value based on the higher of most recent purchase price indexed for inflation, or the value on paper with a bank used for any loan purposes.
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Your obviously right but the attack ads with a couple sad grandmas would be devastating
Also, just to be clear, the Trump case has absolutely zero to do with the difference between fair market value of a property and assessed value. The Trump case is based on Trump and the Trump organization using insanely inflated values of his properties, largely just made up out of thin air, for the purposes of guaranteeing loans, obtaining insurance and other such business dealings. Which is commonly known as fraud.
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The average homeowner’s taxes would go down due to how much the tax basis would increase. But yeah stupid attack ads work. It has to be countered with basically campaigning on screwing over the landlords and commercial property owners.
Make it clear, mom and pop’s property taxes are higher because your landlord is getting a huge handout from local government.
If we’re in the nest here, Trump is actually right because his lenders all knew he was a liar and knew his financial statement was bullshit. I’m still fine with him getting got because it’s obviously fraudulent and fuck him but I don’t actually think he got better terms from any bank on the basis of his lies because the lenders knew he was lying!
The truly astounding transaction was when he converted personally guaranteed casino loans into a publicly traded company with non recourse debt. He was legit going to zero.
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This, with an exception for primary residence. Easy game! Then figure out something awesome for regular folks to spend the extra revenue on, bonus points if it helps renters since this may make rent tick up a bit (though IMO rent tends to be based on what the market will bear)
NY doesn’t have that (at least, not statewide, not sure if individual jurisdictions might), however assessed value is derived from a formula based on that properties value relative to other properties in the area, not it’s actual for sale value. Many jurisdictions are not assessed at 100 percent of RAR, in fact some are assessed ludicrously low (think like 5 percent, 10 percent, etc.). However, since everyone is assessed relative to everyone else, in the end it doesn’t make a difference on overall tax rates.
Former President Trump slightly ahead but within the margin of error…
