Quote:
Originally Posted by jjshabado
Isn't this standard? My house is assessed much lower than it would sell for.
Of course, there's still the issue that there's a huge conflict of interest in these things when there's a sitting president directly involved.
EDIT: I mistook jj's podt for something else but I'm not deleting all this but it's not relevant to the trump issue and yeah arguing assessment value on properties is pretty standard.
No this is a California issue specifically not a home appraisal issue. In California if you bought a property before 1979 you pay taxes on its value from when you bought it. So if you bought a house in 1977 in California for 100k and now it's worth 3.5 million dollars you pay property taxes on 100k.
If you sell, however 50% or more then you get reset to paying based on current value. The deal with many of these golf courses are they are member owned. This actually prevents any one transaction being 50% even though ownership today might be 95% different from 1978. This has been challenged but the establishment has shot it down.
The 90 million/20k numbers are not exxagerated, those are the real numbers they would pay on the land today versus the pre 1979 value. The proposition that implemented this is one of California's most eccentric but these golf courses are clearly getting a huge pass on a silly loophole. A golf course is a pretty bad use of prime real estate.
His primary point in the podcast is Los Angeles has almost no park land yet these massive golf courses that are substantially subsidized only support the usage of a handful of people and almost all of them are closed to the public in any way shape or form. It was a really good podcast and I pretty much agreed with 100% of it. There is zero reason California tax payers should be subsidizing a private golf course to the tune of 90 million dollars a year. That is just one course.