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Friday, September 28, 2012

Mitt Romney pushed for reduced value on home so he could get a tax cut

From CBS News

As Democrats press Mitt Romney to release a more extensive picture of his tax history, a new report from the Los Angeles Times suggests that Romney and his wife Ann made multiple attempts to have the value of one of their multimillion dollar homes reassessed, which allowed them to save on property taxes on the house.

According to the Times, the Romneys paid $12 million in cash for a beach-front house in La Jolla, California, in 2008. Just seven months later, the couple appealed to San Diego County for the house to be reassessed at a value of $6.8 million. A little more than a year later, they amended that appeal to $8.9 million, after hiring an attorney. In the 2010 tax year, the Romneys requested a reduction in value to $7.5 million.

The value of the house was ultimately valued downward by the San Diego County Assessment Appeals Board, though by much less than the Romneys' initial appeal: In 2001, the board reduced the 2009 assessment to $11.4 million, according to the Times, and in 2010 its value was reduced to $10 million.
In 2011, the county automatically reassessed the house to $8.7 million.

As a result of the multiple reductions, the Romneys saved about $109,000 in taxes over four years.

At the time of the Romneys' appeals, the U.S. economy, along with the housing market, was in turmoil - and property values were dropping all over the country. It's not unusual in such cases that homeowners would request a reassessment, or that the county itself would lead the charge in doing so. According to the Times, 250,000 San Diego County homes have been reassessed since the housing market crash.
The information about the Romneys' activities in attempting to have their house reassessed sheds a glimmer of light on the couple's financial history, as Democrats continue to hammer the presidential candidate over his decision to release only two years of tax returns ahead of the November election.

The Romney campaign did not respond to a request for comment.

14 comments:

  1. This is another lame liberal attempt to smear the Romneys. Both in the lamestream media, and now it is here on this blog. Lots of people in the 100% of people that Mitt cares about took it in the ass
    -ets with their beach front home or two during this time period. Just because someone timed the market wrong doesn't mean they should pay extra taxes in an attempt to look stupidly incompetent. That's what the appeals process is for. Use some hired guns to try to ram a low ball valuation right up the county ass
    -essor. Shrink government before you drown it Uncle Grover always says!

    Anyway the average of the last batch of property tax refunds in San Diego County was estimated to be $672.00*. Mitt and his car elevators are just like the 47%. Except Mitt's car elevators are in an apartment that Mitt owns. (* link = actually TRUE FACT!)

    The one real difference between the people who live in apartments and the wealth creators is the types of gambling they do. Apartment dwellers bet on sports and the emergency room bills. Job creators bet against the apartment dwellers. Whatever bet someone can think up, they are in! Favorite straight bets include the win big when they die aka dead peasants life insurance schemes*. ( * = link = not only another TRUE FACT!, but another great way to pay for oceanfront houses like everyone needs.)

    Apartment dwellers could be moving up to ocean front homes and hired household help, they just need to start winning at the options game like all Wall Street job creators. The Romneys probably have been winning at options for years. They were long on the economic Shit Hits The Fan (SHTF) options in 2008 and short on McCain Palin options at the same time. Huge profits on the SHTF options, but everyone was betting against McCain Palin, so that was just a told ya so bet. Mitt never wants to be in on a losing bet. It ruins his digestion and makes him want to humiliate someone to feel better. He trips you or uses his umbrella to poke you in the ass when you aren't expecting it. He's rotfl if you drop something on the floor when you are poked unexpectedly. He can laugh at your clumsiness and then stab you with the umbrella again for more hilarity.

    The kids used to pour olive oil (extra virgin) on the floors (several different houses, not apartments, so no security deposit at risk) and watch the household help fall down. AWESOME! Bad language? Help is FIRED too! That's how Mitt knows about emergency rooms and tort reform. The worries Mitt has, most people probably have the same or similar worries.

    Next time maybe you'll post about great economic success stories like Amway or Enron or WorldCom. Instead of making it seem like a politician should be legitimately robbed by the tax assessor. Fair and balanced is almost as good as LYOL.

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    1. That was fun to read, especially the part where Romney stabs people with umbrellas in their asses. I can definitely imagine that. Well, done!

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    2. ROFL. I know you believe what you wrote and meant what you said, but it's so devoid of fact and filled with silly cliches, all I could do was laugh.
      It's satire right? No one could believe this nonsense unless they are brainwashed by empty talking points and are clueless about economics and real life.

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    3. Huh? I´ve read this comment a bazillion times, and I´m still as befuddled and confused as I ever was.

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    4. Don't worry, Mittens...you and your priestess can have a nice, long vacation at one of your beach front properties in about 40 days.

      You'll have to pay for it yourself, though.

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  2. Oh lawd. We have a bagger...clean up on aisle 5.

    romney and 100%, surely you jest hahahaha. he hasn't been 100% with anybody, the lying fool. his campaign is even funnier and most definitely weird.

    It figures romney would rob anyone, but esp the government, the system he wants to be part of.

    Only a fool would side with the gop, only a fool would go against their own best interest, only a fool says lamestream media. You are a joke and the biggest fan of ignorant faux news.

    Your type never brings anything of substance to the table. Let me guess you were a perry supporter...hahahaha

    ReplyDelete
    Replies
    1. First, the first post doesn't follow bagger philosophy. Second, there was a great deal of satire in there. Did you miss it? Try again. Third, I've had my house reassessed, as did my neighbors, when real estate was thrown in the crapper. It's the smart thing to do. He didn't get rich by ignoring those opportunities. There is plenty to fault the Romneys on without slamming them for doing something that many home owners do.

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  3. Game, that above was sarcasm.

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  4. It shows me the rich will do anything not to pay their fair share especially for public schools. H and his sons are into pay for education they will make money off of privitization of schools. he put 10 million in his sons company. Funny that they always get their way we pay through the nose. I have never protested my taxes and have been a homeowner since 1967

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    Replies
    1. Yep our gov. in nj is all for vouchers and privatizing schools.

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  5. Except that beach front property is never low in value not that damned low. He is shucking the system.

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    1. If you lived in California, you would know that we took a major dump EVERYWHERE! Our economy is real estate based. That's why our state is in such deep financial trouble. The mortgage fiasco hit us harder than most places.

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    2. Depends on the part of California, WakeUpAmerica. I live in a California beach town and yes, the million dollar homes decreased in value, but not much. Sales almost came to a complete stop for that price range for several months, then picked up again when the economy started improving. I can understand the Romneys wanting a reassessment, but from 12 million down to 6.8 million in seven months? Those houses never dropped that low. And that's a fact.

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    3. Ann thought that Willard's requested 60% off sale on his property taxes was too extreme. What could she do? She knows a woman's place, and besides, she was worried about Willard's mental well being. Between stretching to buy another house so they could move out of their son's basement, and the terrible drubbing Willard had taken in the 2008 Republican primaries, he probably felt like he needed to screw someone.

      Besides, everyone knows that if you don't ask you don't receive. Willard had no choice but to lowball this reassessment. After all, this is a guy is so devout that that he cries when he writes a check to his church. You can be sure that the church would have blessed Willard's predatory negotiating. More money for Willard is more money for the church.

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