Mar a Lago Taxes

[happyhoix]

Trump has been paying taxes on his MAL property based on the property value of 18 - 21 million bucks for the last few years. 

A Florida congressman asked the county to reassess how much tax Trump owes based on Trump’s claim MAL is worth >1 billion. 

www.nytimes.com/2023/10/05/us/politics/trump-mar-a-lago-appraisal.html

This is exactly the kind of activity that got Trump in trouble in NYC in the first place. 

[Tennesseer]

Let's see if the Trump cabal takes the bait.

[mollyanna58]

The local tax assessor would have come up with the taxable value, not Trump.  It would be interesting to find out if Trump appealed the valuation because he thought it was too high.

[djAdvocate]

Oct 5, 2023 21:25:26 GMT -5 mollyanna58 said:

The local tax assessor would have come up with the taxable value, not Trump.  It would be interesting to find out if Trump appealed the valuation because he thought it was too high.

it won't matter to his fanclub.  but it sure as hell will matter to the county he lives in.

[pulmonarymd]

You are overly optimistic that he will pay his taxes

[djAdvocate]

Oct 6, 2023 6:29:35 GMT -5 pulmonarymd said:

You are overly optimistic that he will pay his taxes

i am pretty optimistic that the state of Florida will put a lien on his property if he doesn't.

[Cheesy FL-Vol]

Oct 6, 2023 6:53:32 GMT -5 djAdvocate said:

Oct 6, 2023 6:29:35 GMT -5 pulmonarymd said:

You are overly optimistic that he will pay his taxes

i am pretty optimistic that the state of Florida will put a lien on his property if he doesn't.

Not the state, but the county I believe. 

[djAdvocate]

Oct 6, 2023 12:23:57 GMT -5 Cheesy FL-Vol said:

Oct 6, 2023 6:53:32 GMT -5 djAdvocate said:

i am pretty optimistic that the state of Florida will put a lien on his property if he doesn't.

Not the state, but the county I believe. 

yeah, you are right.

so, i just found out something interesting.

assuming he has a mortgage on his property, if unpaid taxes are found against the property, and they are not paid by the occupant, the lienholder will pay the taxes and add it to the mortgage.

in other words, if Trump's claims are correct, then he probably owes tens of millions of dollars in back taxes, which he will no doubt refuse to pay.  assuming that he has a mortgage against the property (it is difficult to imagine that he does NOT.  that is how he creates the illusion of wealth, by borrowing against his assets and buying money pits like planes, hookers, and casinos), that money will be added to the mortgage.

[laterbloomer]

Oct 6, 2023 14:43:34 GMT -5 djAdvocate said:

Oct 6, 2023 12:23:57 GMT -5 Cheesy FL-Vol said:

Not the state, but the county I believe. 

yeah, you are right.

so, i just found out something interesting.

assuming he has a mortgage on his property, if unpaid taxes are found against the property, and they are not paid by the occupant, the lienholder will pay the taxes and add it to the mortgage.

in other words, if Trump's claims are correct, then he probably owes tens of millions of dollars in back taxes, which he will no doubt refuse to pay.  assuming that he has a mortgage against the property (it is difficult to imagine that he does NOT.  that is how he creates the illusion of wealth, by borrowing against his assets and buying money pits like planes, hookers, and casinos), that money will be added to the mortgage.

Does the lienholder have to pay them or can they say no?

[djAdvocate]

Oct 6, 2023 15:26:58 GMT -5 laterbloomer said:

Oct 6, 2023 14:43:34 GMT -5 djAdvocate said:

yeah, you are right.

so, i just found out something interesting.

assuming he has a mortgage on his property, if unpaid taxes are found against the property, and they are not paid by the occupant, the lienholder will pay the taxes and add it to the mortgage.

in other words, if Trump's claims are correct, then he probably owes tens of millions of dollars in back taxes, which he will no doubt refuse to pay.  assuming that he has a mortgage against the property (it is difficult to imagine that he does NOT.  that is how he creates the illusion of wealth, by borrowing against his assets and buying money pits like planes, hookers, and casinos), that money will be added to the mortgage.

Does the lienholder have to pay them or can they say no?

i don't know real estate law.  there are two people on this board that DO.

but i believe the answer is NO.  the lienholder must pay, or the state will assume the lien and possibly auction the property.  that is why, i believe, the bank pays.  so they can retain the lien.

[Cheesy FL-Vol]

I believe in the county I lived in down there, it wasn’t uncommon for properties to be auctioned for non-payment of property taxes.

[djAdvocate]

Oct 6, 2023 16:01:43 GMT -5 Cheesy FL-Vol said:

I believe in the county I lived in down there, it wasn’t uncommon for properties to be auctioned for non-payment of property taxes.

it is not uncommon when the tenant owns the lien (no mortgage).
i think the more common practice is to go after the lienholder, first, though.

again, i await someone who knows more about this than me.

[tractor]

According to my bank (I asked because I was curious), the bank will go to the sale and bid $1 over the lien amount, that way they can protect their interest. If someone want to pay more, they can, as the bank still is the first one paid when the property is sold as they still hold the note.

[djAdvocate]

that would not protect their principle, though, right?

and banks are not in the Real Estate business.  so, that is kind of a.....risky decision to let it go to auction.